Even if you use an online broker for short-term investing or long-term trading, you will need to take full advantage of your market activity at some point if you have made good trades or merely want access to your assets for any purpose. To do so, you must first take some money out of your trading account.
It may not seem challenging, but brokers differ significantly in withdrawal alternatives and withdrawal efficiency, and simplicity. Although many brokers provide free withdrawals, other brokers and certain withdrawal forms may impose a charge.
Several of the features may be strange to you if you are unfamiliar with this platform. So, this is how you may get withdraw money out of Webull. You’ll find everything that you need to understand right here.
What is Webull and What it Does!
Webull is a trading service with a mobile application that provides a comprehensive trading platform with no commissions. Webull, which competes alongside Robinhood as one of the mobile fintech surges of zero-commission traders, comes apart with a batch of new platform features that cater to more professional traders and self-employed clients.
The extra features are unquestionably more suitable for users requiring greater depth regarding tools and data. Established in 2017, its headquarters are in New York. The Webull mobile application is accessible for iOS and Android smartphones.
Currencies Available for Webull Withdrawal;
- Webull Securities currently includes the withdrawal of US Dollars, Renminbi, and Hong Kong Dollars.
- Funds must be withdrawn to a bank account that bears the same name as the securities account. Transactions to another person’s bank account are not possible.
- Withdrawing funds from bank accounts shared with others is not authorized.
- On every trading day, the cut-off processing time for withdrawals is 11:00 a.m. Withdrawal requests received beyond 11:00 a.m. will be handled the following trading day.
- Withdrawal orders will not be approved; kindly schedule beforehand.
- The withdrawal value in Hong Kong dollars must be at least 150 Hong Kong dollars for each transaction, whereas the withdrawal cost in US dollars must be at least 10 US dollars for every transaction.
How to Withdraw Money From Webull
One of the most commonly used withdrawal strategies is through a bank transfer. Webull is one of the brokers that provide it. Webull, on the other hand, exclusively offers bank transfers as a withdrawal alternative, putting it at a disadvantage in comparison to brokers who optionally provide withdrawals using e-wallets, credit, or debit payments.
It is also necessary to be fast. Withdrawals are seldom rapid, unlike other deposit options. Making a withdrawal typically takes one working day and several working days.
If you want to withdraw funds from Webull, you must first complete the following steps:
- First and foremost, log into your Webull account.
- Next, from the corresponding menu, choose “Withdrawal” or ” Withdrawal funds “.
- Choosing a particular withdrawal method or account from which to withdraw money.
- If requested, enter the amount to be taken and a short explanation or explanation.
- Last but not least, send your request.
One should also be advised that you can only make withdrawals from accounts that are registered in your name.
Webull Withdrawal Time and Fee;
- Services: Withdrawal of money to a local bank account
- Processing Time: If the withdrawal request is received before 11:00 a.m., it will be processed the same day.
- Charges: Webull does not charge a fee; nonetheless, all bank fees will be subtracted from the total withdrawn.
- Services: Withdrawal of money to an account in a foreign country.
- Processing Time: If the withdrawal request is received before 11:00 a.m., it will be processed the same day.
- Charges: Webull will pay you HK$50, and any bank fees will be taken from the amount you withdraw.
Note for Webull Withdrawal:
- Most banks charge between HK$50 and HK$150 for each transaction for local bank account withdrawals processed by RTGS/CHATS.
- Some banks charge HK$100-200 for each transaction for withdrawals from overseas bank accounts via Tele Transfer (TT). Furthermore, the intervening bank and the receiving bank may pay bank costs.
- Webull chooses the most cost-effective and efficient withdrawal method.
- The charging standard may be changed at any moment by Webull Securities Co., Ltd.
How Do You Change Bank Account For Withdrawals
Only withdrawals to validated bank accounts are supported if your Webull account verification is done by internet transfer. Unless you want to change your withdrawal account, deposit $10,000HKD/1300 USD /10,000RMB into a different bank account to complete another identification verification.
Is Webull Credible?
The Better Business Bureau has given Webull an F ranking. The Better Business Bureau assesses organizations on a scale of A+ to F; thus, this score suggests that Webull’s customer service isn’t up to the standard. The Better Business Bureau also states that its evaluations do not guarantee that a business will be trustworthy or perform at a high level; instead, the BBB’s ratings are based primarily on complaints from customers.
Before making the wisest and final decision, it’s best to complete your research. The Better Business Bureau has rated Webull an F because of its worries about the firm’s corporate practices, as per its website. According to the bureau, this result is also attributed to Webull’s lack of response to and address complaints.
Webull, together with Robinhood and TD Ameritrade, briefly suspended dealing on AMC Entertainment, Gamestop (GME), and plenty of other companies whose values rocketed according to a Reddit-related price correction previously in 2021.
Although there was a lot of pushback from users, the investing application soon resumed stock trading. According to the Better Business Bureau, Webull has resolved more than 130 complaints over the last year.
The Bottom Line
Webull is a wise option for professional traders looking for commission-free transactions, expert market information, prolonged opening hours, and cryptocurrency exchanges. Along with its user-friendly platform, the application could be a suitable fit for new investment firms and options dealers.
In most circumstances, Webull withdrawal is free of charge. However, you can only do it by bank transfer; there are no more handy alternatives available, such as withdrawals to electronic wallets and debit/ credit cards.