At the moment, the US online broker Robinhood enjoys increased demand among investors in coins, due to 0% trading fees, free deposits and withdrawals, exclusive functions, and super simple interface. Hence, we decided to offer an objective review of its terms, commissions, features, asset selection, as well as detailed guidelines on its use.
Robinhood is well known as a trading platform oriented towards a younger generation of investors. Among its key characteristic features, one must mention an intuitive interface, a fully-functional mobile app, advanced visualization functions, an extended range of assets, low fees, and indisputable reliability. At the moment, it is accessible to US residents only and is licensed by the Financial Industry Regulatory Authority.
Speaking about Robinhood crypto trading, one must mention the following advantages:
- 7 coins on offer;
- fractional coins available;
- 0% trading commissions;
- no spreads;
- day trading 24/7 with minimal maintenance breaks;
- no account minimum;
- no minimal investment limits;
- recurring investments;
- automatic dividend reinvestment;
- in addition to coins, you can earn from investments in stocks, options, ETFs, and other assets;
- low fees on margin deals;
- no withdrawal and deposit commissions;
- free withdrawals via ATMs.
Also Read: What Is Robinhood: A Realistic Overview
As for the selection of altcoins, it includes Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Dogecoin, and Litecoin. Certainly, to some users, this list may seem a bit limited. However, a substantial part of investors prefers to focus on the major crypto, so, for them, that is enough.
Another great news is that, by contrast to many other similar services, Robinhood plans to present its own crypto wallet in the near future, which will add up to the comfort of users and allow them to transfer coins out of their accounts if needed.
Now, we are going to present easy-to-follow guidelines on how to purchase altcoins on this broker service:
- Create a profile. Download the app, press “Sign up”, and fill in the personal information. You will be requested to disclose your full name, social security number, citizenship, occupation, as well as some other data. Sure, you will be requested to provide your contact number and a photo of your ID as well. Besides, you will be offered to link your bank account right away. As a rule, verification takes about 24 hours, no longer.
- Add funds to your balance. Click on the “hamburger” button and select “Transfers” ― “Transfer Money”.
- Find the coin you are interested in via the search field. Open its page.
- Click on “Buy”. You should choose the order type (market, limit, or recurring), payment currency, and crypto amount.
- Review the order and press “Submit”.
To sum up, if you are new to crypto trading and plan to focus on a few altcoins only, this broker is one of the best choices for you.