They also can trade options, stocks, gold, and ETFs. When bitcoin price movement is positive, it is challenging for investors to buy via an exchange. You may ask, “can I buy crypto in Robinhood?” Here is the answer for you.
Crypto Provided by Robinhood
In the Robinhood Crypto States, you can buy bitcoin in addition to the following cryptocurrencies. You can buy without commission 24/7.
- Bitcoin cash
- Bitcoin SV
- Ethereum Classic
Users cannot deposit or withdraw actual crypto coins in their accounts. This is despite what was being said by the company that users in their account own crypto assets, and they can be sold or bought at any time.
According to the company’s explanation, they do that to prevent a transaction uses proceeds from illegal activity. Robinhood accounts are not associated with traditional crypto wallets. The cryptocurrency withdrawal is being evaluated currently.
Although the operations of all its divisions are under the “Robinhood” brand umbrella, Robinhood securities, Robinhood Crypto, and Robinhood Financial are subsidiaries that are owned wholly.
And since the account holder of crypto assets is Robinhood crypto and not a financial account, you must use 100% cash to back them. Once the trade is completed, there will be an immediate update on the balance of the assets in your account.
But if you wish the funds to be withdrawn to your bank account, it will apply the five working days (the standard auto clearing house). Robinhood crypto balances cannot be used to buy EFTs or stocks.
The meaning of these restrictions is that only customers who want to speculate on the price movement can use the Robinhood Crypto. It is not for those who wish to facilitate types of transactions such as payments. And not for those who want to control their cryptocurrencies movements between exchanges.
How to be allowed to Trade with Robinhood?
Robinhood Crypto Statesare in 46 of 50 states of the U.S. The restricted states are West Virginia, Nevada, Hawaii, and New Hampshire. Anyone who wants to apply for a Robinhood account needs to meet the following requirements.
- Aged 18 years and over.
- Owned a Valid Number of Social Security.
- Have a legal address in the U.S. residential within Puerto Rico or the 50 states.
- Hold a valid U.S. visa, be a permanent resident or U.S. citizen.
The geo-blocked customers from owning a Robinhood account are those who are non-US investors. At the same time, you can use a VPN to pass this hurdle.
You can download the Robinhood app for the most popular web browsers, iOS, and Android. The apps can use it and easily understandable.
Buying Crypto in the Robinhood Crypto States
Crypto selling or buying on the platform, as promised, is a seamless and easy experience. Just follow these steps on the Android app or the iOS.
- Go to the detail page.
- Choose trade.
- Choose “buy.”
- Click on the order types at the top right.
- Select the order you prefer.
- Confirm the order.
- Submit the order by swiping up.
The selling crypto process is the same as the above process, apart from step 3, where you choose to sell instead of buy. No need to confuse. It is a very easy step.
Robinhood Crypto manages and stores cryptocurrencies by using the best industry practices. It divides crypto between a mix of online (hot) and offline (cold) wallets.
Cold storage holds most of the coins and the rest in the hot wallets supporting day-to-day operations. This company provides the best services with its Robinhood Crypto States for customers.