Webull vs Coinbase: Which Crypto Exchange is Better in 2023?

If you’re on Twitter or TikTok, the chances are that you’ve heard the hype around cryptocurrencies. Whether you’re a newbie to the world of crypto exchanges or understand the lingo, it’s easy to fall behind on the latest developments in the world of cryptocurrencies. If you’re looking to build your cryptocurrency portfolio, you need a broker who will be on your side.

Webull vs Coinbase: two of the most popular commission-free mobile and online brokers for cryptocurrencies. We’re taking an in-depth look at these two platforms to help you find the right one for your needs. Whether you’re saving for retirement, buying a house, or want a form of passive income, a crypto exchange is something we should all be using.

What is Webull?

Webull is an online broker that is commission-free and that doesn’t require a minimum balance. Due to industry regulations, the only minimum balance requirement is $2,000 to use a margin account. Webull offers its users the options of taxable accounts and both traditional and Roth IRA accounts through which to trade ADRs, ETFs, options, and stocks.

With Webull, you’re in the driver’s seat for your crypto portfolio. The platform allows you to choose your investments and allocate your funds accordingly. Want to find out more about Webull? Check out our full in-depth guide in this Webull Review.

Does Webull Charge Fees?

The good news is that Webull doesn’t charge its users a commission fee for any trade, including options. While most brokers charge $0.65 per contract, Webull charges nothing. While there are no fees for depositing or withdrawing funds, there are fees involved with both domestic and international wire transfers.

You’ll also be charged interest on a margin account, but the fees you’ll pay will depend on how much you borrow.

The Benefits of Using Webull 

One major selling point for Webull is that it offers extended trading hours, allowing users to trade outside of the regular trading hours from 4 am to 9:30 am and from 4 pm to 8 pm (ET). The platform also offers advanced charting for free, while also giving investors 3 months of level 2 market data for free. If you’re just starting out with crypto exchange, this add-on is a major gamechanger.

You can also customize your dashboard through the online and desktop platform. You can create custom watchlists to plan future purchases and place an order from any synced device. The information from your Webull account will automatically sync to all the devices that are logged into your account to make it easy to trade on the go.

Are you not sure about committing to a crypto exchange? You can try out the free ‘paper trade’ version of Webull that allows you to experience real-time trading with fake funds.

We love using Webull for its innovative user interface, which allows you to use all the desktop features on your smartphone app. You can also utilize a cash reserve account on Webull, which won’t earn interest. As Webull is a member of SIPC, all brokerage accounts on the platform are ensured to up to $500,000 – as well as $250,000 in cash.

Why You Should Use Webull

Webull offers no-commission trades, making it one of the few platforms available for active investors who want to remain in control of their portfolio. You’ll also get to take advantage of the platforms fast approval system that gets you up and running within the blink of an eye. Webull is made with active investors in mind, giving you the analytics and research that you need to make the right decisions to bring your portfolio to the next level.

Things to consider with Webull

While Webull is one of our favorite trading platforms, it isn’t without its setbacks. Unlike other similar platforms, you can’t purchase fractional shares. Most active traders prefer to invest in fractional shares, working their way up to purchase a full share in stocks like Apple or Amazon.

As well as having limited account type options, Webull falls short on its customer service offerings. You’ll need to use the live help button within the app or send an email to get in touch with a customer service representative. In most cases, you’ll be dealing with a bot. Also, read how Webull generates profit in this article.

Webull Referral Program

Before you join any platform like Webull, you want to use a referral link to get set up. Like most platforms, Webull runs its own referral program, offering free stock for users who get others to sign up via their link. The current Webull referral promotion gives you up to $9600 free stocks when you sign up with a Webull referral link.

It’s luck of the draw to figure out which stock you might get. If you want to find out more about Webull’s referral program, we have an in-depth Webull Referral guide here. You can also sign up to Webull using our Webull referral link.

What is Coinbase?

When it comes to crypto trading, Coinbase is one of the most popular crypto exchanges in the world. It has over 30 million users across 100+ countries and is considered one of the easiest to use platforms. By March 2021, Coinbase had already traded over $150 billion USD on its crypto exchange platform.

This San Francisco-based platform began as a Bitcoin brokerage before expanding to support over t0 different types of crypto coins. Although the platform is primarily for buying and selling cryptocurrency, it offers its users a variety of services. It is one of the most convenient platforms to use to exchange crypto in any form.

Coinbase offers a cryptocurrency wallet, allowing you to store your virtual currency, while also being able to receive and transfers cryptocurrencies. You can keep all your digital assets in one place with this decentralized app. Learn more about Coinbase in our Coinbase Review. 

Does Coinbase Charge Fees?

Coinbase charges a 0.5% fee for every transition on the crypto exchange. The actual fee that you’re charged will depend on the crypto price shift. A Coinbase fee is also charged, which accounts for the applicable flat fee and applicable variable percentage charge.

On transactions valued at $10 or below, you’ll be charged $0.99. Transactions between $10 – $25 are charged $1.49, while transactions valued at $26 – $50 charge $1.99. Transactions which are between $51 to $200 are charged $2.99.

If you have a verified level 2 account, you can earn annual interest on the USDC that you hold in your wallet. Coinbase also offers USD loans, although this system locks an equivalent amount of bitcoin as collateral. If you default on the monthly payment, it will deduct part of the bitcoin in repayment.

When you use a debit or credit card as payment, you may be charged an additional 3.99%. Coinbase also charges 2% on crypto conversions.

The Benefits of Using Coinbase

If you’re looking to buy your first cryptocurrency, Coinbase is the perfect platform to start with. You can also utilize the cryptocurrency plug-in for businesses to allow your website to receive crypto payments.

On Coinbase, you can purchase cryptocurrency worth as little as $2, with a daily deposit limit of $25,000. Coinbase is an ideal platform to use to experiment with the crypto exchange as it has a low minimum withdrawal rate to allow you to test the waters.

Why You Should Use Coinbase

As you don’t have a private key or seed phrase for your account, you’ll have no control over deposits.  If you’re looking to get started on the crypto exchange, Coinbase has a stable coin (USD Coin), which mimics the value of the US dollar.

Coinbase currently supports 46 cryptocurrencies, including popular assets like BTC, ETH, and LTC. It’s also available in over 100 countries, including in 18 countries in North America.

Things to Consider with Coinbase

In order to diminish the risk of hacking, Coinbase only holds 2% of its users’ funds in their hot wallet – the rest is kept in an offline storage area. If there is a security breach, Coinbase will compensate its users for any loss that occurred.

Coinbase Referral Program

Are you thinking of joining Coinbase? You’ll want to check out the website’s referral program first. You can find out more about the Coinbase referral program here.  In essence, both the new user and the refer get a $10 bonus when the new account holder trade $100 or more within the first 180 days after registering their account.  You can sign up for Coinbase via our Coinbase referral link to get started.

Webull vs Coinbase – Final Thoughts

Channel your inner Wolf of Wallstreet and create a brighter future by starting a crypto portfolio today. If you’re new to the broker market and want to build your portfolio, check out Webull for its no-commission trades and technical analysis. The extended trading hours is one of the major selling points for the platform.

While Webull is a great all-around platform, Coinbase focuses exclusively on crypto exchanges. Both are beginner-friendly and have their own unique benefits for users. It’s worth considering the fees related to transitions on Coinbase before making your decision.