Webull is a reputable platform known for its secure and reliable crypto trading capabilities. However, have you recently encountered the message “Insufficient crypto buying power” on WeBull? Despite having enough funds in your account, this pop-up may have left you feeling confused and frustrated.
But don’t worry! It’s just one of their security measures. In this guide, we’ll talk about this specific message, why it pops up, and how you can solve it. Read till the end to learn what to do with the message.
How does WeBull Buying Power Work?
The buying power on WeBull is your capacity to purchase crypto on the account. The process is different from other platforms as you don’t only buy crypto from the balance you have on your account. Instead, the buying power depends on two factors:
- Your Current Balance on the Account
- Your WeBull Margin (Instant Buying Power)
You have to deposit funds to your account via direct transfer to buy crypto. But since the process takes at least a couple of days, WeBull provides you equivalent credits at the time of deposit. That credit allows you to purchase crypto instantly (without waiting for days).
When “Insufficient Crypto Buying Power” Appears?
“Insufficient crypto buying power” on WeBull appears when you don’t have enough credits on your account. It either means your account credits are lower than the required amount to make the purchase (along with the transaction fee), or there are no credits at all.
It may also be because you made an earlier purchase order, which is still in process. If this is the case, go to the “Orders” tab and cancel your previous purchase order (or simply wait for it to complete). Lastly, the message can also appear if the credits are not settled yet.
How to Fix the Error?
Depending on the underlying cause, you have plenty of options to solve the issue:
- If your deposit is not settled yet, you only have to wait three to five business days for approval. It takes some time for platform operators to confirm and verify your provided details.
- If you have a previous open order, cancel it to place a new one. You can also wait for its completion if you are comfortable with the time.
- In rare cases, incorrect or missing account details may also cause the error. So, update your account information wherever possible.
- Lastly, since it is a relatively new platform, any bug can also be a cause. So, just retry purchasing the crypto. It might solve the issue.
Why do you Have to Wait for so Long?
You may wonder why the deposit takes up to five days to settle. It is because the WeBull staff manually verifies given details and approves credits. Consider it a safety measure of the platform to prevent fraud, as some people may purchase cryptocurrencies but don’t have enough balance in their bank accounts.
The platform workers will ensure you have the deposited amount on your direct channel’s account (in your bank or e-wallet). Once they are satisfied that you can pay back the credits, they will release the credits for purchasing crypto. And since the process operates on manpower, it requires 3-5 business days.
Why WeBull has Buying Power System for Crypto Purchases?
Since the transaction process takes so long, WeBull has an Instant Buying Power feature to counter this delay. Everyone knows how volatile the crypto market is. Prices can rise or fall in a matter of hours. So, waiting days for purchasing funds may devastate the main concern. WeBull’s Buying Power system allows users to instantly make purchases and avoid this delay.
On the other hand, it also prevents new crypto enthusiasts from over-buying. Due to the tempting earnings, many people convert to crypto and buy a huge amount of coins (without considering the risks). With the system, they will only purchase a limited amount according to the buying power they have rather than investing all their savings. In this way, they are saved from huge losses.
What to do if you Still Receive the Error After Waiting for a Few Days?
- Wait 1-2 Days More: After confirming your transaction and verifying the information, funds can take extra 1-2 business days to settle. So, you can wait a couple more days as your funds will be transferred in the meantime.
- Re-Apply with New Prices: It may happen due to sudden crypto price changes since it can fluctuate tremendously within hours. Therefore, it is possible that you may notice a significant increase in price between the time you last checked and when you placed your order. In this case, cancel the order and re-apply with an increased updated amount.
- Contact Support Team: If the credits still don’t show up and you receive the same error, contact WeBull’s support team. You can reach them via email or directly talk to a representative on call.
Why Can you Not Purchase Crypto Even With Sufficient Balance?
Sometimes the message pops up despite having enough crypto power. The reason behind this could be an incomplete open order, which you can cancel to continue.
It may also occur because WeBull doesn’t support trading or purchasing crypto of cryptocurrencies. It usually happens when you switch from another crypto platform (with crypto coins) to WeBull. In this scenario, you should first convert your crypto assets to cash/fiat currencies. Then deposit the amount to the WeBull account to make purchases.
Remember to Enable Crypto Trading
Unlike other platforms, you will need to enable your crypto trading in WeBull. You cannot just go and purchase or trade. So, make sure your “Crypto Trading” option is enabled. To activate it:
- Sign in to your account
- Click the WeBull logo
- Select More
- Click on Crypto Trading
That’s it! You can now buy the cryptocurrencies you want.
It’s Time to Trade Crypto!
If you face “insufficient crypto buying power” on WeBull, it is mostly because your buying credits are low or you have a previous, pending order. It may also occur due to delays in verification from the back end.
To fix it, you can either wait for a few days or cancel your previous order. But if you are trying to trade from crypto to crypto, WeBull doesn’t support it. In any case, ensure you have the Crypto Trading option enabled. If you find this guide helpful, don’t hesitate and make your WeBull trade now!