A beginner’s guide to buy and sell crypto on Robinhood

buying crypto on Robinhood

Have you lately found out that investing in crypto could give you a greater benefit than ever? Despite being the reason for your financial benefits, buying crypto can also be fruitful in many other ways. Whatever be the reason behind you investing in crypto, knowing how to do it is the most important thing you should give heed to.

Since buying and selling crypto on Robinhood is unlike other platforms and there are certain restrictions that it imposes on its users, but, everything it does is to make it more secure and free from any kind of patchwork. So, if you have been looking for a way to buying crypto on Robinhood, you can follow this easy guide.

What is the Robinhood crypto fees for trading?

One of the best things about trading on Robinhood is that it does not charge any trading fee on its platform. It is a platform that is completely commission-free and you can trade in cryptos like BTC, ETH i.e. Ethereum, Dogecoin, and so on. In the next section, we shall find out more about how you can order Bitcoins on Robinhood through different means viz. iOS, Android, and web platforms.

Buying crypto on Robinhood via app or web

From iOS

  1. Download the Robinhood app on your iOS.
  2. Log in to your account using the correct credentials.
  3. Go to the ‘Details’ page and tap ‘Details’ on the top-right.
  4. Then, tap on the ‘Trade’ option.
  5. Next, select ‘Buy’ and tap ‘Order types.’
  6. Now, choose the suitable order type.
  7. After that, follow some prompts and confirm your order.
  8. In the end, you need to submit your order by swiping up.

On Android

  1. Go to the Details page on your Robinhood page.
  2. Select ‘Trade’ > ‘Buy’ > ‘Order Types.’
  3. After choosing your order type, confirm your order by swiping up.

From the web

  1. Go to the https://robinhood.com/login 
  2. After that, log in to your account.
  3. Go to the ‘Details’ page.
  4. Enter the number of BTC you wish to purchase.
  5. Tap on the ‘Review’ option and confirm your order.

Why is my Robinhood crypto transaction pending?

If you see your transaction of Robinhood crypto pending, then there could be one of the reasons responsible for the same:

  • The cryptocurrency that you have ordered has moved outside the order limit that has been set by Robinhood. In case its price is more than the dollar limit, then your transaction will go in pending.
  • In case you have placed a limit order, then there is a possibility that the purchased cryptocurrency has failed to reach the limit set by you. If you do not know about limit orders, then you may try knowing it by navigating to the ‘Glossary’ section of ‘Robinhood.’
  • Besides this, if the Robinhood platform is undergoing any maintenance, then your order will show pending until the maintenance work has been finished.

I sold crypto on Robinhood where is my money?

If you have sold cryptocurrency through the Robinhood platform and you still have not received the amount for the same, then you must note that it takes a few days for the transaction to “Settle.” The time taken by the settlement to complete is usually two days excluding the date on which the trading has been done. After that period, the amount shall go to the buying power after which you can easily get the amount withdrawn from your account.

How to put crypto from Robinhood into a wallet?

Unfortunately, besides giving you several other benefits, Robinhood fails to offer the facility of crypto wallet to its users. This means you can load your crypto into a wallet. Since you cannot have a wallet on Robinhood, as a result of this you cannot have a wallet address as well. This simply means all the transactions take place only through the account you have and there is no other way around.

Conclusion:

Although some features of modern cryptocurrency are not available with Robinhood, it still is the most secure way to trade in crypto that too without any fee. In addition to this, the platform is striving to get these features available for the users, and soon they will be updating about the same.

Leave a Reply

Your email address will not be published. Required fields are marked *


CAPTCHA Image
Reload Image
Disclaimer** All the content that is available on the Quicksquaddesk.com is provided individually for the purpose to spread financial information. Moreover, it doesn’t provide the offer to purchase or sell and even a solicitation to get security software, service or investment. The opinions and the information that is visible on quicksquaddesk.com do not include investment advice and individual financial advice to support your financial concerns.