What Cryptos Can You Buy On Robinhood


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Cryptocurrencies have become far more than attainable for the boilerplate American subsequently their recent rise in popularity. Some of the top cryptocurrency exchanges have fabricated the process more user-friendly than always, peculiarly those with the best cryptocurrency trading apps.

Investing in cryptocurrencies may not be right for anybody, as they’re yet a somewhat speculative investment. Whether or non they make money in the long term, investors tin can expect a roller coaster ride. That said, if you believe in the long-term potential of cryptocurrencies and accept a adequately loftier gamble tolerance, there’south null wrong with holding some digital currency as a long-term investment.

With that in listen, hither are some of the all-time crypto exchanges for December 2022. These include brokers, exchanges, and apps you can employ to get-go building your ain cryptocurrency portfolio today.

Ratings Methodology

Our Rating:

Lesser Line

Offers a nice range of cryptocurrencies and a simple-to-apply app experience. The Gemini Earn feature is likewise a standout perk and pays involvement on idle cryptocurrencies at high rates.

Fees:

$0.99-$two.99 orders < $200, 1.49% for orders at least $200 (default), 0% – 0.40% (Gemini ActiveTrader)

Our Rating:

Lesser Line

Among the all-time apps to buy cryptocurrencies and traditional investments like stocks and options under one roof. It has broad array of pop cryptocurrencies and gives immediate access to deposits. Plus, cryptocurrency trading on Robinhood is 100% commission costless.

Fees:

$0 for stocks, ETFs, options, and cryptocurrencies

Our Rating:

Bottom Line

SoFi Active Investing has a well-rounded financial ecosystem. SoFi Members tin purchase and sell five different cryptocurrencies. They tin can accept out loans, salvage, and merchandise stocks. SoFi does charge a markup, but the all-in-1 convenience of the platform could still make it worth a await.

Fees:

$0 for stocks, 1.25% for cryptocurrencies

Our Rating:

Lesser Line

eToro has a skillful pick cryptocurrencies on its platform. It also offers some unique offerings, such as social network-like commentating capabilities and the ability to follow and match the investments of other cryptocurrency traders.

Fees:

1% for trading crypto plus spread, $0 commission for stocks & ETFs

Open Account

for eToro

eToro United states of america LLC; Investments are subject to market risk, including the possible loss of principal.

Our Rating:

Bottom Line

Coinbase shines with its vast array of cryptocurrencies bachelor. There’s also an advanced trading platform for serious cryptocurrency enthusiasts. Plus, you can earn some free cryptocurrencies if y’all’re willing to take some educational courses.

Fees:

Variable fees (Coinbase), 0%-0.threescore% (Coinbase Advanced Trade)

Our Rating:

Lesser Line

Square’s Cash App only offers bitcoin. Simply it could exist a smart choice for people who simply want to purchase, sell, and concur the leading cryptocurrency. Plus, the popular finance app has another smashing features, such every bit stock trading and person-to-person payments.

Fees:

$0 for stocks, fees vary for cryptocurrencies

TIP

The right crypto investing mindset

Investing in crypto tin be extremely risky. Nosotros think investors should approach these avails similar any other technological investment — with a long-term mindset and the expectation of ups and downs. The Fool realizes there may be opportunities for investors. We do actively recommend select cryptocurrencies to our community. But nosotros encourage everyone to be well versed prior to investing to understand the potential risks and rewards.

Where can you buy cryptocurrency?

If you’re wondering where to buy cryptocurrency, you have several options. The best places to buy cryptocurrency tin by and large exist separated into ii master baskets:

  • Brokerages.
    A brokerage is a company that facilitates the purchase and sale of investments, such every bit stocks, bonds, and mutual funds. Several of the best stock brokers now allow investors to purchase and sell cryptocurrencies alongside their stocks, common funds, and other investments. These platforms can be desktop-based, app-based, or both.
  • Exchanges.
    A cryptocurrency exchange facilitates the buying and selling of digital currencies. The biggest difference is that brokerages offering other investment vehicles. Cryptocurrency exchanges don’t.

Whether yous go with a broker or an exchange, make sure it has the functionality you need. For example, if you want to buy cryptocurrency on your mobile, look for the best cryptocurrency app.

It’south besides possible to buy cryptocurrencies directly from other people. This used to exist far more popular in the early days of Bitcoin. Even so, that tin can become a footling complicated and is across the scope of this discussion.

What is a cryptocurrency commutation?

