How to Trade on Robinhood
Robinhood, one of the most popular online brokers today, provides a full range of assets to trade, including a decent selection of cryptocurrencies. At the same time, cryptocurrency trading on this source is absolutely free. Altcoin choices include Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Dogecoin, and Litecoin. Of course, this list may seem a little limited to some users. However, a significant proportion of investors prefer to focus on the main cryptocurrencies, so this is enough for them.
Can you day trade crypto on Robinhood? Unlike most of its competitors, the Robinhood platform offers 24/7 cryptocurrency trading online or through an app.
You will have access to day trading in major cryptocurrencies. Crypto investors can buy or sell a market order, which means that it is executed at the current market price. You can also place limit orders that are only executed at your specific limit price or less. You can monitor the estimated price of buying or selling cryptocurrency online or through the application.
Trading on the platform is free of charge. The commission is provided only for the withdrawal of fiat.
Also Read: What Is Robinhood: A Realistic Overview
The lack of any experience should not be an excuse for you not to try your hand at trading cryptocurrency, the main thing is to remember how to trade digital currency correctly.
- Before you start trading cryptocurrency, study its features (cryptocurrency: what is it in simple words here). It should be understood that, in addition to high income, there are enough risks.
- Starting to work with digital currency, you voluntarily agree with all types of risks (account hacking, exchange blocking, risks of loss, risks of uncontrolled dynamics of the exchange rate, etc.).
- Invest in trades the minimum possible amount, do not risk all your capital, because no one can guarantee you one hundred percent high profitability of a particular transaction in this market.
- Assess the situation soberly, use the money management rules, do not panic, this is the only way you can protect your deposit from uncontrollable losses.
- Trade with the trend, but carefully study the market situation and react to it in time, remember, the cryptocurrency market can be controlled by a group of traders who would like to cash in on an artificial trend reversal.
- A trader of digital currencies must make full use of trading platform capabilities (as we mentioned above, these are charts, indicators, the history of transactions, orders, trading volumes, etc.).
Robinhood is well known as a trading platform targeting the younger generation of investors. Its key features include an intuitive interface, a full-featured mobile app, advanced visualization features, an extended set of assets, low fees, and undeniable reliability.