Robinhood Crypto trading is coming this summer.
If you don’t know, Robinhood is a major financial app which lets you buy and sell stocks with no commission.
While traditional brokerage firms charge fees for every transaction, Robinhood does it for free. If you want to buy a $12, it only costs $12. No tacked on expenses or $4.99 broker’s commission.
This is a revolutionary system, and it allows you to buy and trade whatever amount of stock you feel comfortable with.
Now, they’re bringing the same approach to Crypto.
If you’re tired of paying massive exchange fees every time you buy, sell, or convert BitCoin, then this is an excellent solution.
Robinhood Crypto offers 16 different different coins. These include BitCoin, Ripple, Ethereum, Zcash, and OmiseGO. Plus some other popular options as well.
As a long-time Robinhood user, I want to share my review of the App, how it works, and some of the unique features which
Robinhood Review
I’ve been a Robinhood users for some time now. At the time of writing, I have about $11,500 invested through this app. Here’s a picture for proof.
(My Current Portfolio Balance)
Since opening an account, I’ve made dozens of investments, and even a few trades.
None of which have cost a single cent.
There are no commissions or brokerage fees, no matter how big (or small) your asset purchase is.
Case in point, I used limit buys and sells to trade a few shares of Gladstone Capital. These cost $8.60, and sold for $9.00. That’s a profit of $0.40 per share, and I kept all of it. Robinhood took nothing, not even a transaction charge.
This is unheard of.
Most trading platforms have a minimum deposit amount (usually $500), and charge anywhere between $4.99 and $12.99 each trade.
And for many Crypto exchanges, costs are much higher.
Try buying Alt-Coins with U.S. Dollars. The exchange rate is awful. In many cases, there’s a huge “processing fee” which sometimes eats up 10 – 20% of your budget.
Robinhood doesn’t do this.
Even with BitCoin, there’s no added expense or extra surcharge.
You buy your coins at face value, and that’s it.
What To Expect From The Robinhood Crypto App
(Here’s What A BitCoin Looks Like)
As of right now, the Robinhood Crypto offerings are only available in certain areas. There are 10 states in the USA where you’re able to open a Crypto trading account, but the company plans to expand across the entire United States.
Currently, the Crypto platform allows you to buy and trade BitCoin and Ethereum.
There’s no fees or commissions for either one, and you can instantly purchase up to $1,000 worth once your account is approved.
Likewise, you’re able to cash out your investments at any time. Turning your Crypto funds into U.S. dollars. The converts right away, but you do have to wait five trading days before withdrawing the money to your bank account. This is due to U.S. anti-money laundering policy, and is required by law.
That said, five days isn’t a huge wait.
In fact, CoinBase often takes just as long to process their withdrawals to.
Additionally, the Robinhood app is protected by the SEC. And once Crypto coins fall under their jurisdiction, you’ll be federally insured for up to $500,000 in assets.
This is great for anyone with large holdings, since it protects your account from the dangers of scammers and thieves.
Lastly, I want to point out that Robinhood Crypto is continually improving and evolving. They’ve got a solid foundation for their trading platform now, and it’s only going to keep getting better.
I highly recommend joining Robinhood, as it’s a terrific investing platform, and their no commission approach is sure to revolutionize the Crypto marketplace.
If you’re tired of paying high transaction fees, this is an excellent alternative.
Click Here To Join Robinhood (And Claim Your Free Stock)
P.S. This app works for both Crypto and stock investing, and I’d suggest doing a bit of each. Holding shares of blue chip companies or low-risk ETFs is a good way to safely grow your money without the risks of Crypto’s extreme volatility. It’s always good to diversify.