A cryptocurrency substitution is a company that facilitates cryptocurrency transactions. Cryptocurrency exchange customers can purchase and sell diverse digital currencies. They may also be able to do the post-obit through the exchange’s platform (non an exhaustive list):

  • Exchange ane type of cryptocurrency for another at prevailing commutation rates.
  • Exchange cryptocurrency for fiat currency (like U.S. dollars), or for cryptocurrencies tied to fiat currencies.
  • Spend cryptocurrencies, for example, using a linked debit menu.
  • Access educational resources to learn about digital currencies.

Many of the all-time crypto exchanges accept mobile apps which offer convenience if you programme to trade digital assets on the become

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Features of the best cryptocurrency apps and exchanges

There are several dandy cryptocurrency apps on the market. To choose the best exchange, you’ll demand to make up one’s mind on which features matter well-nigh to you.

Hither are a few to consider:

  • Security.
    Look at the exchange’s security features to see how many of its avails are kept offline in cold storage, whether information technology has private insurance, and whether information technology is role of a bug bounty program that encourages ethical hackers to report any weaknesses. Y’all can besides find out whether the exchange has e’er been hacked.
  • Customer service.
    If you’re new to cryptocurrency investing, 24/7 client service is a must. Nobody wants to wade through pages of FAQ to go help considering money hasn’t arrived in their account.
  • Range of currencies.
    At that place are over four,000 cryptocurrencies, just even big exchanges but offer 50 to 150 coins. On about platforms, you’ll likely be able to buy Bitcoin and one or ii other major currencies. Merely if you lot want to buy a specific currency or plan to invest in some of the smaller coins, you’ll demand an exchange that has some variety.
  • Ease of utilise.
    Cryptocurrency apps take developed chop-chop as more people want to invest. However, at times that fast development has come up at the cost of user-friendliness. Make sure the app has the features yous want to employ, and if you lot’ve never traded before, choice ane that is beginner-friendly.
  • Fees.
    Paying unnecessary fees is throwing money away, whether you lot’re choosing a bank, a brokerage, or the best cryptocurrency substitution. Check how much it costs to deposit, withdraw, and trade earlier you open an business relationship. It’s likewise worth checking the withdrawal and eolith options to make sure they work for you lot.
  • Research.
    Cryptocurrencies are a relatively new kind of investment, so the more you lot can learn, the better. Some apps include cryptocurrency learning centers also as data on specific coins.
  • Interest earning.
    Several cryptocurrency exchanges offer ways to earn interest on your coins. Make sure you understand and are comfortable with
    how
    the interest is generated. The commutation may loan out your money, or it may pay y’all staking fees if you commit to leaving your coins lonely for a prepare flow.
  • Location.
    Some exchanges cannot operate in every U.S. state. Make sure the exchange you lot choose covers your state and complies with U.S. crypto regulations.

Learn more virtually the best crypto exchanges

Compare tiptop exchanges, view our good reviews, and find the correct platform for your needs.

Cryptocurrency exchanges vs. brokers

By definition, a broker is an intermediary betwixt 2 parties. It typically involves a financial transaction. For instance, a real estate broker facilitates transactions between buyers and sellers of real estate.

And so, technically speaking, cryptocurrency exchanges can be considered brokers. However, as we discussed to a higher place, there are ii different types of intermediaries that facilitate the buying and selling of cryptocurrencies.
Cryptocurrency exchanges, which allow users to buy and sell cryptocurrencies only. And
brokerages
that offer cryptocurrency trading alongside other investments like stocks and bonds.

They are all technically brokers. But at that place are two singled-out types of businesses you can use to buy and sell cryptocurrencies.

What is the best Bitcoin trading app?

Binance.US won The Ascent’southward 2022 honour for all-time cryptocurrency exchange for Bitcoin. Information technology has excellent security credentials, and offers a wide range of features for beginner and advanced traders.

Outside of focusing on just Bitcoin, Gemini stands out as one of the best cryptocurrency trading apps considering yous can do more than just purchase Bitcoin. Gemini Earn pays interest on cryptocurrencies, and Gemini Pay lets y’all spend your Bitcoin at over 30,000 stores.

The best Bitcoin trading app depends on your personal needs, and at that place are many good apps on the market. Before you download an app, think about everything you want information technology to do. For example, if you want to purchase and hold Bitcoin, your needs are different from those of a person who plans to build up a diverse portfolio of coins.

