Robinhood 2023: Pros, cons, fees & more | Finder.com

Home Cryptocurrency Exchanges Robinhood crypto review Trade 15 cryptocurrencies with full control on Robinhood Crypto’s user-friendly platform.By

Matt Miczulski Reviewed by

Louise Vinciguerra Posted

Oct 13, 2023

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Our verdict Robinhood is a solid option for both beginner and intermediate cryptocurrency investors.It charges no commissions to buy or sell crypto, supports 15 coins, eight of which are among the top 20 cryptos by market cap, and offers 24/7 customer support.Invest with as little as 1.

Robinhood doesn’t lend your crypto or leverage against it and most crypto on the platform is held in cold storage.You also have complete control of your crypto, with no fees to transfer your crypto in and out of Robinhood.

For experienced crypto investors, Robinhood’s limited list of tradable coins might not suffice.Robinhood Crypto also isn’t available nationwide.Nevada and Hawaii residents currently don’t have access to Robinhood Crypto.

Robinhood pros and cons Pros Full control of your crypto.

Transfer crypto into and out of your Robinhood Crypto account with no deposit or withdrawal fees.Trade with multiple fiat currencies.Robinhood allows you to trade with USD.Deposit and withdraw USD directly to your bank account in the US.With Robinhood you can deposit cash from your American bank account and cash out back into the same account.Supports a range of payment methods.

Robinhood supports several popular payment methods including USD deposits via Bank transfer and Cash.Customer support available via live chat and phone.

Robinhood is one of the few cryptocurrency platforms in the world to offer phone-based customer support as well as live text chat.Cons Only 15 cryptocurrencies supported.Robinhood supports a smaller variety of assets than some of its competitors.This isn’t necessarily a bad thing, but if you’re looking for a large range of altcoins you may want to compare other platforms .

Not available to all US residents.Robinhood is only available in 49 states.You can not use Robinhood if you are a resident of Hawaii and Nevada.Listed Robinhood crypto exchange assets Robinhood supports over 15 cryptocurrencies, but some notable assets are missing.

Namely, Tether, BNB and XRP, which are in the top 20 cryptos by market cap.In total, 8 of the top 20 cryptos are available on Robinhood.

Popular assets on Robinhood supports Bitcoin (BTC)

supports Ethereum (ETH)

does not support Tether (USDT)

does not support BNB (BNB)

does not support XRP (XRP)

supports USDC (USDC)

does not support Lido Staked Ether (STETH)

does not support Solana (SOL)

does not support Cardano (ADA)

supports Dogecoin (DOGE)

does not support TRON (TRX)

does not support Toncoin (TON)

does not support Polygon (MATIC)

does not support Polkadot (DOT)

supports Litecoin (LTC)

does not support Wrapped Bitcoin (WBTC)

supports Bitcoin Cash (BCH)

supports Shiba Inu (SHIB)

supports Chainlink (LINK)

does not support Dai (DAI)

See all Robinhood crypto assets BTC ETH BCH LTC XLM ETC DOGE LINK UNI XTZ USDC COMP AVAX AAVE SHIB Robinhood deposit methods Bank transfer Cash Debit card How to sign up on Robinhood exchange Before you can even get started trading on Robinhood, you have to go through the rigorous verification process (which usually involves proof of identification ).

This can take quite a long time.The reason for this is Robinhood’s commitment to certifications, and compliance with regulations and insurers.

Get started

After selecting the Get Started button, fill in the create account form.

Set up payment

Before you can start trading, you have to add your bank account to your Robinhood account.There are several options to choose from, so choose the option most compatible.Provide identification

Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification.

Use either a passport or a driver’s license for this.Start trading

After all that is processed, you’re ready to trade on Robinhood.Create Robinhood account About Robinhood app Buy and sell crypto, explore crypto assets and learn and earn crypto, all from Robinhood’s integrated mobile app.The Robinhood Wallet app, a separate self-custody wallet, is also available for you to store and manage your crypto on the Ethereum, Bitcoin, Dogecoin, Polygon, Arbitrum, and Optimism networks.

Keeping your crypto secure All centralized exchanges, including Robinhood, are vulnerable to counterparty risks like hacking, theft and insolvency.Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds.

We’ve shared some of our top picks below.

Ledger Nano X Wallet

Trezor Model T Wallet

Ledger Nano S Plus Wallet

Go to site Go to site Go to site Supported assets

5,500+

Supported assets

1,456+

Supported assets

5,500+

Price (USD)

$149

Price (USD)

$219

Price (USD)

$79

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