Webull


Have you been thinking about buying some cryptocurrency but not sure where to start? Webull could be the answer if you’re seeking a low-cost way to enter the space. At the present time, this brokerage firm offers trading in five different digital currencies:

Litecoin
Bitcoin
Bitcoin Cash
Ethereum
Dogecoin

Webull charges no commission at all on cryptocurrency trade. They do utilize a 1% spread from the midpoint for both the ask and the bid, so keep in mind this results in a 2% cost for a complete round-trip trade.

You can trade cryptocurrency on Webull via their mobile app, the desktop platform, or any internet browser. All three options are both user-friendly and sophisticated for novice and experienced traders alike.

When you place an order on Webull you can execute it as either a market or a limit order trade. There are two different options time-in-force, either immediate or cancel (for market orders) and day (for limit orders). To open a trade your only option is a buy order.


Crypto Currency Trading Broker


When choosing quantity for the trade, Webull’s order ticket can be toggled between dollar amount, coin amount, or percent of cryptocurrency buying power. For all the options, a fraction of a whole number can be used.

You can chart crypto assets at Webull using the same software that stocks and other typical assets use. There are 8 display styles and the charts can be displayed on the full width of your screen. Webull recently enlarged its list of technical indicators that they offer; at the time of writing there were about 30 choices. Additionally they feature several drawing tools including a few different Fibonacci options.

Settling of your crypto trades at Webull can be calculated by the date of your trade plus one business day (T+1). On the platform, the close of the business day is approximately 9:25 pm, eastern time. Though the platform does offer Individual Retirement Accounts (IRAs), cryptocurrencies cannot be traded in IRAs on Webull and you can only trade them in individual cash or margin accounts.

At the current time Webull does not permit customers to transfer digital currencies into or out of a Webull account, which will obviously be a negative for some traders.


Webull Promotion







eToro


If you’re looking to move cryptocurrency into and out of your account, you might want to check out eToro. This platform offers a digital wallet that allows users to move cryptocurrencies from the eToro website (currently there is no desktop platform offered) into a linked eToro digital wallet (you can only transfer in, not out).

It’s a very simple process: just select one of your holdings and then select Transfer to Wallet in the pop-up window. Note that there are fees associated with transferring cryptocurrencies. The exact fee varies by individual asset.

eToro does not charge any commissions on cryptocurrency trades, but it does make money off of the bid-ask spread, in a similar manner to Webull. At the time of writing, spreads vary from 0.75% (on Bitcoin) to 2.9% (for Cardano and Dash).


Crypto Trading Broker


As with Webull, eToro charges no account fees. However, a $50 deposit is required to access research on cryptocurrencies. eToro also does impose a $25 minimum trade amount (this is for US-based customers) whereas Webull only has a $1 minimum trade amount.

eToro offers some services with cryptocurrency that are not available at Webull. For instance, eToro offers what is known as copy trading. With this feature you can copy the portfolios of other users on the eToro platform. The account minimum for utilizing this feature is $1,000, but eToro does not charge any additional fees for this.

If you’re not sure about taking the plunge on copy trading, you can always add certain traders to a watchlist and monitor their portfolios yourself before deciding to mimic their trades. Or you can choose to invest in a cryptocurrency portfolio that eToro curates.

If you are looking to analyze specific cryptocurrencies before making your investment, you can do quite a bit of research directly on the eToro platform. Just select the Research tab on a particular currency’s profile, but keep in mind you cannot access this information unless you have met the $50 minimum deposit.

On the research tab, eToro shows trade signals from technical indicators like MACD, exponential moving average, and RSI. This same tab gives you access to news articles on cryptocurrencies (this is also a feature Webull offers). The Chart tab is where you can find the graphing tools.

One other feature eToro offers that Webull does not is the digital bulletin board for each cryptocurrency. If you select the Feed tab on a coin’s profile you can view user comments on that asset.

There are fourteen coins currently available for trading on eToro. All of the major names are there with the exception of Ripple.


Open eToro Account







Coinbase


Coinbase is another exchange online where you can purchase cryptocurrencies. It is one of the oldest and most widely used exchanges; it has been around since 2012 and currently boasts over 56 million verified users.


What Can I Trade on Coinbase


Unlike some of the other platforms, you cannot trade stocks and equities on Coinbase, they only offer cryptocurrencies. That being said, they offer far more options on which cryptocurrencies you can buy than sites like Robinhood, Webull, or eToro. Currently you can trade almost 50 different cryptocurrencies on Coinbase including Bitcoin (BTC), Tezos (XTZ), 0x (ZRX), and Loopring (LRC) just to name a few. Assets are tradeable 24 hours a day, 7 days a week, and you can trade on the web-based platform or the mobile app.


Fees on Coinbase


According to Coinbase, they charge a spread of .5% for sales and purchases of cryptocurrency. They do acknowledge that the spread can be higher or lower at times based on market fluctuations. In addition to the spread, they charge a Coinbase Fee which is the greater of 1) a flat fee or 2) a percentage fee. In short, the flat fees vary from $0.99 to $2.99 and the variable fees are presented below:

So as an example, if you were to buy $100 of bitcoin and pay with a US bank account, the flat fee would fall in the $2.99 range and the variable fee would be 1.49%. Since the flat fee of $2.99 is greater, you would be charged this amount as a fee in addition to the spread. However, if you wanted to make this same purchase with a debit card which has a 3.99% fee, your fee would be $3.99 since the variable rate is greater. Keep in mind, rates do vary depending on what country you are located in.


Crypto Currency Broker


Coinbase Eligibility


To open a Coinbase account, you need to be at least 18 years old, you’ll need to have a government-issued identification card, like a driver’s license, and a mobile phone for verification. Coinbase does not charge any fees to open or maintain your account, the only fees would be on trading.


Research


Coinbase does offer a tab on their website called “For You”, which is a newsfeed style page that offers articles, research, education, and news on different cryptocurrencies. The site also features some great tools to learn more about different and new cryptocurrencies.


Open Coinbase Account