[Image of cryptocurrencies available on Robinhood]
Introduction
Hey there, readers! Welcome to our in-depth information on all of the cryptocurrencies out there on Robinhood. Whether or not you are simply getting began with crypto or a seasoned dealer, this text will offer you all the things that you must learn about shopping for, promoting, and holding crypto on one of the crucial common buying and selling platforms.
Supported Cryptocurrencies
Robinhood at present provides a variety of cryptocurrencies, together with:
Bitcoin (BTC)
As the unique and most well-known cryptocurrency, Bitcoin is a must have for any crypto portfolio.
Ethereum (ETH)
Ethereum is the second-largest cryptocurrency and offers a platform for decentralized functions (dApps) and good contracts.
Dogecoin (DOGE)
Dogecoin began as a joke however has gained important reputation as a method of cost and tipping.
Litecoin (LTC)
Litecoin is a lighter and sooner model of Bitcoin, designed for sooner transactions.
Bitcoin Money (BCH)
Bitcoin Money is a fork of Bitcoin that goals to extend block dimension to enhance scalability.
Ethereum Basic (ETC)
Ethereum Basic is the unique Ethereum blockchain, which continued after the Ethereum exhausting fork.
Polygon (MATIC)
Polygon is a scaling resolution for Ethereum that gives sooner and cheaper transactions.
Methods to Purchase and Promote Crypto on Robinhood
Shopping for Crypto:
- Create a Robinhood account.
- Fund your account.
- Navigate to the "Crypto" tab.
- Choose the cryptocurrency you want to purchase.
- Enter the quantity you wish to purchase.
- Affirm your buy.
Promoting Crypto:
- Navigate to the "Crypto" tab.
- Choose the cryptocurrency you want to promote.
- Enter the quantity you wish to promote.
- Affirm your sale.
Options of Robinhood’s Crypto Buying and selling
Immediate Deposits and Withdrawals
Robinhood lets you deposit and withdraw crypto immediately, making it simple to entry your funds.
No Minimal Buying and selling Quantities
There are not any minimal buying and selling quantities on Robinhood, so you should purchase or promote even small quantities of crypto.
Crypto Wallets
Robinhood offers built-in crypto wallets for storing your digital property securely.
Crypto Charges on Robinhood
Robinhood fees a flat charge of 1.5% on all crypto trades. This charge is comparatively low in comparison with different platforms.
Crypto Availability and Limits
The supply and buying and selling limits for cryptocurrencies on Robinhood range relying in your account standing and placement. Test the platform’s web site for essentially the most up-to-date info.
Cryptocurrencies Not Obtainable on Robinhood
Whereas Robinhood provides a variety of cryptocurrencies, there are nonetheless some common cash that aren’t but out there on the platform, together with:
- Cardano (ADA)
- Solana (SOL)
- Binance Coin (BNB)
- Ripple (XRP)
- Uniswap (UNI)
Nonetheless, Robinhood has hinted that it might add extra cryptocurrencies sooner or later.
Conclusion
Robinhood is a handy and accessible platform for purchasing, promoting, and holding cryptocurrencies. With its user-friendly interface, instantaneous deposits and withdrawals, and low charges, it is a superb alternative for each newbie and skilled crypto merchants. So, in the event you’re seeking to get began with crypto or develop your current portfolio, you should definitely try Robinhood’s choices.
And remember to discover our different articles for extra in-depth insights on a variety of economic matters.
FAQ about Crypto Obtainable on Robinhood
1. What cryptocurrencies does Robinhood supply?
Robinhood provides seven cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Money (BCH), Dogecoin (DOGE), Ethereum Basic (ETC), and Shiba Inu (SHIB).
2. Can I purchase and promote crypto on Robinhood?
Sure, you should purchase and promote the supported cryptocurrencies on Robinhood. It operates as a cryptocurrency trade along with a inventory buying and selling platform.
3. Are there any charges for buying and selling crypto on Robinhood?
Robinhood doesn’t cost charges for buying and selling cryptocurrencies. Nonetheless, there’s a unfold between the purchase and promote costs, which is how Robinhood makes cash on these transactions.
4. What are the minimal and most order sizes for crypto on Robinhood?
The minimal order dimension for crypto on Robinhood is $1. The utmost order dimension varies relying on the precise cryptocurrency.
5. Is crypto buying and selling out there 24/7 on Robinhood?
Sure, crypto buying and selling is out there 24/7 on Robinhood. Nonetheless, the buying and selling hours could also be restricted throughout sure upkeep intervals.
6. Is crypto saved on Robinhood safe?
Robinhood makes use of a mixture of cold and warm storage for its crypto property. Scorching storage is used for crypto that’s actively being traded, whereas chilly storage is used for crypto that’s being held for long-term storage. Robinhood additionally has insurance coverage protection in place to guard in opposition to the lack of digital property.
7. Can I switch crypto on or off Robinhood?
Robinhood at present doesn’t help the switch of cryptocurrencies to or from exterior wallets. Nonetheless, this characteristic is anticipated to be added sooner or later.
8. Is crypto buying and selling taxed on Robinhood?
Sure, crypto buying and selling is topic to capital positive factors tax in most jurisdictions. Robinhood will ship you a Kind 1099-B on the finish of the yr to report your crypto transactions.
9. How do I get began with crypto buying and selling on Robinhood?
To start out buying and selling crypto on Robinhood, that you must create an account and confirm your id. As soon as your account is permitted, you may deposit funds and begin buying and selling.
10. The place can I discover extra details about crypto on Robinhood?
You could find extra details about crypto on Robinhood within the Robinhood Assist Heart or by visiting the Robinhood web site.
