Not too long ago Robinhood released Crypto trading to there app. I thought to myself okay cool what coins will be available? I also thought how will it work? Well I am here to tell you that I’ve had a chance to use it, and its not exactly the greatest thing since sliced bread. It’s not all bad news however so lets go over some of the positives. You can also watch our live video below showcasing how it works.
Pro’s To Using It
Well just like the stock trading there are no fee’s for selling & buying. You will also be able to pull up the live price, one hour, one week, monthly, and yearly chart for each coin. Placing trades can be done within seconds in your account and boom your now a crypto investor. The whole process will feel very familiar if your already trading stocks on Robinhood.
- No Buying or Selling Fee’s
- Easy To Buy
Con’s To Using It
Okay so is Robinhood really good for crypto? One of the biggest cons to using it is that they only allow you to invest in six different coins. While this could change in the future its a huge drawback considering that there are well over 100 plus coins in the marketplace. At the very least it would be nice if they let you invest in the top 10 coins right now by market cap. Another drawback is that you can only invest in coins. For example if you buy Bitcoin on Robinhood you won’t be able to send it somewhere or buy anything with it online.
- Not Many Coin Offerings
- Don’t Actually Own The Coins
What’s The Alternative?
The best alternative would be trying out Coinbase. About a year after I signed up with Robinhood I started using Coinbase for investing in cryptocurrency. Fast forward to today and I’m still using it for most of my crypto holdings. Coinbase is one of the largest crypto wallets and trading platforms in the world. They have over 30 million members worldwide, insure each user up to 250k, and been around for close to a decade. There mobile app feels a lot like Robinhood so the transition over to using Coinbase will feel natural.
- Close To a Decade In Business
- Over 30 Million Members Worldwide
Coins Available On Coinbase
As of right now Coinbase allows you to invest into 20 plus different coins. While they might not cover every single one in the market they cover all of the major ones. Those include Bitcoin, XRP, Ethereum, Stellar, BAT, and more. You will be able to check price histories, place trades, and receive notifications for any particular coin you have interest in.
- Over 20 Plus Coins Available
- App Is Very User Friendly
While I’ve been a big fan of Robinhood for many years the crypto has a long way to go. The limitations for what coins you can trade is one of the biggest drawbacks. Also the fact that you don’t actually own the coins so that you can take them off the exchange is also pretty weak. For now Coinbase would be a much better alternative. If your interested in signing up click here.