Robinhood is a zero-fee investing app. It first made its name by offering commission-free stock trading. It has since expanded into other financial products like cryptocurrency trading.
Today, it has more than five million customers and more than $5 billion in assets under management.
The app, which is free to use, lets you buy and sell Bitcoin, Ethereum, and other cryptocurrencies and invest in cryptocurrency-backed exchange-traded funds (ETFs).
Instead, it earns money by charging a small amount for each transaction.
You can trade crypto on Robinhood any time of the day or night—there are no restricted trading hours. Robinhood doesn’t charge any commissions or fees on crypto trades, so you can avoid the spread between the bid and ask prices.
How can you buy crypto on Robinhood?
You can easily see the market rates and chart them to determine whether it’s an excellent time to buy or sell. You can trade cryptos on Robinhood with a debit card, so you can buy crypto with your existing fiat money just as you.
In 2017, Robinhood gained a valuation of 1.2 billion dollars, making them a millionaire. The company has grown over 700,000 user accounts since its 2014 inception and has over 1.6 billion users worldwide.
Robinhood is a real-life trading app that lets you trade crypto (Bitcoin, Ethereum, and Litecoin) as if it was a zero-fee stock trading app.
Limit Orders of buy and sell on Robinhood
There is a limit to buying or selling a specified amount at a specified price or, better placing new orders.
- Buy: You’ll never pay more than the USD amount you enter to purchase a set amount of a cryptocurrency, rounded all the way down to the closest cent.
- Sell: You’ll never receive less than the charge you join to sell your specified Amount of a cryptocurrency, rounded all the way down to the closest cent.
Limitation Orders (placed in fractional payments):
- Buy: While buying the cryptocurrency, initiate a buy order. You will receive cryptocurrency equivalent to the Amount entered in USD. There is no upper limit for buying cryptocurrency.
- Sell: While selling the cryptocurrency, initiate the sell order. You will receive the Amount in USD per the equivalent cryptocurrency’s current price.
Crypto trading is a type of investment that involves digital trading currency. Anyone can perform this activity, as long as they have a Robinhood account.
Robinhood is available to U.S. residents. Robinhood currently supports bitcoin, Ethereum, Litecoin, bitcoin cash, stellar, and ripple.
Is there any limitation in buying/selling crypto in Robinhood?
In Robinhood, you’re generally limited to no more than three-day trades in a five-trading day period unless you have the most minuscule $25,000 of portfolio value (minus any cryptocurrency works) in your Instant or Gold account at the end of the last day. It integrates with popular stock exchanges, which means you can buy, sell, and trade stocks on Robinhood directly.
The majority of exchanges are centralized. The user’s funds are held in a single private “hot wallet” that the business runs. In addition, they also have users’ funds in cold storage. Many exchanges are maybe hacking, and they may not be capable of recovering from the hack.
Robinhood is a stock trading app that revamped how we buy and sell stocks. Most trading apps are only for seasoned investors. Still, with Robinhood, everyone can invest in stocks even if they have a small amount of money. It’s a great place to buy and sell all your favorite cryptocurrencies, as well. Just head over to Robinhood Crypto and get started today.
Also, check if crypto kitties is a worthy investment.