XRP and Shiba Inu have been some of the hottest crypto assets to own during the past bull market and fortunately, Webull also embraced the rise of crypto. I wanted to put together a guide to buying these two popular assets on Webull and this is the key takeaway:
XRP and Shibu Inu can both be traded on Webull. While Shiba Inu can be bought and sold via Webull directly, XRP orders are routed through the Bitfinex Exchange. You can hold both XRP and Shiba Inu in your Webull wallet.
In the following paragraphs, we will look closely at how to buy XRP on Webull and whether you should buy this or any crypto asset on the Webull platform. We’ll also talk about if Webull will list Shiba Inu, when Shiba Inu will be available to buy on Webull, and how to go about it.
How to buy XRP on Webull?
Believe it or not, XRP can be bought and sold on Webull just like any other stock or digital asset. Webull has listed XRP as a tradable asset in 2020 and cooperates with the exchange Bitfinex to provide increased liquidity.
Go through the following steps to buy XRP on Webull:
- Create A Webull Account: If you haven’t already done so, go ahead and sign up for Webull. You will need your ID, Social Security Number, and residential address.
- Navigate To Your Crypto Dashboard: Click on Features > Crypto in the menu bar or go directly to https://www.webull.com/quote/bitfinex-xrpusd
- Click on Buy XRP: Locate the buy button on the right-hand side of the page next to the chart and enter how many XRP you’d like to buy. The bought XRP will appear in your Webull crypto after a few seconds.
Webull has now listed more than 44 crypto assets to trade – including XRP – and will continue to expand their offering for the foreseeable future. However, while XRP is quick and easy to buy on Webull that does not mean it is the best choice.
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Should you buy XRP on Webull?
Thanks to its low fees and seamless user interface, buying XRP on Webull should seem like a no-brainer. At least that is what Webull is trying to infer. However, there are some significant downsides to buying XRP on Webull.
Here’s why you should not buy XRP on Webull:
- Ownership: Controlling the private keys to your crypto wallet is one of the most important criteria to consider when buying XRP. On Webull you do not directly own the crypto asset that is deposited into your wallet. Instead, Webull controls the keys to that wallet and only grants you viewer access.
- Transferability: You cannot transfer XRP that has been bought on Webull to any crypto-native Web3 wallet. This means that your XRP cannot be stored securely and you won’t be able to interact with any dApps.
- Lack of Transparency: Webull has been notoriously untransparent about what they do with the actual crypto asset. Without evidence, you may run the risk that you have with any other custodian, which includes over-leveraged lending and risky investments with borrowed funds.
While Webull definitely has some drawbacks when it comes to crypto storage it can be a convenient way to purchase XRP. Just remember that non-native crypto storage is less secure and gives you no direct ownership of assets.
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Will Webull list Shiba Inu?
Currency, Shiba Inu is already listed on Webull and can be traded just as simply as XRP. Simply head to https://www.webull.com/cryptocurrency/shiba-inu and click on “Buy SHIB”. Once the order is processed and executed your Shiba Inu tokens will appear in your Webull crypto wallet.
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Buying XRP and Shiba Inu is already possible on Webull. Although XRP orders are routed through the Bitfinex exchange the costs of placing an order are negligible. The cons when buying crypto on Webull are storage, security, and control over your crypto asset. For wallets of more than $1,000, I’d recommend a hardware wallet such as Ledger.
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