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Learn how to buy cryptocurrency on the Robinhood app in a few simple steps. We’ll also go over some tips on how to get started with investing in crypto.
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Introduction
Robinhood is a commission-free stock trading app that allows users to buy and trade cryptocurrencies. Currently, Robinhood only supports four coins: Bitcoin, Ethereum, Litecoin, and Dogecoin. In this guide, we’ll show you how to buy crypto on Robinhood in just a few simple steps.
What is Robinhood?
Robinhood is a commission-free trading platform that allows users to buy and sell cryptocurrencies, as well as stocks, ETFs, and options. Founded in 2013, the company is headquartered in Menlo Park, California. As of May 2021, Robinhood had around 13 million users.
How to Sign Up for a Robinhood Account
In order to sign up for a Robinhood account, you’ll need to provide some personal information and link a bank account or debit card. You can sign up for Robinhood here.
1. Enter your email address, create a password, and then click “Create Account.”
2. On the next page, enter your full name, date of birth, and the last four digits of your Social Security number. Then click “Continue.”
3. On the next page, you’ll be asked to link a bank account or debit card. You’ll need to provide your bank account number, routing number, and the amount of money you’d like to deposit. Once you’ve provided this information, click “Continue.”
4. On the next page, you’ll be able to choose which cryptocurrencies you’d like to buy. At this time, Robinhood only supports Bitcoin (BTC) and Ethereum (ETH). Once you’ve made your selection, click “Continue.”
5. On the next page, you’ll be asked to verify your identity by providing a selfie and your identification card. Once you’ve provided this information, click “Submit.”
6. Once your identity has been verified, you’ll be able to start buying cryptocurrencies on Robinhood!
How to deposit money into your account
Before you can buy cryptocurrency on Robinhood, you’ll need to deposit money into your account. You can do this by linking a bank account or debit card.
1. To deposit money into your Robinhood account, go to the Accounts tab and click on Deposit in the top right corner.
2. Select the amount of money you want to deposit and either link a bank account or debit card.
3. If you’re linking a bank account, you’ll need to enter your routing and account number. You can find this information by logging into your online banking account or by asking your bank.
4. Once you’ve linked a bank account or debit card, you’ll be able to deposit money instantly or schedule a future deposit.
How to buy Bitcoin and other cryptocurrencies on Robinhood
Robinhood offers commission-free cryptocurrency trading in most U.S. states and is expanding its offerings to include more digital assets. The brokerage, which is best known for free stock trading, first rolled out bitcoin and ethereum trading in February 2018 with plans to add more cryptocurrencies in the future. Currently, Robinhood only allows buying and selling; you can’t transfer crypto into or out of Robinhood Crypto accounts.
Bitcoin and Ethereum are the two most well-known cryptocurrencies, but there are more than 1,500 different cryptocurrencies in existence today, according to CoinMarketCap.com. Some of the other best-known digital assets include Litecoin, Bitcoin Cash, Ripple and Stellar.
To get started trading cryptocurrencies on Robinhood, download the Robinhood app and sign up for an account. Then link your bank account so you can deposit money to buy crypto — although you can also buy crypto with a credit or debit card now, too. To buy bitcoin or another cryptocurrency on Robinhood, go to the Crypto tab in the app and tap on the asset you want to buy…
How to sell Bitcoin and other cryptocurrencies on Robinhood
Robinhood is a US-based stockbroker that offers commission-free trades in a variety of financial assets, including cryptocurrencies. The platform has been popular with young, first-time investors, as it is easy to use and does not charge commission on most trades.
Until recently, Robinhood only allowed buying and selling of cryptocurrencies, but the platform has now introduced the ability to transfer cryptocurrencies to and from external wallets. This means that you can now sell your crypto holdings on Robinhood and withdraw the proceeds to your own wallet.
In order to sell crypto on Robinhood, you first need to transfer your coins or tokens into your Robinhood account. This can be done by sending them from an external wallet using the address provided by Robinhood, or by buying them using the Robinhood platform itself.
Once your crypto is in your Robinhood account, you can sell it by going to the “Accounts” page and selecting “Crypto” from the list of asset types. This will take you to a page showing all of your current holdings, as well as their prices and changes over time.
To sell a currency, simply click on the “Sell” button next to its name. You will then be asked to enter the amount you wish to sell, as well as the price at which you wish to sell it. Once you have entered this information, click “Place Order” and your transaction will be processed immediately.
Conclusion
In conclusion, buying crypto on Robinhood is a relatively simple process. All you need to do is sign up for an account, verify your identity, and then you can start buying and selling crypto. There are a few things to keep in mind, such as the fact that Robinhood only allows you to buy and sell certain types of cryptos, but overall the process is straightforward.
