There are many different options when it comes to investing in cryptocurrency. Two of the most popular platforms are Webull and Coinbase. They both have their pros and cons, so it can be difficult to decide which one is right for you.
In this blog post, Covemarkets will compare Webull vs Coinbase, so you can decide which platform is right for you.
The Webull Foundation
In 2017, Webull was established. It’s a US-based company (the parent company is Chinese) and is regulated by the U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA).
Webull was originally merely a mobile app, but it has now developed into a desktop platform, a web-based solution, and a mobile app. Webull has quickly expanded to become a well-known and reputable online broker that provides financial products and cryptocurrency trading.
Nine essential Webull characteristics are listed below.
- Webull employs more than 20 technical indicators.
- The platform incorporates a live news stream.
- Real-time market data monitoring is done.
- There are options for later trading hours.
- Investors have access to IPOs before they become widely known.
- A stock loan program exists.
- There is also a free trade simulator.
- Webull provides commission-free trading services, which include short selling.
- You can use the most well-liked cryptocurrency.
The Coinbase Basics
In 2012, Coinbase was established. Initially, it only supported Bitcoin for the first five years (BTC). With the addition of Ethereum (ETH) and Litecoin (LTC) throughout the years, the list now includes 100 currencies, stablecoins, and tokens.
Over the past few years, Coinbase has grown steadily, including through its own initial public offering. The following nine significant Coinbase characteristics are listed for your consideration:
- You can quickly convert between cryptocurrencies with Coinbase.
- Both iOS and Android smartphones can use the mobile app.
- Recurring purchases might happen once a day, once a week, or once a month.
- Using learning resources, Coinbase helps consumers develop their abilities in crypto trading.
- Paying users is possible by writing transfers, PayPal (NASDAQ: PYPL), debit cards, and bank accounts.
- Simple crypto transfers can be made to and from the Coinbase account.
- Without a Coinbase account, the cryptocurrency wallet functions on mobile devices or as a Chrome browser extension.
- For fiat money, FDIC insurance can be provided through a third-party bank.
- Soon, a Coinbase card ought to be accessible.
Coinbase vs Webull: Products
ETFs, options, equities, and cryptocurrency are the four categories of investment assets offered by Webull. You must register to have the ability to trade cryptocurrencies on Webull, and there is a limited supply of digital tokens available. Young investors frequently find Webull’s fractional share trading to be appealing.
The account types offered by Webull include cash and margin accounts. If you already have a personal account with Webull, IRAs are accessible. Along with rollover IRAs, it covers standard and Roth IRAs. Bonds and other fixed-income instruments are examples of long-term investment products that Webull does not provide.
Trading and investment in cryptocurrencies are only available through Coinbase. In addition to its own coin, USD Coin provides access to over 100 other digital coins or tokens. Webull has no stablecoin and a very small range of digital coins. Additionally, it lacks a digital wallet, unlike Coinbase does. Webull does not provide a digital wallet. Thus, you cannot move your cryptocurrency holdings off of their platform.
When using Coinbase’s sophisticated trade tool, where each order costs between 0 percent and 0.60 percent, trading fees are the lowest.
Webull does not charge commissions when trading cryptocurrencies. However, it does charge a 100 basis point spread. The total fees you might anticipate paying while buying or selling cryptocurrency on Webull is equivalent to 1%.
Using a different trading tool on Coinbase will result in a different cost. Fees depend on your trading volume when you utilize advanced trade, which is advised. Its fee system follows a maker-taker concept as well. Coinbase applies the taker fee on immediate fulfillment orders. It charges the maker money for delayed fulfillment of orders.
The complete fee schedule for sophisticated trades on Coinbase is as follows:
Simple trades on Coinbase cost far more. Coinbase often levies a variable fee of nearly 1.5 percent for orders of $205 or more. The exchange imposes a flat fee of the following amounts for minor order amounts:
- Up to $10: $0.99
- Up to $25: $1.49
- Up to $50: $1.99
- Up to $205: $2.99
Take the case of a $1,000 cryptocurrency order to see how fees operate on these sites. You would be charged:
- Depending on your fee tier, trading fees with Coinbase’s sophisticated trade tool range from $0 to $6.
- $10 in spread charges for Webull
- Trading costs of $14.68 on Coinbase’s straightforward trade tool
Research and Education
On its platform, Webull has a respectable amount of research activity. It focuses on technical analysis but also has some tools for fundamental analysis. Some technical indications are upgrades that cost money. Webull offers a robust investor dashboard with alert and watch lists, real-time streaming quotes, and analyst reviews. Tools for portfolio management are missing.
The library of educational materials on Coinbase is extensive. Its use is encouraged by a unique scheme called Coinbase Earn. Several video lessons and tests that teach you about cryptocurrencies and how to trade them have been created by Coinbase. You can get a certain quantity of the cryptocurrency you are learning about if you attend the lessons and examinations. In addition, additional charting options are available in Coinbase Pro.
Coinbase has a much wider range of cryptocurrencies than Webull and most other platforms combined. More than 200 cryptocurrencies, including a mix of the biggest coins on the market and smaller projects, are available for buying and selling.
To Webull’s credit, it provides a comprehensive selection of more than 40 cryptocurrency varieties. Over time, the broker has done an excellent job of enhancing its selection.
On Webull and Coinbase, you’ll have access to the most widely used cryptocurrencies. Both of them provide Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and several other well-known currencies. Polkadot is the most famous cryptocurrency you won’t find on Webull (but will on Coinbase) (DOT). The main area where Webull falls short, other than that, is its absence of mid-sized and tiny cryptos.
