Cryptocurrency, particularly Bitcoin, appears to be getting extra mainstream day-after-day. Tesla CEO Elon Musk just lately introduced the acquisition of $1.5 billion of bitcoin on Tesla’s stability sheet and kicked up traders’ curiosity greater than ever earlier than.
In case you’ve traded shares and need to begin buying and selling cryptocurrency, you might need to begin on Robinhood. Robinhood primarily helps shares, but it surely additionally helps 4 cryptocurrencies: Bitcoin, Litecoin, Ethereum and Dogecoin.
How you can Open an Account
Observe these simple steps to open a Robinhood account and get began buying and selling crypto.
Step 1: Obtain the Robinhood App
In case you don’t have already got the Robinhood app, you’ll must obtain it on the app retailer. You will get Robinhood on iOS and Android, or you could possibly make an account in your laptop.
Robinhood’s platform provides a streamlined person expertise. Its purpose as an organization is to make investing accessible and easy for the common particular person. It options an intuitive person interface and should you’re simply starting to take a position, begin with Robinhood. Its cellular app helps you to observe your portfolio on the go.
The most effective half about Robinhood is that you simply received’t discover any hidden charges, and there aren’t any charges to deposit or withdraw out of your checking account. You’ll be able to choose into Robinhood’s premium service, which supplies you entry to monetary derivatives, however that is fully optionally available.
Step 2: Create an Account
Creating an account on Robinhood is a fast and simple course of. Signing up for a Robinhood account ought to take lower than 10 minutes. To create an account, it’s good to give Robinhood some details about your self, together with your identify, electronic mail, handle and Social Safety quantity.
As soon as your account is created, you’ll must hyperlink a checking account to Robinhood as a way to fund your account. To take action, you’ll want your checking account and routing numbers. Robinhood provides instantaneous transfers as much as $1,000, so you can begin buying and selling instantly.
If you realize a pal who makes use of Robinhood, ask for a referral code –– Robinhood presently has a promotion occurring the place you’ll be able to earn a free inventory with a referral code. Robinhood additionally provides Robinhood Gold as a premium service for as little as $5 a month. Robinhood Gold helps you to commerce with margin and deposit bigger quantities of cash.
Step 3: Make your Buy
When you fund your account, you should purchase crypto on Robinhood. Merely search the cryptocurrency you need to buy within the search tab and choose the coin you need to purchase.
You’ll be able to select to put a market order or a restrict order for cryptocurrency on Robinhood. A market order purchases your crypto at market value, often immediately. With a restrict order, you set the worth you’re prepared to pay for the asset, and if a promote order at that value is processed then your restrict order can be crammed.
Until you’re a HODLer, you’ll need to promote your cryptocurrency for a revenue someday sooner or later. It’s typically a good suggestion to unload your cryptocurrency incrementally so that you don’t miss out on earnings in case your crypto retains appreciating. When you sell your assets on Robinhood, you’ll be able to switch funds to your checking account after a pair days.
Options to Robinhood
There are many alternate options to purchasing crypto on Robinhood. The most typical solution to buy cryptocurrency is thru a cryptocurrency alternate or brokerage. Coinbase, Gemini, eToro and Binance are all nice choices.
These crypto exchanges have a number of advantages over shopping for crypto on Robinhood. For one, devoted exchanges have extra correct market costs than Robinhood. It’s not unusual for Robinhood to have a 2% to three% distinction within the cryptocurrency value. Additionally, crypto brokerages supply a greater diversity of altcoins. Altcoins are any cryptocurrency apart from Bitcoin.
One other good thing about utilizing a cryptocurrency brokerage as an alternative of Robinhood: You’ll be able to commerce in opposition to bitcoin. As a substitute of buying and selling altcoins in opposition to their USD worth, you’ll be able to commerce altcoins based mostly on their worth proportional to bitcoin, an important characteristic for anybody trying to improve the bitcoin worth of their portfolio.
With Robinhood halting trades of sure shares as of late, extra investors are switching to other brokerages. Finally, you must make investments with a brokerage that makes you’re feeling comfy.
Robinhood solely helps 3 altcoins –– one in every of which is a meme. Robinhood helps 3 altcoins: Ethereum, Litecoin and Dogecoin.
Get Conversant in Shopping for Crypto on Robinhood
In case you’re already accustomed to Robinhood and don’t need to use a separate alternate for cryptocurrency investments, then you’ll have to make some sacrifices. (Take a look at Robinhood alternatives for extra choices.) Aside from the dearth of cryptocurrency selection, Robinhood doesn’t deposit any precise bitcoin into your account. With a cryptocurrency wallet, you really personal your crypto belongings.
For some, the comfort of investing in crypto on Robinhood outweighs the dearth of selection and pseudo-ownership. Buyers who use Robinhood don’t have to trace a number of brokerage accounts, study new person interfaces and even know use Bitcoin.
Gemini builds crypto merchandise that can assist you purchase, promote, and retailer your bitcoin and cryptocurrency. You should purchase bitcoin and crypto immediately and entry all of the instruments it’s good to perceive the crypto market and begin investing, all by way of one clear, enticing interface. Gemini Crypto Platform provides wonderful account administration choices. You’ll be able to handle your account at a look, view your account stability 24-hour modifications and p.c modifications. Get started with Gemini now.