Key Takeaways
- Webull offers a fairly easy way to withdraw money, but there are several caveats, including high fees for some methods, and no ability to send cryptocurrencies to an external wallet;
- Ogvio is a great Webull alternative, especially if you are someone who is interested in simple crypto investment and wants the convenience and flexibility of a money transfer app;
- It is recommended that you understand the inner workings of Webull or any other platform before you decide to use it to avoid getting trapped in an inconvenient ecosystem that doesn't suit your needs and preferences.
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So, you’ve finally locked in some solid gains in the market, and seeing those green numbers in your portfolio feels fantastic. But let’s be honest, those profits don't feel truly real until they are sitting safely in your bank account, which is exactly why you need to know how to withdraw money from Webull without any hassle.
While Webull is a good platform for trading, navigating the withdrawal process can sometimes throw new users for a loop. Not to mention the fees associated with some withdrawal methods, which can be a real headache.
Don't worry, you aren't the only one who has paused to scratch their head at the banking screen. In this guide, I am going to break down everything you need to know to get your money out quickly and securely from Webull. I will even show you alternative platforms like Ogvio that can make your withdrawal more affordable.
Alright, let's turn those digital numbers into spendable cash!
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Table of Contents
- 1. How to Withdraw Money from Webull to a Bank Account
- 2. Things to Consider Before Using Webull
- 2.1. Settlement Times
- 2.2. The 60-Day Anti-Money Laundering (AML) Lock
- 2.3. ACAT Transfer Fees
- 2.4. The "Closed Loop" Crypto System
- 3. Webull Withdrawal Fees and Limits
- 4. Introducing Ogvio: A More Flexible Alternative
- 4.1. How to Deposit Funds to Ogvio
- 4.2. How to Cash Out Crypto from Ogvio
- 4.3. Ogvio Fee Structure
- 5. Should You Switch from Webull?
- 6. Conclusions
How to Withdraw Money from Webull to a Bank Account
The first thing that comes to most people’s minds when learning about withdrawal from this platform is how to transfer money from Webull to a bank. After all, you can’t really spend your profits until you turn them into cash.
Latest Deal Active Right Now:Thankfully, Webull supports direct-to-bank withdrawals from its internal wallet. Here is how to withdraw funds from a Webull account to your bank:
Surprisingly, withdrawing your money from Webull is fairly simple. However, the platform comes with several downsides, which can be a major red flag for some people. But before we get into that, let's take a few steps back and learn more about what Webull really is.
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Things to Consider Before Using Webull
So, if you haven’t used the platform yet and are still figuring things out by looking into how to withdraw money from Webull, there are some caveats you need to know before you make any withdrawal from the platform.
Settlement Times
One of the most common things that confuses new traders is the settlement times. Basically, you won’t immediately see your trading profit in your balance before a set period.
As of May 2024, the US market operates on a T+1 settlement cycle.[1] If you sell a crypto coin or stock on Monday, the cash doesn't officially "settle" and become available for withdrawal until Tuesday.
This also applies when you top up your Webull balance. If you recently deposited money via ACH, Webull places a hold on those specific funds (typically 4-5 business days) before they can be withdrawn, even if you’ve already traded with them.
The 60-Day Anti-Money Laundering (AML) Lock
Webull has strict security protocols regarding where you send money. For example, Webull prefers that you withdraw to the same bank account you used to deposit.
These kinds of “same-account” withdrawal rules are actually very common across banks and brokerages, because AML and KYC regulations require them to keep a clear trail[2] of where money comes from and where it goes.
If you try to withdraw to a new bank account within 60 days of your initial deposit, Webull may flag it or require extensive identity verification (uploading bank statements, etc.). This is to prevent money laundering and can cause significant delays.
ACAT Transfer Fees
If you decide to leave Webull entirely and want to transfer your stocks, not cash, to another broker (like Fidelity or Robinhood), Webull charges an outgoing ACAT fee of $75. The receiving broker might reimburse this, but it's a cost users should be aware of. Take this into consideration before you decide to use Webull to trade stocks.
The "Closed Loop" Crypto System
This might be the biggest "gotcha" for crypto users. Unlike exchange platforms like Binance or Kraken, Webull is generally a "closed loop" system. This means you generally cannot send your Bitcoin, Ethereum, or other coins directly to an external wallet like Ledger or Trezor, or another exchange.
This can be a huge red flag for many crypto traders, especially those who prioritize flexibility. To get your value out, you typically have to sell your crypto for US Dollars, wait for the cash to settle, and then withdraw the fiat currency to your bank.
But keep in mind that this might trigger a taxable event that HODLers often try to avoid. So, take this into consideration.
