The Unraveled Teacher

Should You Use Robinhood to Trade Crypto Like Bitcoin, Dogecoin, and Ethereum?

If you’re thinking about dipping your toes into the world of cryptocurrencies, you have several options. It’s important to note that before we go any further on this topic that I am not providing advice on buying or selling any crypto. Cryptocurrencies are volatile assets and you should always do your own research and only risk what you are willing to lose.

Now, that we’ve gotten the obligatory disclaimer of my status as someone who cannot predict the future out of the way, let’s get into the various ways to invest in or trade Bitcoin and other cryptocurrencies. If you have a Robinhood account, it’s very easy to trade crypto. You don’t have to sign up for access to crypto trading so if you trade stocks on Robinhood, you already have access to several cryptos including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. When you buy a cryptocurrencies on a platform like Robinhood, you don’t actually own the coins you are buying, meaning you can’t send them to another wallet or use them for real-world purchases. Many people will scream that no one should ever trade crypto if you can’t access your coins, but there are some instances when it’s perfectly fine to use Robinhood or Webull to buy and sell Bitcoin and other cryptos.

If you want to acquire a particular cryptocurrency to use as a form of payment or to earn interest or buy NFTs, then using Robinhood or Webull is not the way to go. In those scenarios, you need to have the ability to move your cryptocurrencies between wallets (more on that later). But, if what you are trying to do is buy and sell to make a profit, then it is absolutely fine to use the Robinhood app to buy and sell crypto! Don’t listen to what every self-declared crypto genius on Twitter is saying.

Don’t have a Robinhood account? Join via my link here to get one free stock just for signing up.

How to Trade Crypto on Robinhood

The Robinhood app supports Dogecoin (DOGE), Bitcoin SV (BSV), Bitcoin Cash (BCH), Bitcoin (BTC), Litecoin (LTC), Ethereum Classic (ETC), and Ethereum (ETH). To search for any of these cryptos in Robinhood, tap the magnifying glass icon on the bottom of your screen. Type Crypto into the search bar if you don’t automatically see an option for crypto pop up when you get to the search screen.

Once you’ve selected a cryptocurrency you want to buy, you will see the asset’s chart and current market price. Tap Buy and then enter the order details. Once you’ve purchased crypto, you’ll see it on your main screen when you open the Robinhood app.

You are quite limited in a few ways if you’re using Robinhood for crypto, but that doesn’t mean the platform can’t be used to learn about crypto trading. If you’re looking for something similar to Robinhood that offers some different cryptocurrencies, you might want to try Webull. As of July 2021, they offer Bitcoin, Dogecoin, Ethereum, Cardano, Litecoin, Bitcoin Cash, Ethereum Classic, Dash, XLM, and ZEC. In addition to being able to trade these specific cryptos, Webull lets you see data and charts for others that aren’t (yet) tradable on the platform. Click here to sign up for WeBull and you’ll earn free stocks for opening an account.

Want to Earn Bitcoin Risk-Free?

If you’re curious about Bitcoin but don’t want to enter into such a volatile asset with your hard-earned money, there are a few ways to earn Bitcoin without ever having to buy any. One easy option is to download an app called Lolli. This is a rewards app that pays you in Bitcoin for shopping online at various retailers. What I like most about the app is the Daily Loot Box. You can earn free Satoshis (the smallest unit of Bitcoin) everyday just by opening the Loot Box. If you use this link to download Lolli, you get a bonus $5 when you make any purchase through the app. The app will allow you to transfer your earned bitcoin to another wallet- a feature that is absent from Robinhood and Webull’s crypto trading. Of course, you have to have another wallet to send it to, but it’s a good start for those those thinking about getting into Bitcoin without the risk.

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