Acquire more:
Best Places to Buy Bitcoin in 2022

Do you lot need a cryptocurrency wallet?

Cryptocurrency wallets are a safety fashion to store your digital assets, simply you lot really simply demand one if you plan to amass large amounts of crypto assets or want to spend your crypto easily. The cryptocurrency yous own is protected past public and private keys — a bit similar your Pin and banking concern account number. You use a wallet to shop your encrypted keys and keep them safe.

There are two types of wallet:

  • Common cold wallet.
    This is commonly a piece of hardware that is kept offline, making it extremely difficult to hack. Cold wallets cost betwixt $50 and $150, and are frequently considered the safest way to store digital currencies.
  • Hot wallet.
    Hot wallets are connected to the internet, so they are not as secure. However, like normal wallets, they are a convenient place to keep small amounts of crypto you lot might want to utilize.

Until recently, when cryptocurrency became more mainstream, wallets were a lot more necessary. In the early days, several cryptocurrency exchanges fell victim to hacks. And at that point, if your crypto was stolen, there was no manner to get it back. So long-term crypto enthusiasts utilize exchanges merely for trading, and store their coins in their own wallets.

However, these days, information technology is a lot safer to leave your coins with the exchange or brokerage where yous bought them. The best app for cryptocurrency will accept excellent security and shop your assets offline in cold storage. Several companies also insure the crypto assets they hold.

Moreover, some platforms don’t give you the option to move your digital currencies. For case, the crypto platforms offered by Robinhood or SoFi Active Investing are designed for investment purposes. And so if you bought Bitcoin with them, y’all wouldn’t exist able to move information technology out of your account.

In contrast, some of the best exchanges, like Coinbase and Gemini, take congenital-in wallets. Like any good exchange, each lets you transfer your currency to an external wallet every bit well, though you may have to pay a withdrawal fee. Y’all may take to find a wallet that is compatible with your exchange.

Remember nigh what y’all plan to do with your cryptocurrencies before you buy them. If y’all are investing long term and want to purchase and hold, you may exist happy to entrust your crypto keys to the exchange or brokerage. Simply if you lot programme to trade regularly or want to spend your coins, a wallet may make sense. In which case, you lot’ll need to await for the best app for trading cryptocurrency that will connect easily to your wallet.

Learn more than:
How to safely store cryptocurrency

What fees can you expect with the best cryptocurrency exchanges?

If you’re looking for the best cryptocurrency app, fees play an important function.

Here are some fees to watch out for:

  • Trading fees.
    Fees vary depending on the exchange and type of trade. Yous
    can
    discover fee-free trading, but you’re more likely to take to pay between 0.1% and 0.v% per trade. Fees usually get lower if you trade high volumes, and you tin sometimes reduce the cost further past using the exchange’due south native money.
  • Deposit fees.
    A lot of the best cryptocurrency trading apps let yous transfer money from your bank account for free. But it is worth checking, as some volition charge upwards to 1.5%, specially if you use a debit card. If yous want to pay by credit carte du jour, be aware that yous’re likely to get charged at least 3.5%
    and
    your bank may besides treat it every bit a greenbacks advance.
  • Withdrawal fees.
    Every bit we saw above, y’all can’t currently withdraw your digital assets from traditional brokerages that are trading cryptocurrencies. The exchanges usually charge a set fee depending on the currency y’all want to withdraw. You can check the verbal fees on their websites.

Fees can really eat into your profits, especially if yous trade regularly. The best cryptocurrency trading app will let you trade, deposit, and withdraw your money at a minimal toll.

Are cryptocurrencies safe?

There are two components to cryptocurrency rubber — security and investment volatility.

Let’due south first look at the security of your cryptocurrency investments.

Security

The cryptocurrency you hold in your account in a broker or exchange is typically very secure. That’south as long equally yous utilise a reputable commutation or broker (similar all of those mentioned here). Indeed, one of the selling points of Bitcoin’s blockchain is its security.

Most of the top cryptocurrency exchanges keep the bulk of their digital assets in “common cold storage.” This means they are stored offline and aren’t at risk of being hacked or stolen. In the earlier days of cryptocurrencies, there was a risk of exchanges being hacked, but these problems have largely been dealt with.

Alternatively, every bit discussed above, you can opt to keep your cryptocurrencies in a separate digital wallet of your own. You could even utilise one to create your ain offline storage. However, the security and functionality of the major exchanges should be enough for most investors. Behave in heed that you’ll need to take steps to secure your account too — fifty-fifty the best app for cryptocurrency won’t be protected if you lot don’t enable two-cistron authentication and set strong passwords.

