Robinhood is a commission-free stock trading platform that has been around since 2013. In February 2018, they added the ability to trade cryptocurrencies on their platform. So why can’t you buy crypto on Robinhood?
Checkout this video:
Introduction
Since Robinhood added cryptocurrency trading in February 2018, there have been numerous complaints from users who are unable to buy crypto on the app. In some cases, users are able to buy crypto but their orders are promptly canceled. There have also been reports of missing funds and other issues.
It’s important to understand that Robinhood is not like other exchanges when it comes to buying crypto. Unlike Coinbase or Gemini, Robinhood does not allow you to directly buy crypto with fiat currency (e.g. USD). Instead, Robinhood only allows you to trade crypto that you already own for other cryptos or for cash. This means that if you want to buy crypto on Robinhood, you first need to purchase it elsewhere with fiat currency and then transfer it into your Robinhood account.
Once you have transferred your crypto into your Robinhood account, you should be able to trade it freely. However, there have been many reports of users who are unable to do so. In some cases, their orders are canceled and they are unable to get their money back. In other cases, they are simply unable to place an order at all.
There is no clear explanation for why this is happening, but it seems that the issue is with Robinhood’s interface rather than with the underlying blockchain technology. It’s possible that Robinhood is simply overwhelmed by the demand for crypto trading and is having difficulty processing all of the trades. Alternatively, it’s possible that Robinhood is deliberately preventing users from buying certain cryptos in order to manipulate the market. Regardless of the reason, this is a major problem forRobinhood users who want to trade cryptocurrencies.
If you’re having trouble buying crypto on Robinhood, there are a few things you can do:
First, try transferring your crypto from another exchange into yourRobinhood account. In some cases, this will allow you to bypassRobinhood’s interface and trade directly on the blockchain.
Second, try using a different exchange altogether. Coinbase and Gemini are both good options for buyingcrypto with fiat currency. Once you have purchased yourcrypto on one of these exchanges, you can transfer it into yourRobinhood account and trade it there.
Finally, if all else fails, you can always try contactingRobinhood customer support and asking them for help. They may be ableto assist you in getting your problem resolved.”
What is Robinhood?
Robinhood is a commission-free trading platform that allows users to buy and trade cryptocurrencies, as well as stocks, options, and ETFs. While Robinhood does allow crypto trading, it doesn’t currently allow users to buy crypto with fiat currency (i.e. USD). In order to trade cryptocurrencies on Robinhood, you must first purchase another cryptocurrency that is listed on the platform (such as Bitcoin or Ethereum) using USD.
What is Crypto?
Cryptocurrencies are digital or virtual tokens that use cryptography for security. They are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services.
Why Can’t I Buy Crypto on Robinhood?
Unfortunately, Robinhood does not yet offer the ability to buy or sell cryptocurrency. They have been hinting at adding this feature in the future, but as of now, there is no timeline for when it will be available.
In the meantime, there are other exchanges that do offer crypto trading. Coinbase is a popular option that is available in most countries. Another option is Kraken, which is one of the largest exchanges by volume.
Conclusion
The most likely reason why you cannot buy crypto on Robinhood is that your state is not supported. At the moment, only nine states allow crypto trading on Robinhood: California, Colorado, Florida, Illinois, Massachusetts, Missouri, Montana, New Hampshire, and Pennsylvania. If you live in one of these states, you should be able to buy crypto on Robinhood.
