Cryptocurrency, particularly Bitcoin, is leading as it grows day by day. CEO of Tesla Elon Musk has declared that on the balance sheet of Tesla it has acquired $1.5 billion of bitcoin and investor interest have been kicked up like never before.
If you are thinking of trading stocks with the help of Robinhood then the app is the right one. The app funds mainly four cryptocurrencies:
- Ethereum and
If you want to start trading crypto through Robinhood then follow the steps mentioned below:-
1. Install the Robinhood App
The first thing you need to do is install the Robinhood app from the app store. Android users get the app on Google Play Store and iOS users download it from Apple Store. You can also create an account on the computer.
Those users who use the platform of Robinhood have a better experience in trading. Its motive is to bring about investing accessible and reasonable for normal people so that they don’t face difficulties while trading.
It promotes an involuntary UI and if you want to trade then Robinhood is the best app to start with. You can track the portfolio from the mobile app.
There are no hidden charges included in Robinhood which is considered the best part nor any fees for depositing or withdrawing from the bank account. Select the Robinhood premium version that will help you to access financial derivatives but this is totally discretionary.
2. Create an Account
Once the download is complete you can instantly create an account on Robinhood. This might take 10 minutes in total for signing up. You need to provide the following details like name, address, email, and Social Security Number.
After that link, the bank accounts to Robinhood so that funds will be credited to the account. Provide the bank details and routing numbers. Now you can transfer $1,000 so that you can start trading.
You can ask for the referral code if any of your friends possess the Robinhood app. In some seasons you can earn stock just by giving referral code to others. For Robinhood Gold as a premium service, you can buy at $5 per month. Robinhood Gold allows trading with margin and stores a good sum of money.
3. How do I buy Crypto on Robinhood?
As you funded the account, now proceed to purchase the Crypto. Go to the search bar and type the cryptocurrency you like to buy and then choose the coin you wish to purchase.
Select to place a market order or limit order for cryptocurrency. At market price, the market order purchases the crypto immediately. But in a limited order, you can set the price for the purchase that you want to pay. If the sell order at that cost is handled, the limit order will be filled.
If you are a Holder then you expect to sell the cryptocurrency for profit in the future. If the sale of cryptocurrency is done incrementally then you won’t miss any profits if crypto maintains to appreciate. When you sell your resources on Robinhood, then the funds are accessible to transfer to the bank after some days.
Deposit Cryptos on Robinhood
Robinhood declared it aims to facilitate deposits of Cryptocurrencies and Bitcoin and Dogecoin. The ability was reported on Twitter, yet no date for initiation was shared. At present, just buy and sell crypto resources in the Robinhood app.
Withdraw Crypto on Robinhood
You can also find a new option to withdraw the deposits of crypto but this also has not declared any starting date. Robinhood intends to start the features deposit and withdraw soon. As of now, Robinhood doesn’t uphold coin withdrawals.
Buying a Crypto on Robinhood
There are a lot of options in contrast to purchasing crypto on Robinhood. The most widely recognized approach to buy cryptocurrency is through an exchange of cryptocurrency or brokerage. Gemini, Coinbase, Binance, and eToro are for the most part extraordinary options.
These exchanges of crypto have a few advantages over purchasing crypto on Robinhood. For one, committed trades have more precise or same market costs than Robinhood. It’s natural for Robinhood to maintain a 2% to 3% distinction in the price of the cryptocurrency. Moreover, crypto brokerages offer a more extensive mixture of altcoins. Altcoins are another cryptocurrency.
Another reason for utilizing a cryptocurrency rather than Robinhood:-
Trade can be done against bitcoin. Rather than trading altcoins against the value of USD, trade altcoins dependent on their price corresponding to bitcoin. This is an extraordinary element for those who hope to build the bitcoin price of their portfolio.
With Robinhood ending trades of specific stocks lately, investors are shifting to other brokerages. Eventually, you ought to invest with the brokerage that causes you to feel good.
Why can’t I buy Crypto on Robinhood?
Few of the reasons which hinder you from buying Cryptos:-
- If you want to trade then you should have more purchasing power. Cryptocurrencies are considered as non-marginal and cannot be counted as collateral, so you are expected to have sufficient cash in the account to place your buy order.
- You need more equity to get the minimum margin. If you possess the Gold account and utilize the Gold Buying Power, then you cannot place an order of cryptocurrency in the Robinhood Crypto account, doing so would make you decline the margin maintenance or minimum balance in the Gold account. Furthermore, in a Robinhood Instant or Gold account, you will not be able to trade which causes you to fall underneath the equity of minimum trade.
- The account you selected might be deterred from trading. Limitations on your associate account can bring about limitations on the crypto account. For instance, if the account on Robinhood is restricted from buying stocks, then your crypto buys might be affected until your limitation has been lifted.
- The account was hailed as Pattern Day Trading. In case you’re a trader of the pattern day, and the acquisition of a cryptocurrency would make the worth of your stocks and money plunge below $25,000, we may hinder you from setting the trade. For instance, if the account price is $25,500 and you need to put in a $600 order to buy for Bitcoin, we will request that you deposit more assets. On the grounds that putting in the order for $600 for Bitcoin would decline the account down to $24,900.
What type of Crypto can you buy on Robinhood?
As per the sources we have listed a few of the best cryptocurrencies that are listed till date.
- Bitcoin Cash.
- Ethereum Classic.
When can I buy crypto on Robinhood?
You can buy cryptocurrencies 24*7 i.e after hours on Robinhood Crypto and there is no such time set as regulation for trading.
Is buying Crypto on Robinhood safe?
Yes, buying Crypto on Robinhood is safe. Because the app Robinhood is regulated and protected by a secured chain that guards the Crypto. The operational security is strict in the case of trading crypto on Robinhood.
Many queries regarding buying cryptocurrency are available on Reddit. You can visit the site and get assistance if you face any issues with trading cryptos on Robinhood.