Webull Withdrawal Fees and Limits
While you learn how to withdraw money from Webull, it is also a great idea to check how much the platform charges for the transaction. The last thing you’d want is to cash out your profit, only to realize moments later that Webull takes a considerable cut from it.
At the time of writing, Webull only supports withdrawals to your personal bank account and debit card. You can’t send money directly to digital wallets like Ogvio, Wise, or Revolut.
Take a look at this table to know more about the fees and limits Webull implements for each withdrawal method:
Withdrawal Fee | Returning Fee | Limit | |
|---|---|---|---|
ACH Transfers | Free if successful | ✗ | $50,000/day |
Domestic Wire | $25 | $30 | ✗ |
International Wire | $45 | $30 | ✗ |
Debit Card | 1.75% of the transfer amount | ✗ | $10,000/day |
Table: Webull's withdrawal limit and fee structure in the US
Keep in mind that this fee structure is mainly for US-based users. Webull implements different pricing models for each region it supports. Take a look at the table below for a simplified fee structure for different countries:
Hong Kong | Withdrawal to a local Hong Kong bank account is generally free, but sending money to a non-HK bank will incur HK$50 per transaction. |
|---|---|
Singapore | SGD withdrawal to Singapore Bank is free, but USD or HKD withdrawals will incur S$20 per transaction. |
Australia | If you are withdrawing to a standard Australian bank account via NPP/Osko, it is often free, but international transfers will incur bank fees. |
United Kingdom | Withdrawal to a UK bank account is free. But, Webull charges a currency conversion spread (typically around 0.35%) built into the exchange rate. |
Table: Webull's withdrawal fee structures in different regions
As you can see, each country has a unique fee structure. But if I should give you a key takeaway, remember that even if Webull charges $0 for an international wire (which is rare), the intermediary banks in the SWIFT network often take a $15-$30 cut before the money hits your account.
Additionally, "free withdrawal" does not always mean "free currency exchange". If you withdraw USD to a Euro or GBP account, the bank will likely charge a conversion fee of around 1%-3% of your withdrawal amount.
Introducing Ogvio: A More Flexible Alternative
So, if during the time you learn about how to withdraw money from Webull, you realize that this isn't the platform for you, let me introduce you to Ogvio. While it’s not a dedicated trading platform like Webull, you can easily buy and sell cryptocurrencies on the Base network. These include popular options like BTC, ETH, and USDC.
Ogvio is not a closed environment like Webull. You’re free to send crypto to any external wallet as long as they support the Base network. Even better, withdrawing cryptocurrencies from Ogvio is totally free. You don’t even have to pay network fees, since the platform will cover them for you!
Aside from crypto, Ogvio also offers a better fiat withdrawal experience. How? By giving you more affordable, flexible options for sending money. You can send money to other Ogvio users or directly to a bank account across 160 countries.
Internal transfers within the platform are completely free, and direct transfers to bank accounts are generally very affordable. For example, sending $100 to the EU will only cost $1.35 at the time of writing. Compare that to Webull’s international fee, and you’ll see why I think Ogvio is a great alternative to the platform.
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Table: Ogvio's core information
Security-wise, Ogvio follows the industry standard to protect users’ funds and data. It uses advanced 256-bit AES encryption and biometric security. Additionally, the platform is self-custodial by design. So, nobody but you has access to your money.
📚 Check Out: The Best Money Transfer Apps
Last but not least, withdrawing money using bank transfers on Ogvio is generally very fast. In many regions, you can get your funds almost instantly. This means there is no need to wait for days just for your money to arrive in your bank account.
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How to Deposit Funds to Ogvio
As I’ve mentioned earlier, Ogvio can be a great Webull alternative, especially if you’re more of a casual crypto enthusiast who also wants a flexible solution. The platform also gives you multiple options when it comes to funding your account, one of which is by using a card payment. Here is how you can do it:
Keep in mind that even though your balance will be converted into USDC, you can always cash out to your bank account without having to sell the USDC first. This makes Ogvio a perfect solution for those who want access to crypto investment with the convenience of a money transfer app.
You can also swap your crypto holdings into other coins like BTC or ETH using the Buy/Sell feature on Ogvio.
How to Cash Out Crypto from Ogvio
Turning your crypto holdings into cash on Ogvio is as easy. Here is what you should do to withdraw funds from Ogvio to your bank account:
One thing to note is that you will only see your USD balance during the withdrawal process. If you hold other assets like BTC or ETH, you will have to swap them to USDC before you can withdraw them to your bank account.
You also need to pass a KYC verification process before you can use any bank transfer-related feature on Ogvio.
