Robinhood is a popular platform among people who love trading cryptocurrency. The exchange allows you to open an account in only a few minutes, and it has free cryptocurrency trading, these are only a few reasons why so many fell in love with what it has to offer.
If you have a Robinhood account, you may want to sell crypto at one point. If you want to learn "how to sell crypto on Robinhood", you can read on and you’ll find all the details you need.
What Is Robinhood?
Robinhood is a well-known app and licensed broker-dealer in the U.S. that makes it easy to buy stocks. The GameStop short in 2021 made it famous. As an agent or middleman in the financial world, a broker helps buyers and sellers finish deals.
In exchange for a payment or fee, brokers help their clients find good orders and negotiate deals. Robinhood is different from other brokers, though, because it lets you trade cryptocurrencies as well. This means that users can buy stocks, bitcoin, and other cryptocurrencies all from the same app.
Can Crypto Be Sold On Robinhood?
Robinhood, which started in 2013, became famous because it made it easy to get into the stock market. The site is great for trading cryptocurrencies because it has an easy-to-use interface for buying, selling, and storing digital assets.
Trading Cryptocurrencies On Robinhood
Robinhood lets users sell cryptocurrencies whenever it's convenient for them, 24 hours a day, seven days a week. Cryptocurrencies can be bought directly instead of through futures contracts on some sites.
Robinhood is often used by traders to diversify their trading portfolios by adding cryptocurrencies to their mix of traditional assets.
Features And Limitations Of Cryptocurrency Trading On Robinhood
There are some things that Robinhood can't do, even though it makes buying and selling coins easy. Cryptocurrencies can only be held, bought, or sold on the platform; users can't send or receive them outside of the platform. Also, you can't use Bitcoin to buy things in the real world.
Current Limitations And Future Plans
Robinhood doesn't offer a cryptocurrency wallet yet, so users have to keep their money in the app. The company has said that it wants to make a cryptocurrency wallet in the future, but there is still no set date for when it will be available.
Available Cryptocurrencies On Robinhood
At the moment, Bitcoin, Bitcoin SV, Bitcoin Cash, Ethereum, Ethereum Classic, Dogecoin, and Litecoin are the seven most famous cryptocurrencies that Robinhood supports.
Users can also see real-time information about these coins and nine others. Even though there aren't many options, Robinhood has hinted that it might add more cryptocurrencies in the future.
How Do I Sell Crypto On Robinhood?
To sell cryptocurrency on Robinhood, all you need is an online browser, an app for your phone, or both. They make the process very easy. You must first make an account, put the money you want to trade and choose the cryptocurrency you want to use.
To sell your crypto assets at the market price, you can then put in an order. If you want a certain price, you can set a cap price. The money will be in your account within minutes after your order is carried out. You can trade many cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, and Ripple, which are some of the most well-known.
On the Robinhood app, you can also get to other well-known stocks and ETFs. Trading different assets on an easy-to-use website makes it easy to diversify your portfolio. Let us find out more about how to use Robinhood to sell crypto.
How To Sell Crypto On Robinhood With Ios Devices?
For iOS users who want to sell cryptocurrency on Robinhood, here is a step-by-step guide:
- Log into the Robinhood App.
- Navigate to the detail page of the crypto & select “Trade.”
- Choose “Sell”.
- Go to “Order Types” in the top right corner.
- Choose your preferred order type.
- Confirm your crypto sell order.
- Swipe up to submit the sell order.
How To Sell Crypto On Robinhood On Android Devices?
The process for Android is the same as the one for iOS. So, here's what you need to do to sell your cryptocurrency on an Android device:
- Log into the Robinhood App.
- Navigate to your cryptocurrencies.
- Choose the crypto you want to sell.
- Choose “Sell”.
- Enter the amount you want to sell or choose to “Select All BTC”.
- Confirm your crypto sell order.
- Swipe up to submit the sell order.
How To Sell Crypto On Robinhood On The Web?
The process will be a little different if you use Robinhood on the web instead of the app. To sell crypto on the web, you will need to do the following:
- A computer browser is how you log in to Robinhood.
- Navigate to the Detail page of the crypto you want to sell.
- Click “Sell” from the order window on the right-hand side of your screen.
