Webull vs. Coinbase: How They Compare

Rosemary Carlson

December 22, 2021 at 1:30 PM·7 min read

Webull and Coinbase are two of the top online investment platforms. Webull offers a relatively new online brokerage that deals mostly in liquid assets. Webull is a favorite of young millennial investors who are just starting, but it also attracts medium-level and advanced traders due to low fees. Coinbase is an online brokerage that focuses entirely on cryptocurrencies. It offers many cryptocurrency-related services. We compare Webull vs. Coinbase regarding their fees, services, online experiences, mobile features and more.

Consider working with a financial advisor to pick the online platform that best suits your goals and interests.

Webull vs. Coinbase: Overview

Webull is a U.S.-based fintech startup, regulated by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It was launched in 2017. Initially it was primarily a mobile app, but now it has a desktop and web-based version. It’s especially popular with the millennial generation. Webull has grown rapidly and it is one of the most popular online brokerages. Webull has a limited line of investment products, but it does allow some trading in cryptocurrencies.

Coinbase is one of the leading U.S.-based cryptocurrency exchanges. It offers a wide array of cryptocurrency investments, many payment options and advanced trader applications. If you are looking for analytical tools and technical trading applications, Coinbase is for you. Coinbase has its own cryptocurrency wallet and even its own stable cryptocurrency coin called USD Coin. The USD Coin is backed by U.S. dollars. The company offers several digital products and services that you do not usually find unless you look at other online brokerages that specialize in cryptocurrency as an investment product. Coinbase has been around since 2012 and recently went public.

Webull vs. Coinbase: Products

Webull offers four types of investment securities, equities, exchange-traded funds (ETFs), options and cryptocurrencies. It has a limited offering of digital tokens and you must sign up for the privilege of trading cryptocurrency on Webull. Webull also offers the trading of fractional shares, which often appeals to young investors.

Webull’s account types include cash and margin accounts. IRAs are available if you already have an individual account with Webull. It supports traditional and Roth IRAs along with rollover IRAs. Webull doesn’t offer long-term investment products like bonds and other fixed-income securities.

Coinbase offers exclusively cryptocurrency trading and investment. It offers access to over 100 digital coins or tokens, including its own coin USD Coin. Webull has a very limited selection of digital coins and no stable coin. It also does not have a digital wallet, which is something Coinbase has. Because Webull does not offer a digital wallet, you can’t transfer your holdings in cryptocurrency off its platform.

Webull vs. Coinbase: Fees and Payment Methods

Webull offers no-commission trading and no minimum deposit or balance for accounts except a $1 deposit fee for cryptocurrency accounts. It requires a $2,000 deposit to open a margin account. Webull’s margin rates start at 6.99%. It also assess a trading account fee of $0.00019 for sells only, and has a maximum of $5.95 per trade. There is no charge for options contracts.

Webull offers one free wire transfer per customer. After that, if you wire transfer less than $25,000, the cost is $8.95 per domestic wire and $12.95 for international wires. Webull does not charge an inactivity fee or fees for deposits or withdrawals. Webull is one of the lower-cost online brokerages. It accepts the commonly accepted order types for an online brokerage.

Coinbase has a rather complex fee structure. Using the Coinbase Standard platform, you pay for more services and more cryptocurrency options. Coinbase charges a flat fee of 0.50% for the spread. Transactions typically cost 1.49% if you use a linked bank account or a digital wallet and 3.99% if you use a debit or credit card. The 3.99% fee is one of the highest among the crypto exchanges. The fee structure is lower and different if you use Coinbase Pro. It often pays, if you use Coinbase, to subscribe to the Coinbase Pro platform.

Both platforms allow an investor to buy fractional coins. Webull only accepts U.S. dollars for transactions. Coinbase accepts U.S. dollars, the euro and the British pound. Coinbase accepts buy, sell, send, receive and exchange orders. It does not allow limit orders unless you use Coinbase Pro.

Webull vs. Coinbase: Education and Research

Young Asian woman checking her brokerage account

Webull has a reasonably strong research presence on its platform. It specializes in technical analysis with some tools available for fundamental analysis. Some technical indicators are a paid upgrade. Webull does have a strong investor dashboard with alert and watch lists available along with real-time streaming quotes and analyst reviews. Portfolio management tools are lacking.

Coinbase has a strong library of educational content. It has a specialized program that incentivizes its use called Coinbase Earn. Coinbase has developed a series of video classes and exams that teach you about cryptocurrency and how to trade it. If you take the classes and exams, you can earn a set amount of the cryptocurrency you are learning about. Coinbase Pro offers, in addition, advanced charting features.

Webull vs. Coinbase: Platforms and Online Experiences

Webull’s platform has mobile, web-based and desktop capabilities. Investors find it intuitive and easy to use. There is a customizable workplace station that provides news, technical trading tools like charting, fundamental analysis, a stock screener and ratings from analysts. Webull also offers extended trading hours, which are particularly important to many investors. To use Webull, investors have to be relatively knowledgeable and self-sufficient since it is lacking tools for investment portfolio management. It’s difficult to reach customer service by phone and there is no chat feature.

Coinbase offers the original Coinbase platform and Coinbase Pro, which is for advanced users. The original platform allows for the trading of cryptocurrency using U.S. dollars. Coinbase Pro, in addition, allows for crypto-to-crypto exchanges, has advanced charting features and allows for market, limit and stop orders. Coinbase Pro allows for the trading of more digital coins than the basic Coinbase platform. Regarding customer service, Coinbase was criticized for its lack of phone support and, in general, poor customer service. Its response was to add many phone support customer service agents. It’s easier to reach them on the phone now, but it offers no email support. Instead, there is an online contact form.

Webull vs. Coinbase: Mobile Apps

Webull offers a good mobile app that is consistent with web-based and desktop platforms. There are some design differences to accommodate the smaller screen. Watchlists can be created through the mobile app as easily as on the other platforms. You don’t need to set up multiple platforms. You can also customize trading ticket information on the mobile app. Research is available when you use the mobile app.

Coinbase provides a mobile app for the IOS and the Android operating systems. Customers review these mobile apps very highly. It has many of the same features as the Coinbase desktop site.

Webull vs. Coinbase: Security Measures

Both Coinbase and Webull use two-factor authentication. Both companies have Federal Deposit Insurance Corporation coverage. Webull has it on all accounts, while Coinbase has it on only U.S. accounts. Webull does not use a digital wallet for coin storage and it doesn’t provide cold storage, while Coinbase does. About 98% of all investor funds with Coinbase are kept in cold storage, the most secure method of housing cryptocurrencies.

The Bottom Line

Webull is developing a sophisticated platform to trade cryptocurrency, but at time of writing there are relatively few digital coins available and no digital wallet. However, the services are free. You also cannot transfer cryptocurrency out of the Webull accounts. Coinbase is one of the top cryptocurrency exchanges and is a full-service broker for cryptocurrencies. Both firms take security seriously, although Webull has no way to put investor funds in cold storage.

Tips on Investing

Do you need guidance on investing in cryptocurrency? If you want to know how a cryptocurrency investment would impact your portfolio, you may want to talk to a financial advisor. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor, get started now.
If you want to see how different types of investments would improve your portfolio, check out SmartAsset’s asset allocation calculator.

The post Webull vs. Coinbase: How They Compare appeared first on SmartAsset Blog.

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