Choosing the right crypto exchange is no easy task. In the crypto landscape, you should opt for a trading platform that supports your investing efforts and allows you to take your wealth building efforts to new heights.
Whether you choose BlockFi or Webull, each crypto exchange platform offers a wide range of features, customer support, security level, and service level. But before you dive into the basics of BlockFi and Webull – let’s touch on why investors need to get more involved in the cryptocurrency world.
Why Get Involved In Cryptocurrency?
A cryptocurrency is an exchange medium just like a regular currency like USD. As of right now the capitalist world is moving towards a more digital eco-system. The fact of the matter is that modern tech has advanced to the point where it can cut out manual inconsistencies and help investors to focus on more effective wealth management strategies.
When it comes to investment, cryptocurrency has become the most diverse, unique, and promising landscape. Today, digital payments through crypto continue to be more mainstream. But the intended design of cryptocurrencies revolves around digital information.
It is a digital currency with heightened cryptographic security that makes it (almost) impossible for third parties to breach. In fact, there is no government or central authority involvement in cryptocurrency. It allows users complete control over payments and transactions.
There is a reason most progressive investors want to invest in crypto. After all, cryptocurrencies offer more accessibility features to users. Statistically, there are more than 2 billion online users who cannot use traditional exchange platforms. And these people have become highly interested in the cryptocurrency market.
Once you own tokens of a cryptocurrency, you become the sole owner. It means there is no third-party digital cash system that owns or keeps tabs on your account. Investing in cryptocurrency is also a future-proof strategy for investors. After the creation of cryptocurrency, confirmed and stored transactions stay in the public ledger.
Who Is BlockFi?
BlockFi is an all-in-one cryptocurrency exchange, loan service, and savings interest account. Basically, it is a crypto trading platform that allows you to do lots of different things. The interest earning and loan options are two of their most popular products.
The trading accounts on BlockFi are flexible and it is what makes the exchange platform so famous. Users can also opt for crypto-based loans through BlockFi. The exchange platform also deals with business accounts in compliance with US financial and legal regulations.
Coins Available On BlockFi
BlockFi supports an exclusive range of cryptocurrencies like Bitcoin, Ethereum, Chainlink, Litecoin, USDC, PAX, BAT, USD, UNI, DAI, and PAX Gold.
BlockFi Fees & Staking Explained
It is vital to note that the BlockFi exchange platform operates without any trading fee. However, the exchange platform charges a spread fee when it comes to buying and selling transactions. Since the data is not disclosed on the site, traders often feel puzzled to make logical and calculated decisions.
BlockFi also charges an origination fee of 2% on crypto-backed loans. But Users don’t need to pay any fee to set up and use a BlockFi interest account. However, users should be aware of the withdrawal fees:
- Ethereum – ETH 0.02
- Bitcoin – BTC 0.00075
Who Is Webull?
Webull is a discount-based self-directed brokerage. It provides users with intuitive tech features paired with financial data to make strategic investment decisions. Webull serves as the broker-dealer of Fumi Technology, one of the most famous FinTech firms in China.
Webull sources analysis tools and market data in real-time from Fumi Technology. It is the main reason Webull makes it easier for investors to dive into analytics and extensive data to make smart investing decisions. On Webull, users can trade options, stocks, ETFs, and cryptocurrencies without trade fees.
As compared to some other similar platforms in the market, Webull is relatively new. But the popularity of online brokerage has managed to rival Robinhood. Plus, millennial investors continue to praise Webull’s advanced analytics and integrated tools.
Coins Available On Webull
Webull allows users to trade predominant cryptocurrencies like Bitcoin, Dogecoin, and Ethereum. Users can also trade Bitcoin Cash, Ethereum Classic, Litecoin, Cardano, SHIBUSD, XLM, and ZEC on Webull. You need to think of Webull as a brokerage platform combined with a crypto exchange.
Just like BlockFi, it doesn’t charge any trading fees. Users are free to buy or sell cryptocurrencies right from $1. One of the best aspects of Webull is that users can settle their trades instantly. Furthermore, you can trade throughout the week 24/7. On the downside, Webull doesn’t allow users to withdraw any tokens.
Although you can open a new margin trading account without any fee, you will need a minimum margin account balance of $2,000. In layman’s terms, users need a minimum investment to start investing in Webull. On the bright side, you don’t need a specific account balance to maintain your trading account.
In fact, the Webull doesn’t charge any fee for trade commission, account maintenance, inactivity, bank transfers, or account transfers. You may, however, have to pay account fees like $75 on each stock transfer, $8 on domestic wire transfer deposit, $5 on paper statements, and 25% on domestic wire transfer withdrawal.
Benefits to Both Exchanges
- Simple and easy process to sign up
- Regulated US-based company
- Highly competitive rates
- No minimum crypto deposits
- No monthly charges
- No hidden trading charges
- Comes with Gemini – an efficient security-based exchange custodian
- Conduct trades without commission
- No minimums in account
- No charge on margin account with a minimum of $2,000
- Extended trading accounts without charge
- Comes with advanced charting and research tools
- Comes with a trading simulator
Both of these crypto trading platforms have their strengths and weaknesses. Whether you select BlockFi, Webull, or another exchange platform, make sure to take your own needs into consideration. Essentially, compare the benefits, fees, features, and limitations of platforms to make the right call.