In this article, you will learn what cryptos are available on Robinhood. Robinhood is a broker that offers stock, options, and ETF trades. But Robinhood is only available to the US based users and supports only some of the cryptos. If you are trying to invest with Robinhood, you will need to know what cryptos are available on Robinhood.
What Cryptos are Available on Robinhood?
Robinhood Crypto supports buying, selling, and real-time market data for:
- Aave (AAVE)
-Avalanche (AVAX)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin SV (BSV)
- Cardano (ADA)
- Chainlink (LINK)
- Compound (COMP)
- Dogecoin (DOGE)
-Ethereum (ETH)
-Ethereum Classic (ETC)
- Litecoin (LTC)
- Polygon (MATIC)
- Shiba Inu (SHIB)
- Solana (SOL)
- Stellar Lumens (XLM)
- Tezos (XTZ)
- Uniswap (UNI)
- USD Coin (USDC)
Not all coins are available in every state and may be subject to regulatory approval in certain states.
What is Robinhood?
Robinhood is a financial technology company that makes investing friendly, approachable, and understandable for beginners and experts alike.
Robinhood disrupted the financial industry for the better by offering zero commission fees, no account minimums, fractional shares, crypto exposure, and a simple, mobile-friendly sign-up process. It has an easy-to-use and sleek design that feels like social media. The platform also uses user networks to create a large volume of trades.
Robinhood incentivizes its users in different ways. It celebrates your trades with bursts of confetti after each transaction. It also gives you free stock if you refer friends to the platform. Essentially, Robinhood offers gamification of the stock market.
What are the Special Features of Robinhood?
Robinhood also has a few special features that make it unique.
Fractional Share Trading
Robinhood allows investors to buy fractional shares of a company. So, if you are dying to own Tesla but cannot afford its $500 share price, you can buy as little as 1/1000000 of a share, or $0.0005 worth of Elon Musk's enterprise.
Crypto Trading
Robinhood Crypto enables users to buy and sell Bitcoin, Ether, Dogecoin, and other alternative coins, 24/7 and commission-free. This service is incredibly unique to Robinhood and is another distinguishing feature.
Margin Trading
Trading on the margin means you can trade on borrowed cash, but also lose more money than you invest. Margin trading is risky, and if you aren't careful you can lose serious money. The Financial Industry Regulatory Authority requires a $2.000 minimum for margin accounts.
Pros and Cons of Robinhood
Pros
-No commission fees
- User-friendly application
- Stock and crypto trade options
Cons
-Limited wallet still in beta
-Only available to the US-based users
- Relatively low number of supported cryptocurrencies
Investors turn to Robinhood because you can purchase stock, ETF, and options. Robinhood accepts only USD fiat currency.
Robinhood protects your crypto with industry-leading security, with nearly all of your crypto held in cold storage. They don't lend it or leverage against it and also perform regular audits.
Once you purchase crypto on Robinhood, Robinhood believes you are the legal owner of the crypto. You have all the rights and benefits of ownership, including the rights to appreciation and depreciation of the crypto.
Bottom Line
In contrast, Robinhood is a brokerage. Although you can withdraw cash funds, you can't transfer crypto coins out of your account. So, if you want to invest with Robinhood, here is about what cryptos are available on Robinhood.
