There are different ways to buy Bitcoin (BTC). One of them is by using the Robinhood trading application. Robinhood is one of the most popular trading apps in the United States due to different reasons.
Robinhood became very useful to trade stocks due to the fact that it has no fees for traders. Moreover, it is very easy to use and it became very popular among retail traders in the U.S. Additionally, the Robinhood trading app has added support for virtual currencies. Hence, users are now able not only to trade stocks but also cryptocurrencies.
Disclaimer: the information shared by AltSignals and its writers should not be considered financial advice. This is for educational purposes only. We are not responsible for any investment decision you make after reading this post. Never invest more than what you are able to lose. Always contact your professional. financial advisor.
What is Robinhood?
Robinhood is a commission-free stock trading and investing app that lets users trade in the stock market. Robinhood’s most popular feature is related to its commission-free trading scheme. Users do not have to pay a commission every single time they execute a trade. They could, instead, pay for a premium account that would give users more benefits and solutions.
This trading application became very popular during the WallStreetBets craziness in early 2021. Thanks to a wide range of trading options, Robinhood is among the most popular apps to buy and sell stocks, options and cryptocurrencies. Additionally, the app is quite simple to use as it has been created to offer users an easy and effective way to get exposure to the crypto market.
How to Buy Bitcoin with Robinhood?
The main question now is how to buy Bitcoin with Robinhood. You believe that it is a good time to purchase BTC and you want to get exposure to it, but how to buy Bitcoin with Robinhood? In the next sections, you would have all the steps you should follow to buy Bitcoin with Robinhood.
Step 1 – Create a Robinhood Account
Let’s start with the first step. You would have to download the application to your smartphone. Remember that this is only available for US traders at the moment. You can download it for iOS or Android devices.
Once you download the app, you would have to create an account. This can take just some minutes, letting you get access to virtual currencies in just minutes.
Step 2 – Go to Cryptocurrency Detail Page
Now that you have downloaded the application and created an account, you will have to navigate through the app and go to the cryptocurrency’s Detail page. It is quite simple to find this menu as the whole platform is very user friendly.
Step 3 – Select Trade and Buy Bitcoin
After reaching this section, you would only have to select “Trade” and choose the virtual currency you want to buy. As we mentioned before, you want to purchase Bitcoin (BTC). You can do so with a market or a limit order. Is up to you to decide the type of order you use.
Step 4 – Confirm Your Order
Now that you have selected the cryptocurrency you want to buy, the amount and you are ready to purchase BTC, then you have to confirm the order. You can do so in seconds as the app would guide you through all the steps. Finally, you can confirm your order by swiping to submit the trade.
The process is self-explanatory and you should be able to purchase Bitcoin in just seconds if you already have an account and if you have already topped it up. If you have doubts, you can always use Robinhood’s official site to answer all your doubts.
Negative Aspects of Robinhood
There are also some negative things about Robinhood that are worth taking into account before purchasing digital currencies. The first thing that you need to know is that, in the same way as Revolut, users would not be able to withdraw their cryptocurrencies.
One of the main complaints received by Robinhood is related to the limited product range compared to other professional trading apps. However, Robinhood’s goal is to offer easy-to-use services to retail traders. In the same line, the trading and technical tools available are also very simple and they stick to the most necessary things.
Finally, Robinhood does not share a lot of educational content and their customer support is usually slow to answer the requests created by users.
