Cryptocurrencies have recently grown exponentially due to global adoption. It has lived up to the initial hype, judging by its gradual domination in the global financial landscape. There are many free bitcoin mining sites, and it has become competitive to this day.
Webull is one of the sites that allows you to buy or trade crypto for free. In this blog post, we will inform you “how to close Webull account” & the necessary information following the topic.
What is Webull Account?
Webull is a commission-free internet broker. Here, you can have access to a high-quality trading platform. It can hand you real-time market data, responsive customer support, and no membership minimums.
It is a financial technology company based in the United States. This fintech company provides zero-fee or subsidized brokerage services. In 2017, this company started its journey. Moreover, the United Kingdom’s Financial Industry Regulatory Authority (FIRA) (FINRA) and the United States of America’s Securities and Exchange Commission (SEC) regulate this company.
Positive and Negative Sides of Webull Account
Every technology has some positive and negative sides to tell. Here’s some positive and negative reflection on Webull given below.
- Webull can give you commission-free trading on stocks, ETFs, and options in the United States.
- No inactivity fees.
- Account creation is simple, incredibly fast, and digital.
- In addition to that, you get a well-organized platform.
- It is capable of processing a variety of order types and is intuitive.
- Webull provides a specific amount of product proposals to US equities, exchange-traded funds (ETFs), and options.
- Only bank transfers accept deposits and withdrawals.
- There is no option for live chat.
- Additionally, phone support is inaccessible.
The Process of Closing Webull Account
Despite the benefits, you may want to delete your Webull account. Then, you have to follow three steps.
- First, you have to tap the avatar on the top right corner of the option “Watchlist page.”
- Secondly, you need to click the option “Settings.” Then click “Account & Security.”
- Finally, scroll down and select the “Delete Account” option.
It would be best to double-check the Delete Account option to confirm. That will ensure to remove your profile picture along with your user’s name and a few other details. The procedure can take a few business days (1-3 days approximately) to delete this.
Suppose you plan to delete your existing brokerage account. In that case, you have to withdraw your funds or transfer or liquidate your positions first. It would be best if you checked all the options available for you when deleting the account.
Webull Account Transfer Fee
Maybe you have stocks in your Webull funding account that you do not wish to sell before shutting it. You can transfer it all to another brokerage business. And it will keep the remaining securities unchanged.
Webull does not provide securities like futures contracts, foreign equities, or penny stocks, so you need not worry about another brokerage firm refusing to accept specific asset kinds. Keep in mind that Webull this process will charge your account $75.
To begin an account transfer, fill out a form with the new brokerage firm. Most businesses now provide an online format; it saves time. During this process, you will need the number of your Webull account.
Next, the new broker will submit the account transfer form to Webull. After that, your Webull account will go for the final step: account termination.
Closing with a Wire Transfer
You can sell all shares in your Webull account as an alternative. Then, wire the money out. An external bank account will get the money. But on the other hand, brokerage accounts can get it as well.
Typically, wire requests reach in the morning. The process happens on the same day. The payments usually arrive the next day. Under these circumstances, wire transfer is the fastest option.
Webull charges $25 per wire out. But if the organization that will acquire is outside the US, the fee rises to $45.
If you use the wire service, you must notify Webull after receiving the wire to close your Webull account. Free ACH (Automated Clearing House) transfer option is one of the services by Webull. You can take it if the wire service feels expensive.
Investing involves risk and is not suitable for all types of investors. While diversification can assist reduce risk, it does not guarantee a profit or protect against loss in a bear market. Investing in bitcoin mining sites or other financial goods always involves risk. Before investing, investors should sift through their target and dangers.