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If you’re a Robinhood user and you’re thinking about buying crypto, you might be wondering if you can do so on the platform. The answer is yes! Here’s a quick guide on how to buy crypto on Robinhood.
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Introduction
Robinhood is a commission-free investing app that allows users to buy and trade cryptocurrencies, among other things. Currently, the app supports trading for 16 coins, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). So, if you’re one of the millions of Robinhood users out there and you’re thinking about buying crypto on the app, here’s what you need to know.
What is Robinhood?
Robinhood is a commission-free investing app that allows you to buy and trade stocks, options, ETFs, and cryptocurrency all in one place. With Robinhood, you can trade stocks during extended hours 4:00 a.m. – 8:00 p.m. EST Monday – Friday (excluding major holidays). You can also trade cryptocurrency 24/7.
What is Crypto?
Crypto is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
How to buy Crypto on Robinhood
If you’re interested in buying cryptocurrency onRobinhood, there are a few things you should know. Here’s a step-by-step guide to buying crypto on Robinhood.
Before you can buy cryptocurrency on Robinhood, you need to set up an account with the brokerage. To do this, you’ll need to provide some basic personal information, including your name, date of birth, address, and Social Security number. Once your account is set up, you can link it to a bank account or debit card so you can deposit money and start buying crypto.
To buy cryptocurrency on Robinhood, go to theOrder Page and select the cryptocurrency you want to buy. You can then specify how much you want to buy or how much you want to spend. Once you’re ready, click “Buy” and your purchase will be executed immediately.
When buying crypto on Robinhood, it’s important to remember that you’re not actually buying the underlying asset. Instead, you’re investing in a derivative that tracks the price of the asset. This means that if the price of the underlying asset goes up or down, so will the value of your investment.
How to store Crypto on Robinhood
Unfortunately, at this time Robinhood does not support the ability to withdraw cryptocurrencies to an external wallet. We understand this is important to some of our customers and we’re diligently working to add this functionality in the future. In the meantime, we allow our customers to track the real-time market data of 16 different cryptocurrencies. And crypto trades on Robinhood are commission-free.
We offer instant deposits, but it may take up to four business days for deposited funds to completely clear and be available for buying power. When you make a deposit, we’ll let you know if there’s a delay so you’re always aware of the status of your funds.
To learn more about cryptocurrency trading on Robinhood, please visit our Help Center.
The Pros and Cons of Robinhood
Though Robinhood started as a free stock trading platform, the company has since expanded into cryptocurrency. You can now buy and sell Bitcoin and other cryptocurrencies on Robinhood, but is it the right platform for you?
Here are some pros and cons to consider before making your decision.
Pros:
-You can buy and sell Bitcoin and other cryptocurrencies on Robinhood without any fees.
-The user interface is simple and easy to use.
-Robinhood offers a mobile app for Android and iOS, so you can trade on the go.
Cons:
-Robinhood only supports a limited number of cryptocurrencies.
-You can’t transfer your cryptocurrency out of Robinhood (you can only sell it).
Conclusion
Based on the information we’ve gathered, it seems that Robinhood is not currently offering any cryptocurrency-based services. This may change in the future, but for now, it doesn’t seem like Robinhood is a good option for those looking to invest in cryptocurrency.
