Robinhood is one of the most useful platforms to trade virtual currencies. One of the positive things about this smartphone application available in the United States is that it is very user-friendly and makes it easier for users to get access to the largest virtual currencies in the world.
In this guide, we are going to share with you all the details you should know about Robinhood. Moreover, we will tell you know how to buy crypto on Robinhood and which are Robinhood crypto fees, among other things.
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.
Robinhood is a commission-free stock trading and investing application that offers users the possibility to buy and sell stocks and virtual currencies in just a few simple steps. The platform became very useful to small retail investors that want to get access to a wide range of financial solutions.
The Robinhood app makes it very easy to access stocks and the digital currency market. During the last months, investors from all over the world have been enjoying a wide range of solutions offered by this app.
One of the best things of this application is that it does not have fees on the trades you perform. While most trading platforms charge you fees every single time you perform a transaction, Robinhood makes it very simple by making it free for everyone.
Users can invest any amount they want. Indeed, users do not have to buy a whole share if they are not able to do so. They can simply purchase a fraction of a share with as little as $1. This is one of the simplest applications ever.
Furthermore, you could also build a balanced portfolio with different companies and digital assets that help you to reduce your risk and exposure to the market. Finally, the trades are executed in real-time during market hours. In this way, individuals always know the share price.
Buying crypto on Robinhood is quite straightforward. The first thing you need to do is to download the application and get access to the features offered by the app. Then you will have to top up your account and decide which digital asset you want to buy.
At the moment, Robinhood is offering support to 7 digital currencies. These cryptocurrencies include Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC) and Litecoin (LTC).
However, the company is also offering real-time market data for other digital assets. Some of them include Bitcoin Gold (BTG), Monero (XMR) and NEO, among others. Robinhood is currently operating in most of the stats in the U.S. but it is not available for international traders.
The crypto buying process is very straightforward and it can be done in just a few minutes. The digital assets remain stored in the application and you cannot withdraw them. This works in a similar way as the stock you purchase through the platform.
Selling crypto on Robinhood would require you the same time and process as if you were buying. However, rather than using the buying option, you would now select the price at which you want to sell (or sell at market price).
Remember that you cannot send virtual currencies to the Robinhood application. This app only allows you to buy and hold virtual currencies but not sending or receiving them.
One of the main topics discussed in Robinhood is related to the fees taken by this platform. As we mentioned before, Robinhood does not charge any fees for trading. Indeed, you would have a free trading experience with the possibility to upgrade your account for $10.
Trading activity fees could be applied to those users for the sale of 50 shares or less. The fee is $0.002 per contract (option sells) and $0.000119 per share (equity sells). It is worth mentioning that American Depositary Receipts (ADRs) have also some fees. The bank that issues the certificates may charge some custodial fees that range between $0.01 and $0.03 per share.
These are the trading fees information shared by the platform with its users.
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