Now let’s consider safety from an investment perspective.

Investment volatility

It’south important to point out that cryptocurrencies — even Bitcoin, the largest and most-established one — are a young asset course and are rather volatile. This is especially true for the smaller cryptocurrencies in the market. So, you need to be prepare to withstand major price swings over time. And, but as with other investments, don’t invest money you tin’t afford to lose.

Best crypto exchanges compared

Offering Best For Commissions Next Steps

Gemini Exchange Offer Image

Gemini Exchange

Rating prototype, four.50 out of five stars.

Rating prototype, 4.50 out of 5 stars.

Investing simplicity and loftier interest rates

$0.99-$2.99 orders < $200, one.49% for orders at least $200 (default), 0% – 0.forty% (Gemini ActiveTrader)

Open Account

for Gemini Substitution

Robinhood Offer Image

Robinhood

Rating image, 4.l out of 5 stars.

Rating prototype, 4.50 out of 5 stars.

Diversified investing needs

$0 for stocks, ETFs, options, and cryptocurrencies

Open Account

for Robinhood

Limitations Utilize

SoFi Active Investing Offer Image

SoFi Active Investing

Rating image, 4.00 out of 5 stars.

Rating image, 4.00 out of 5 stars.

Membership ecosystem

$0 for stocks, i.25% for cryptocurrencies

Open Account

for SoFi Active Investing

eToro Offer Image

eToro

Rating image, iv.00 out of 5 stars.

Rating image, 4.00 out of five stars.

Finding new cryptocurrency investing strategies

i% for trading crypto plus spread, $0 commission for stocks & ETFs

Open Account

for eToro

eToro United states of america LLC; Investments are bailiwick to marketplace risk, including the possible loss of chief.

Coinbase Offer Image

Coinbase

Rating epitome, 4.50 out of 5 stars.

Rating paradigm, 4.50 out of five stars.

Trading platform and crypto selection

Variable fees (Coinbase), 0%-0.60% (Coinbase Advanced Merchandise)

Read Review

Cash App Investing Offer Image

Cash App Investing

Rating paradigm, 4.00 out of 5 stars.

Rating epitome, four.00 out of five stars.

Investing and peer-to-peer payment

$0 for stocks, fees vary for cryptocurrencies

Read Review

FAQs

  • Reputable cryptocurrency apps have security seriously and are safe to use. Two of the all-time options in terms of safety are Gemini and Coinbase, which are known for employing industry-leading security measures.

    If you’re trying to figure out whether a specific cryptocurrency app is safe, research the security features information technology offers and check if it has been hacked before. The almost secure crypto apps apply two-factor hallmark (2FA), keep the bulk of customer funds offline in cold storage, and have problems bounty programs.

  • Crypto.com has among the nigh cryptocurrencies available for U.S. traders to buy and sell. It offers over 150 cryptocurrencies. For traders exterior the United States, KuCoin has among the virtually cryptocurrencies available for buy with over 750.

    Some decentralized exchanges, including Uniswap, SushiSwap, and PancakeSwap, accept much larger selections with thousands of different cryptocurrencies. Withal, they don’t allow you to buy crypto using fiat money. You tin can just trade cryptocurrencies on these exchanges, which means yous need to already have your own cryptocurrency ready to trade.

  • The best cryptocurrency app for beginners is Coinbase. It has a convenient design that makes it easy to buy and sell crypto, a wide option of coins, and modules with educational content. Coinbase even rewards you with free crypto when you complete its educational modules.

  • A cryptocurrency commutation facilitates the purchase and sale of cryptocurrencies only. A broker is a type of investment platform. Information technology might let users to buy and sell cryptocurrencies equally well every bit stocks, mutual funds, and other types of investments.

  • The cost to buy and sell cryptocurrencies depends on the platform. Some charge a percentage of each transaction as a “markup.” Others simply brand their money on the spreads between a bid and ask price. Either manner, the cost of trading is ane of the chief points to compare between the unlike brokers and exchanges.

  • It depends. In that location are more than iv,000 (not a typo) different cryptocurrencies in beingness, and some are far more legit than others. Most investors should stick to bitcoin and other large, established digital currencies. Avoid the newer and smaller varieties.

Source: https://www.fool.com/the-ascent/cryptocurrency/best-cryptocurrency-apps/

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