- Excellent mobile trading application
- Highly secure and reputable
- Excellent customer support
- Zero fees and commissions
- Limited crypto assets available to trade thus far
- Crypto trading is not insured or regulated like the other markets
- Only available in 5 U.S. States
Robinhood is the ever popular mobile trading application that allows everyday users to invest and trade conventional securities such as stocks, options and ETFs free of any commissions. Robinhood was launched in 2015 and has seen massive success in the United States with a large and satisfied customer base. As Robinhood busted on to the online trading scene with their commission free trading in 2015, the company continues to innovate and just recently introduced cryptocurrency trading in January of 2018. Robinhood traders can now trade Bitcoin and other cryptocurrencies commission free via the famous Robinhood mobile application. This is a big step for both cryptocurrencies and the Robinhood platform. However, Robinhood Crypto does not benefit from the same regulatory status and insurance as trading the traditional Robinhood assets. Although, this may change one day as regulators figure out how to classify and regulate cryptocurrencies. We know that Robinhood is a highly trusted and loved mobile trading application for conventional securities, but how are they for trading cryptocurrencies? Find out in our in-depth review where we delve into all aspects of Robinhood Crypto and see how their services stand up to the competition and if they’re right for you.
The Robinhood Crypto trading platform is accessible from the original Robinhood mobile trading application. The trading app is compatible for both iOS and Android devices and can be downloaded for fee from the Apple App Store and the Google Play Store. In the app, traders can easily trade cryptocurrencies, options, stocks, and ETFs side by side in the same application. However, when clicking on the cryptocurrencies tab, the trading interface changes to an 80s neon style trading interface. This is different from the conventional Robinhood platform and has a more attractive or edgy design to represent the 24/7 trading capability of the crypto markets.
The platform trading interface is intuitively designed and features both market and limit orders. Upon placing a regular market order, Robinhood gives you an estimated price and connects to an array of crypto exchanges and trading venues to find the lowest price. To protect their users from the extreme crypto market volatility, Robinhood puts a “price collar” around your trade so that the trade will only be executed around the estimated price, and if it can’t, your money will be returned. Apart from the trading orders, traders can also analyze their crypto assets through very nice looking charts. However, the charts do not provide advanced technical analysis tools like on many desktop based platforms. All in all, the trading platform featured by Robinhood is an excellent trading solution for casual cryptocurrency traders.
The Robinhood mobile trading application features the ability to trade stocks, options, ETFs, and cryptocurrencies. For the sake of this review, we’ll focus on the cryptocurrency assets available to traders. So far, Robinhood only supports the trading of Bitcoin (BTC) and Ethereum (ETH). However, the app plans to support more coins in the near future and currently supports price watch lists for the following:
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Qtum (QTUM)
- Ethereum Classic (ETC)
- Stellar Lumens (XLM)
- Neo (NEO)
- ZCash (ZEC)
- Monero (XMR)
- Dash (DASH)
- Bitcoin Gold (BTG)
- Lisk (LSK)
- OmiseGO (OMG)
- Dogecoin (DOGE)
As for fiat currencies supported, US Dollars (USD) is the only fiat currency supported as the Robinhood trading app is only available in certain states in the United States.
Fees and Commission
The main thing Robinhood is famous for is their no fees, commissions, or hidden charges for trading on their platform. This is true for all of their conventional tradeable securities as well as cryptocurrencies. The only fees that apply to cryptocurrency trading are the applicable mining fees to run the cryptocurrency’s network. This fee is standard and is imposed on all cryptocurrencies regardless of the exchange.
Security and Fairness
Robinhood is a trusted and regulated trading platform. However, trading on Robinhood Crypto is not regulated and insured like the other tradeable markets are offered by Robinhood are. Even so, the Robinhood trading app is highly secure and the cryptocurrency trading is protected by the same level of cutting edge security measures to protect your crypto assets and personal information. The cryptocurrency funds stored by Robinhood are stored in a mix of online hot wallets and offline cold storage wallets. The movement of crypto funds require strict authorization of only a select group of people and the security of the wallets and platform are constantly monitored. All in all, Robinhood Crypto is a very safe, fair, and secure cryptocurrency trading platform.
The customer support provided by Robinhood is very good, especially in comparison with most other cryptocurrency exchanges. Support representatives can be contacted via an online support ticket system and via Robinhood’s various social media channels. Customers can also browse Robinhood’s knowledge base that’s filled with helpful articles and FAQs regarding the trading app as a whole and the crypto aspect of Robinhood.
Robinhood Crypto is a unique and innovative mobile cryptocurrency trading application that’s backed by the superb Robinhood reputation. The crypto trading aspect of Robinhood is just like trading the conventional securities Robinhood offers. All trades are free of any fees or commissions and the crypto is available to trade 24/7. Robinhood Crypto only supports Bitcoin and Ethereum trading thus far but has plans to feature more in the future. All in all, the Robinhood Crypto app is an excellent mobile trading solution for select cryptocurrency assets.
Robinhood Crypto Q&A
The following are the common questions that customers inquired about Robinhood Crypto.
Is Robinhood Crypto regulated?
No, it is not regulated.
Is Robinhood Crypto a scam?
No, Robinhood Crypto is a legit trading application used by millions in the United States.
Where is Robinhood Crypto based?
Robinhood is based in the United States and is headquartered in Menlo Park, California.