Webull is making a significant change to how its users access cryptocurrency trading. This guide provides a comprehensive overview of the transition, detailing what it means for you, your options, and the steps you need to take.
Understanding the Webull Crypto Transition
Previously, cryptocurrency trading was fully integrated within the main Webull app. Moving forward, this functionality will be exclusively available through the Webull Pay App. This is a dedicated application focused on facilitating crypto transactions and related financial services.
If you are an active crypto trader on Webull, your access will be transitioned in batches from June 19th to early July. You will receive direct notification via email and in-app messages before your specific transfer begins.
What Remains Unchanged?
It is crucial to understand that this change only affects your cryptocurrency holdings.
- Brokerage Account Security: Your primary brokerage account with Webull Financial LLC, which holds your cash, stocks, ETFs, and options, is completely unaffected. These assets and their values will remain exactly as they are.
- Historical Records: All your past cryptocurrency trading records, profit and loss statements, and relevant documents will remain accessible for your review.
- Custodian and Security: The underlying custodian for your crypto assets remains Bakkt (formerly Apex Crypto LLC). The security of your digital assets is not impacted; this transition only changes the application you use to access and trade them.
Your Action Plan: What You Need to Do
You have two clear paths forward. Your choice depends on whether you wish to continue trading cryptocurrencies with Webull.
Option 1: Continue Crypto Trading with Webull Pay
If you want to maintain access to cryptocurrency trading, you will need to migrate to the Webull Pay App. The transition for each account is expected to take less than 24 hours. Note that all pending orders will be canceled, and trading will be temporarily suspended during this process.
To get started, follow these steps:
- Install the Webull Pay App: Download the application from the Apple App Store or Google Play Store.
- Log In: Use the "Webull App Quick Login" feature within the Webull Pay App to seamlessly access your account using your existing credentials.
- Independent Deposits: After the transition, you will need to deposit funds directly into the Webull Pay App to trade crypto, as you can no longer use the cash balance from your main Webull brokerage account.
This dedicated platform is designed to offer an improved user experience for crypto traders, with future enhancements and services planned. 👉 Explore the new crypto trading platform
Option 2: Close Your Crypto Account
If you do not wish to use the Webull Pay App, you must take action before your scheduled transition date. You must either:
- Transfer your coins to an external private wallet, or
- Liquidate all your cryptocurrency positions and formally close your crypto account.
To manually close your Webull crypto account:
- Log in to your Webull App.
- Click on the Account icon to enter the Assets page.
- Tap on "Manage Brokerage Account."
- Select "Crypto Trading."
- Follow the on-screen instructions to close the account.
Important: You must complete this process before your transition begins. Ensure all your crypto positions are closed before initiating the account closure.
Frequently Asked Questions
Why is Webull moving crypto trading to a separate app?
This strategic decision is primarily a response to the evolving regulatory landscape in the United States. By separating crypto trading into its own dedicated app (Webull Pay), Webull aims to protect its core securities brokerage business from regulatory uncertainty while creating a specialized platform capable of offering unique products and an enhanced user experience for crypto traders.
What happens if I do nothing?
If you take no action, you will be automatically transitioned to the Webull Pay App for all cryptocurrency trading. Your agreement to the new terms is assumed if you do not liquidate your holdings or transfer your assets out before the deadline.
Can I use my existing brokerage cash to trade crypto after the move?
No. After the transition, the cash balance in your Webull brokerage account is separate. To trade cryptocurrencies on the Webull Pay App, you will need to make a separate deposit directly into that application.
Who is Webull Pay?
Webull Pay is a distinct entity established by Webull to provide customers with access to cryptocurrency trading and other future financial services, operating in partnership with Bakkt.
Is my account safe during the transfer?
Yes, the transition process is designed to be secure. Your crypto assets remain under the custody of Bakkt's contracted custodians throughout the process. The only change is the user interface for accessing your account. 👉 Learn more about securing digital assets
What if I change my mind after the transition?
If you have already been transitioned but decide you no longer want to use Webull Pay, you can still liquidate your holdings and close your crypto account at any time through the Webull Pay App interface.