Cryptocurrency is taking the financial world by storm, and platforms like Robinhood have made it easier than ever to jump in. Known for its user-friendly interface and zero-commission trading, Robinhood is a great choice for crypto beginners and seasoned traders.
How to Buy Crypto on Robinhood
Buying cryptocurrency on Robinhood is a straightforward process. Here’s a step-by-step guide to get started.
Step 1: Open the Robinhood App
Open the Robinhood app on your smartphone and log in with your credentials. If you don’t have an account, sign up by providing your personal information and linking a funding source.
Step 2: Select “Crypto”
On the home screen, tap the search bar or the “Crypto” option to explore available cryptocurrencies.
Step 3: Choose Your Cryptocurrency
Search for the cryptocurrency you wish to buy (e.g., Bitcoin, ethereum) and select it. This will take you to a page with price charts, stats and other details about the chosen coin.
Step 4: Tap “Buy”
Click on the “Buy” button to begin your purchase.
Step 5: Enter the Amount
Enter the dollar amount of the cryptocurrency you want to purchase. Robinhood will automatically calculate how much of the coin you’ll get based on the current market price.
Step 6: Select Order Type
From the “Actions” menu, confirm your order type (Market Order or Recurring Investment).
Step 7: Review Your Order
Review the transaction details to ensure everything is correct.
Step 8: Swipe to Submit
Swipe up or press Submit Order to finalize your purchase. Once the order is complete, you’ll receive a confirmation.
How to Sell Crypto on Robinhood
Selling crypto is just as simple. Here’s how you can do it.
Step 1: Open the Robinhood App
Log in to your Robinhood account.
Step 2: Select “Crypto”
Tap the “Crypto” option or search for the cryptocurrency you want to sell.
Step 3: Choose the Cryptocurrency
Select the coin you want to sell from your portfolio.
Step 4: Tap “Sell”
On the coin’s detail page, tap the Sell button.
Step 5: Enter the Amount
Enter the amount of cryptocurrency you want to sell. You can input this as a dollar value or a specific number of coins.
Step 6: Review and Submit
Review your order details, then swipe up or press Submit Sell to finalize your transaction.
Key Crypto Trading Features Robinhood Offers
Robinhood’s crypto trading platform comes packed with features designed to simplify the trading experience:
- Price Charts and Market Data: Robinhood provides real-time price charts, market stats and detailed analysis to help you make informed decisions.
- Crypto Trading Hours: Crypto trading on Robinhood is available 24/7, allowing you to buy or sell anytime – even on weekends and holidays.
- Storage and Wallet Options: Robinhood offers secure, in-app wallets for storing cryptocurrencies. However, you can also transfer your holdings to external wallets for additional flexibility.
- Security Features: Robinhood protects your crypto assets with encryption, two-factor authentication and other advanced security measures.
Available Cryptocurrencies on Robinhood
Robinhood supports a range of popular cryptocurrencies. These include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Shiba Inu (SHIB)
- Aave (AAVE)
- Avalanche (AVAX)
- Bitcoin Cash (BCH)
- BONK (BONK)
- Cardano (ADA)
- Chainlink (LINK)
- Compound (COMP)
- Dogwifhat (WIF)
- Ethereum Classic (ETC)***
- OFFICIAL TRUMP (TRUMP)*
- Pepecoin (PEPE)
- Solana (SOL)
- Stellar Lumens (XLM)
- Tezos (XTZ)***
- Uniswap (UNI)
- USD Coin (USDC)**
- XRP (XRP)
* Not available for trading in New York
** Not available for trading in New York or Texas
*** Viewable on Robinhood Legend but not chartable
Availability may vary by location. New York and Texas residents may face restrictions on certain coins due to state-specific regulations.
Costs of Buying and Selling Crypto on Robinhood
Robinhood offers commission-free trading, meaning there are no direct fees for buying or selling crypto. Instead, Robinhood generates revenue through the spread (the difference between the buy and sell price). While this makes it cost-effective for beginners, platforms like Coinbase or Binance may offer lower spreads for larger trades. Compare spreads across platforms to find the best deal for your needs.
How to Deposit Bitcoin and Other Cryptos on Robinhood
Robinhood now supports crypto deposits, but only for eligible users. To deposit Bitcoin or other cryptocurrencies:
- Navigate to the crypto wallet section of the app.
- Select the cryptocurrency you wish to deposit.
- Copy your unique wallet address or scan the QR code provided.
- Transfer the crypto from your external wallet to your Robinhood wallet.
How to Withdraw Bitcoin and Other Cryptos on Robinhood
Withdrawing crypto from Robinhood is easy:
- Open the app and go to your crypto wallet.
- Select the coin you want to withdraw.
- Enter the recipient's wallet address or scan its QR code.
- Specify the amount you wish to transfer.
- Confirm the transaction.
Empower Your Crypto Journey on Robinhood
Robinhood’s user-friendly platform makes crypto trading accessible to everyone. Whether buying Bitcoin, exploring altcoins or cashing out profits, the process is streamlined and secure. Its commission-free model and 24/7 availability make Robinhood a solid option for beginners and experienced traders.
FAQs
Is Robinhood good for crypto?
Robinhood is great for beginners due to its simple interface and commission-free trading, but experienced traders may prefer platforms with advanced tools.
Is Robinhood safe for crypto?
Yes, Robinhood employs robust security measures like encryption and two-factor authentication to protect user assets.
How much does Robinhood charge to sell crypto?
Robinhood doesn’t charge direct fees but makes money through the spread between buy and sell prices. This makes trading affordable but worth comparing with competitors for larger trades.