Cryptocurrency Trading at Robinhood
If you’re still trading stocks, options, and forex, it may be time to upgrade to the 21st century. More brokers are offering cryptocurrencies, and Robinhood is one of them. Here are the details:
Robinhood’s Crypto Service
Besides stocks, options, and ETFs, Robinhood also provides trading in digital currencies. Specifically, there are seven of them:
- Ethereum Classic
- Ethereum
- Bitcoin SV
- Bitcoin
- Bitcoin Cash
- Dogecoin
- Litecoin
Although these are the only tradable cryptocurrencies at Robinhood right now, the brokerage firm does provide real-time market data on ten other digital currencies. These include:
- Bitcoin Gold
- Dash
- Lisk
- And others
And when we say real-time market data, we mean a chart and nothing else.
Robinhood has continued its zero-commission quest by charging no fees on crypto trades.
Promotion
Open Robinhood Account
Trading Cryptocurrencies on the PC Platform
Robinhood’s list of digital currencies can be found in its crypto collection. On this page, you’ll find a very brief screener on the right-hand side. Because there are only 17 on the list, it’s probably easier just to look through them.
To access a profile for one of the currencies, click on anywhere in its row. You’ll get a chart with up to 5 years of price data. Live is the default interval.
A cryptocurrency can be added to a watchlist. To do this, just click on the button that says Add to Lists. It appears on every crypto profile.
If you click on a currency that Robinhood provides trading in, you’ll see an order ticket on the profile. Orders must be submitted in dollar amount (not coin amount), and short positions are not allowed. For the order type, there are just two choices: market or limit.
Trading Cryptocurrencies on the Mobile App
Currencies can also be traded on Robinhood’s mobile app. To find a coin, just type in the coin’s name in the search field (tap on the magnifying glass at the bottom of the screen). Once on the coin’s profile, it can be added to the app’s watchlist by tapping on the plus (+) sign that appears in the top-right corner.
The order ticket on the mobile app is the same one that appears on the website. Another similarity is the presence of news articles. Some coins will have them; others will not. We found articles for Bitcoin but not Litecoin. Providers include Yahoo Finance and Cointelegraph.
Comparison
Robinhood of course is not the only broker-dealer to provide trading in cryptocurrencies. Other brokers that offer digital currencies include Webull, SoFi Invest, and TradeStation.
Like Robinhood, Webull charges no commissions on crypto trades. But Webull only offers 5 currencies (Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, and Litecoin).
Despite this one weakness, we found many strengths at Webull. For example, Litecoin’s profile had
many news articles. Also, Webull’s software permits right-click trading, shorting, whole-coin
trading, and has much better charting tools. Read Webull crypto trading review...
Webull Promotion
Open WeBull Account
Robinhood Crypto Currency Trading Judgment
If you want to trade cryptocurrencies, Robinhood is one place worth considering. But other brokers have jumped on the crypto bandwagon and now offer services that meet or exceed Robinhood’s. So be sure to comparison shop before selecting a crypto broker.
|