Alternatively, you can send money to another Ogvio user. This method is the quickest, easiest, and cheapest way to move money using Ogvio. Follow these steps to do it:
Your money will arrive at the recipient's account instantly. You don't need to pay for anything else, 0 fees! The recipient can then hold the money in their account, trade it for other supported assets on Base, or even easily turn crypto to cash, withdrawing it into their bank account using the method I showed you earlier.
Now, if you prefer moving funds to an external wallet, like an exchange account, you can follow these steps:
Once you send your money, you can track the history from the [Activity] page. You can also check different types of assets in your possession by clicking the [My Funds] button on the main dashboard.
As you can see, with Ogvio, you can turn your crypto profits into cash easily and send them to almost anyone in the world. It can be families, friends, or business partners, they will receive their money quickly and with little to no cut.
Ogvio Fee Structure
Speaking of which, how affordable is Ogvio, really? When people think of how to withdraw funds from Webull or any other platform, the associated fee is also one of the focus points. You wouldn't want your hard-earned profits just to realize that a huge portion of them was "vaporized" during the withdrawal process, right?
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Bank - free Crypto - free Card - varies |
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Table: Ogvio's pricing information
This is exactly why you should understand the fee schedule of a platform before you use it. Ogvio makes it easy for users to know what they need to pay by offering a transparent fee structure. You pay per transaction, so there is no need to worry about different confusing subscription plans. Furthermore, you can always check the associated costs of any transaction before you finalize it.
The amount you have to pay will differ depending on your preferred corridor and payment method. Some transactions, like sending cryptocurrencies to an external wallet, are completely free. So, you can rest easy that your money will arrive at its destination without any cuts.
Sending money between Ogvio users is also free and super fast. Your money will arrive instantly, and there's no need to enter a long and complex wallet address.
Should You Switch from Webull?
Before I conclude this article, let’s take a moment to evaluate if Webull is still the right home for your portfolio, or if you’ve simply outgrown what it can offer.
While Webull is a decent tool for stock trading and technical analysis, it definitely falls short for the crypto native user. It might be time to pack your bags and move to a different platform if you find yourself in any of the following situations:
You Live by "Not Your Keys, Not Your Coins"
This might be the biggest deal-breaker. If you want true ownership of your assets, meaning the ability to move your crypto to a safe private wallet, Webull cannot help you.
On Webull, you essentially own an I.O.U. based on the price of the coin, not the coin itself. If this is your goal, you need a self-custodial solution.
You Want to Explore DeFi and NFTs
Are you trying to use your Ethereum to buy an NFT on OpenSea? Do you want to stake your Solana to earn yield on a decentralized protocol? You cannot do any of that here.
Because Webull is a "closed loop," your crypto is stuck inside their app. To participate in the actual blockchain ecosystem, you need a platform that allows on-chain transfers.
You Hate Waiting on Settlement Periods
As we discussed earlier, the T+1 settlement rules and the slow ACH processes are holdovers from the traditional stock market world. If you are used to the speed of crypto, where you can send funds across the world in ten minutes on a Saturday night, Webull’s banking delays can feel agonizingly slow.
Solutions like Ogvio that offer instant transfer processes in most of their methods can be a great alternative.
You Are Paying Too Much in Hidden Spreads
Webull advertises "zero commission," but nothing is truly free. They make money on the spread. Often, this spread is wider than the explicit fees charged by professional exchanges. If you are trading large volumes, those wide spreads might be eating up more of your profit than a flat fee would.
You Want More Freedom to Move Money Around
Outside of the trading and investing experience, moving funds around can also be an issue with Webull. Depending on where you live, you can be bound by many limitations or faced with high fees just to transfer your money.
If this is an issue for you, I recommend switching to a more flexible service that lets you transfer money more easily.
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Conclusions
While Webull can be a good platform to invest in crypto and stocks, some users find it frustrating that it doesn’t natively allow crypto transfers and has pretty high fees for fiat withdrawals. Because of that, many people might look for a better alternative as they learn how to withdraw money from Webull.
If you haven't used Webull yet, I highly recommend reviewing the platform's caveats, such as the fee structure, withdrawal limits, and settlement times. Who knows, maybe one of those factors is a major red flag for you.
If you want simple access to cryptocurrencies and the convenience of a money transfer app, Ogvio is a perfect alternative for you!
At the end of the day, whether you want to keep (or start) using Webull is completely your choice. Some people swear by it, and maybe you have your personal reasons to love the platform too! Just make sure that everything Webull has to offer actually fits your needs and preferences.
Scientific References
1. Reuters: 'Explainer: What to expect as US moves towards faster stock settlement';
2. US Security and Exchange Commission: 'Anti-Money Laundering (AML) Source Tool for Broker-Dealers'.
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