Webull’s lack of any form of wallet functionality is its main flaw. This means you cannot transfer cryptocurrency into or out of your account. You can only purchase and sell things. You cannot use the cryptocurrency you purchase on Webull, nor can you transfer it to a private wallet so that you have control over it. Webull will always be in charge of it.
Coinbase provides both a custodial and a non-custodial cryptocurrency wallet. They can both transfer and receive cryptocurrency from other wallets. The key distinction is that the exchange, in this example, Coinbase is in charge of a custodial wallet. It will be in a custodial wallet if you purchase cryptocurrency and maintain it on Coinbase.
The owner of a non-custodial wallet is in charge of it. This is provided by Coinbase with its free app, Coinbase Wallet, which anyone may download. You will have total control over your cryptocurrency if you transfer it to Coinbase Wallet. If you have a different cryptocurrency wallet that you prefer, you can move the cryptocurrency you purchase on Coinbase to it.
Platforms And Online Experiences
The Webull platform can be used on PC, mobile, and the web. It is simple to use and intuitive for investors. Users can customize a workstation station that offers news, technical trading tools like charting, fundamental analysis, a stock screener, and analyst ratings.
Additionally, Webull provides extended trading hours, which are crucial to many investors. Because Webull lacks tools for managing investment portfolios, investors must be reasonably competent and independent to use it. There is no chat facility, and it is challenging to call customer assistance.
The original Coinbase platform and the enhanced Coinbase Pro platform are available from Coinbase. The original platform enables bitcoin trading using US dollars. Additionally, Coinbase Pro supports crypto-to-crypto trades, offers sophisticated charting features, and supports market, limit, and stop orders.
More digital currency can be traded on Coinbase Pro than on the free Coinbase platform. Coinbase has come under fire regarding customer assistance for its general lack of phone support and subpar customer care. In response, it hired numerous customer service representatives for phone help. Although calling them is now more convenient, no email assistance is available. An online contact form is available in its place.
Webull provides a solid mobile app compatible with desktop and web-based platforms. The smaller screen necessitates certain design modifications. The mobile app makes it just as simple to build watchlists as on other platforms.
There is no requirement for numerous platforms. The mobile app allows you to personalize the trade ticket information. Utilizing the mobile app gives you access to research.
For users of the iOS and Android mobile operating systems, Coinbase offers a mobile application. Customers give these mobile apps very positive feedback. It shares a lot of functionality with the Coinbase desktop website.
One of the safest cryptocurrency exchanges is Coinbase, which discloses more details regarding its security precautions than Webull.
Webull uses Apex Crypto to provide custody and trading services for cryptocurrencies. Apex Crypto handles transactions and saves the funds when purchasing cryptocurrency on Webull. Due to the lack of information from Webull or Apex Crypto regarding the sort of crypto storage employed, it is difficult to assess how secure this is.
On the other hand, Coinbase manages its own cryptocurrency trading and storage. Additionally, it gives a lot of details about the precautions used to protect cryptocurrency funds. Here are the precautions that Coinbase takes to hold cryptocurrency safely:
Over 98 percent of cryptocurrency funds are kept in cold storage offline.
It uses safe, constantly watched, and guarded cold storage facilities.
It keeps a sizable criminal insurance policy in place to guard against theft losses for a percentage of the digital assets spread across its storage systems.
Two-factor authentication (2FA) is available on coinbase or Webull, and Coinbase demands it. It’s significantly more difficult for someone to access your account without authorization when 2FA is activated.
Additionally, they both provide insurance protection for monetary deposits. FDIC insurance for Coinbase covers up to $250,000 per person. Webull belongs to the SIPC, which provides up to $500,000 ($250,000 in cash) protection for its members’ securities consumers. The broker’s clearing company, Apex Clearing, has added a $150 million insurance policy that covers cash and securities but excludes cryptocurrency.
Is purchasing Bitcoin on Webull secure?
You can buy, sell, or trade cryptocurrencies online with Webull Crypto. The only cryptocurrency alternatives that users can trade are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Users can access real-time cryptocurrency statistics and data on Webull. It features an integrated two-factor authentication function that guarantees security and safety.
Does Webull levy cryptocurrency fees?
No charges are made. We include a 100bps markup in the price of the cryptocurrency you are buying or selling. For cryptocurrency trading, we accept both market orders and limit orders.
Is leaving cryptocurrency in Coinbase secure?
Although Coinbase takes many precautions to keep your account and investments as secure as possible, security is ultimately everyone’s responsibility. Here are some concrete actions you can take to protect your money and prevent illegal access to your account.
- Coinbase vs Gemini: A Comparison for Cryptocurrency Traders
- Coinbase vs Binance: Which Crypto Exchange is Best?
- Coinbase vs Kraken: A Breakdown for Active Cryptocurrency Traders
If you’re serious about investing in cryptocurrencies, you should choose Coinbase rather than Webull. You may purchase larger and smaller coins because they have a much wider range. You can trust Coinbase to keep your cryptocurrency secure and covered. The fees are reasonable if you use the exchange’s sophisticated trade tool.
Most importantly, you can do whatever you want with your cryptocurrency, thanks to Coinbase. Once you have it, you can mail it to someone else, move it to a wallet, or transfer it to another exchange.
Webull has a great mobile platform and offers more investment options. Webull is a good option if you’re seeking stock trading apps that also let you add cryptocurrency to your portfolio. Just be aware that it lacks some functionality you would find on a full-featured crypto exchange.