How Do I Buy Crypto On Robinhood

Robinhood is a
commission-costless stock and crypto trading mobile app
that is hugely popular among millennials and Gen Zers. Known for its sleek user interface and completely costless trading, Robinhood has clustered over 13 million users who are passionate virtually investing.

Though popular amidst many for its gratuitous stock trades, Robinhood also allows its members to transact in cryptocurrencies. There are currently fifteen+ tradable cryptocurrencies
on the app.

This wide range of availability is neat for investors who desire admission to the most pop coins just leaves something to be desired for those who want the less well-known options.

Check out our
video below on how to buy Bitcoin on Robinhood!

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How to Purchase Crypto on Robinhood

In Feb of 2018, Robinhood began allowing its users to merchandise two of the most popular cryptocurrencies Bitcoin and Ethereum.

Since and so, the visitor has added an boosted 5 cryptocurrencies. Currently users can trade
Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, Dogecoin, and more.

Users can as well track price movements and news for the above and 10 additional cryptocurrencies. This is a greater selection than many of the other investing apps that take decided to gyre out crypto including Webull Crypto which currently only offers four cryptos to investors.

Purchasing Bitcoin on Robinhood

The actual steps required to purchase Bitcoin on Robinhood are
fairly straightforward.

Kickoff, you lot’ll demand to brand sure that you lot have a Robinhood account. This should take less than a couple of minutes and tin can be done by downloading the Robinhood app and creating an account.

2nd, in order to trade (i.e. buy Bitcoin or other assets) you volition need money in your account.

Robinhood currently supports immediate
admission to $1,000 in funds while your bank deposit is processing.
With Robinhood Golden, a premium programme which costs $five per month,
$5,000 is instantly available. This
instant eolith amounts grow every bit your business relationship grows.

• $50k instant deposit limit if your portfolio value is over $50k
• $25k if your portfolio value is over $25k
• $10k if your portfolio value is over $10k
• $5k for every other Gold user

Third, purchasing Bitcoin is as simple as can be with Robinhood’south user interface. To exercise this, click the magnifying drinking glass at the bottom of your screen and then enter the cryptocurrency you are interested in purchasing (Bitcoin in this case) into the search bar at the top.

Upon entering the name of the cryptocurrency, you’ll discover the interface changes from a rather simple and standard design to an edgy expect to showcase its crypto platform. At this signal you can very
simply click ‘Purchase’
and enter the dollar amount you are interested in ownership.

Because yous enter a dollar amount and not a fixed number of shares, you are utilizing
Robinhood’s feature of fractional coins. Without it, yous would need to salvage upwardly for the full cost of one money.

Availability and Commissions

These transactions tin happen at any time of solar day every bit
Robinhood allows commission-free trading 24/7.
This differs from stocks in that there is no standard trading window for transactions.

All the same, due to the speculative nature of crypto (it is not regulated by a fundamental body like the government) information technology is
non currently bachelor in all states.

Information technology is currently unavailable in Hawaii, Nevada, New Hampshire, and West Virginia.

Movement Of Coins

Earlier using Robinhood Crypto, it is important to understand the following:

Cashing Out

When you lot would like to sell your shares of Bitcoin, the process is very similar to ownership. Simply locate your position inside the app and
select ‘Sell’.
Similar to stock investing, you volition accept to await 5 business concern days afterward selling to withdraw your funds to an external account.

Transferring Coins

Moving coins in or out of the platform tin can be done hands with Robinhood’s crypto wallet. This wallet was actually launched earlier this yr and has been a complete game changer.

Before this wallet, investors would have to sell their crypto and transfer the funds to their bank and so to Robinhood or to some other platform.

If you want to larn more most Robinhood’south new wallet or how to enable it, exist sure to check out our Robinhood crypto wallet guide.

Summary: Ownership Bitcoin on Robinhood

In summary, Robinhood offers a sleek and simple user experience for those wanting to take their first position in cryptocurrency. Robinhood makes the purchase and auction of crypto relatively painless.

Withal, these inconveniences might be acceptable if yous capeesh the committee-free trades and having your stocks and coins all located within the same app.

Robinhood also falls short in its lack of nationwide availability and the number of cryptocurrencies. While you lot tin feel confident that y’all accept admission to the most popular coins, experimentation is limited on Robinhood.