Webull, a famous Chinese owned platform, allows commission-free trading for its users. Webull was launched in 2017 for PCs and mobiles.
They allow the trading of stocks, margins, options, cryptocurrencies, and exchange-traded funds.
Lately, people have been facing an error related to insufficient crypto buying power.
What is “Insufficient Crypto Buying Power” Error on Webull?
Insufficient crypto buying power in Webull means that there is no required buying power left for your account at the moment. Buying power refers to your balance that is available to withdraw.
Buying power could be insufficient either because of existing open orders that have consumed your buying power for the order you want to initiate or because you may don’t have that much buying power in total to cover the amount of the order you want to initiate.
Why Does Webull Say I Have Insufficient Crypto Buying Power?
There are two reasons that you may don’t have sufficient crypto buying power in Webull:
Reason 1: Insufficient Buying Power
You might have insufficient buying power for the amount of the order you want to initiate. As you get some amount of leverage that is n times more than the actual money in your wallet, this makes the concept of buying power.
Your buying power depends on the amount of money you have in your wallet and the platform you are using. The platform provides you, for e.g., leverage of 5 times the actual money in your wallet.
This error might be because you may don’t have the amount of leverage you need to initiate that order.
Reason 2: Already Existing Open Orders
You might have insufficient buying power in Webull because your buying power is in use for other open orders.
If other open orders are utilising some amount of buying power from your total buying power, you might be facing the insufficient buying power issue.
You can check your current open order under the orders tab. If you want to initiate a new order and have insufficient buying power, you can cancel your older orders to get your buying power being used by them back.
I Have Buying Power But Can’t Buy Crypto
You might have buying power but not enough to buy the amount of crypto you want. The buying power depends on the amount of money/tokens in your wallet and the platform you have used to buy cryptocurrency.
The other reason is that your account has unsettled or in process funds and buying power. It might be possible that your buying power and funds from the previous orders are still to be processed or are in process.
It also might be because you have not taken the permission required to trade. After registering on Webull, you need to take permission that would allow you to buy/sell crypto.
Why Can’t I Buy Crypto on Webull?
If you can’t buy crypto on Webull, this could be due to the following reasons:
- Not enough buying power in your account.
- Your buying power is already being used for previous orders.
- Your account may have unsettled or in-process orders.
- You have not taken the permission required to trade-in crypto yet.
How to Get Crypto Buying Power on Webull?
To get Crypto Buyying power on Webull, you will have to first add funds to your account.
Steps to Get Crypto Buying Power on Webull:
Step 1: Add Funds
As mentioned, the first thing that you need to do is to add funds to your Webull account.
Step 2: Tap on Market
Now, you will have to look for the Market option on the screen and then tap on it.
Step 3: Choose CryptoCurrency
When done, you will have to choose the cryptocurrency that you wish to purchase. You need to now purchase the cryptocurrency.
Why Do I Have Negative Buying Power on Webull?
The main reason that it is showing a negative buying power in your Webull wallet is that the deposit that you have made through any payment mode is still now settled in your account.
This happens because your transaction might still be in process by the platform’s network. You can wait for the payment to settle and then carry on with your trading.
Webull Buying Power is Not Updating
Webull buying power is not updating means that you are not able to see the updated buying power in your account even after adding funds or increasing net value of your account.
These things are certain to happen because such transactions take place with a little delay.
If you are facing this problem, this might be because your internet connection is a little weak at that moment. Or there is some technical glitch on the platform’s end.
Also, this could be because the transactions take a few minutes to process. So, your buying power will be updated in the wallet after a while.
How to Increase Crypto Buying Power Webull?
You can increase the buying power by increasing the net value of your account. Buying power is the leverage provided by the Webull app over the amount you have deposited in your wallet.
There are two things that the buying power depends on and can be increased through:
1. The Amount You Have Invested
The amount of money you have put in your Webull wallet is the most important factor in consideration regarding your buying power. The leverage is provided n number of times over the amount you invest.
So, the larger the some of the money you invest, more the leverage or buying power you will get for option or day trading. You can increase the amount invested if you want to increase your buying power.
2. App Being Used
The buying power also depends on the app you are using. The amount of leverage provided over the invested amount varies from app to app.
So, one app could be giving you a leverage of 3 times, and on the other hand, some other app would be giving you a leverage of 4 times over the invested amount.
Conclusion
Buying power plays a huge role in your trading game. It gives you the margin or leverage to trade over the amount you have invested in the app. This helps you to trade freely and earn good profits.
We hope all the queries related to buying power on the Webull app were solved from this article.
If you still face any issues, you can always visit the platform’s website or contact their customer services in case of any issues regarding your transactions.