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Webull: Investing & Trading

Latest release: 8.0.6 ( 23rd June 2022 ) 🔍 Last analysed 10th August 2021 . Can't send or receive bitcoins
4.7 ★★★★★
271889 ratings
18th January 2017

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Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis 

The app allows you to trade BTC but it is only an exchange and not a wallet.

From their website:

We provide our customers with access to cryptocurrency trading through Apex Crypto. Apex Crypto is not a registered broker-dealer or FINRA member and your cryptocurrency holdings are not FDIC or SIPC insured.

You can buy and sell cryptocurrency on Webull. However, we do not support transferring crypto into or out of your Webull account at this time.

(dg, lw)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

No send/receive!

Can it send and receive bitcoins?

If the answer is "no", we mark it as "Can't send or receive bitcoins".

If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.

All products in this category are custodial and thus funds are at the mercy of the provider.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.