- Enter the amount you want to sell or choose to Sell All.
- Click Review to check the order is correct.
- Confirm the order.
How To Buy Crypto On Robinhood?
If you want to buy cryptocurrency on Robinhood, the process is pretty easy. To get to Crypto, open the app, go to the bottom menu, and choose "Trade." Then, tap on crypto. You can then pick which ticket to buy.
You could also type the number into the search bar directly. To find Bitcoin, for instance, you can put Bitcoin or BTC into the search bar. There is a crypto button on the main screen under the "Trending Lists" section. That will lead you to a page with a list of everything you can buy and sell on the site.
You can also set up a scheduled buy that will buy a certain amount of cryptocurrency at regular times. This is a great way to get into a position by dollar-cost averaging.
The first thing you have to do when you go to buy crypto is choose how you want to pay for the tokens. When it comes to Bitcoin, you can buy X dollars worth, as the picture above shows. It can also be changed to BTC, which is useful if you want to buy a certain amount of Bitcoin, like 0.5 or 1.
Click "Review Order" to finish the buying process once the screen shows the order you want. There shouldn't be any trouble.
Tips For Buying Crypto On Robinhood
Understanding Trading Fees And Costs
Robinhood Crypto is an easy way to buy and sell cryptocurrencies. You should know how much it costs to use the site, just like you would with any other broker or exchange. That being said, Robinhood doesn't charge any fees for stocks or cryptocurrency. There are no extra charges for sending or getting cryptocurrency on Robinhood.
But there is a network fee, which is also called a mining fee or gas fee, that is added to every crypto exchange. The fee amount is based on the coin and how busy the network is right now. Before you finish a send transaction, you are told about the network fee that applies.
Wallet Functionality And Transfer Options
All 50 U.S. states and the District of Columbia can use Robinhood Crypto payments, except for Hawaii, Nevada, and New York. You can choose to send up to $5,000 worth of cryptocurrency or make up to 10 transfers in a 24-hour time.
Besides, you don't need Ether in your account amount to pay the network fee for ERC-20 tokens. Robinhood instantly figures out how much ETH that is worth and takes that amount directly from your ERC-20 token balance.
The platform also has a different app that lets you use a wallet that doesn't need to be stored by anyone else. Robinhood Wallet is a special app for Polygon that makes it easy to switch cryptocurrencies without having to pay network fees.
Security Measures And ID Verification
Robinhood takes steps to protect your crypto assets, such as keeping the vast majority of them in cold storage, to make sure they are as safe as possible. Robinhood also doesn't rent or use your crypto in any way. The integrity of the platform is also kept up by doing regular checks.
Robinhood says that once you buy crypto, you become the legal owner and have all the rights and benefits that come with that. You are also the only one who can move your crypto.
You need to prove who you are and add two-factor authentication to your account before you can use crypto payments. Robinhood will look over your information after you finish these steps, and within five business days, you'll be able to start crypto payments.
Transaction History And Reporting
When you use Robinhood to trade crypto, remember to think about crypto fees. Robinhood will help you file your taxes by giving you cost-basis information if it is available. Depending on where you bought the cryptocurrency, you can get this information.
If you get the cryptocurrency through Robinhood, they will give you the cost basis information. They will not have the cost-based information if the cryptocurrency was bought from a different company, though.
This is because IRS rules do not require transferring cost-based data when crypto is moved from one site to another.
Keep Your Options Open
It's easy to learn how to use Robinhood to buy and sell cryptocurrency. As the banking crisis of 2023 and the failure of FTX and several affiliate companies in 2022 showed, it's smart to have more than one platform you know how to use.
Many people who are very strict about crypto may only use decentralized markets and stay away from platforms like Robinhood because they are centralized and require KYC. If this doesn't bother you, Robinhood is a good place to buy crypto if you want low fees, ease of use, and fast order processing.
Robinhood Vs Coinbase - Which Is A Better Choice?
You may now be asking the most clear question: Which is better: Robinhood or Coinbase? The truth is that it depends on your plan and goals. Based on this in-depth comparison of Robinhood and Coinbase, it can be said that the two services have a lot in common.
Some of these similarities are strong protection, an easy-to-use interface, and the ability to use Bitcoin. But knowing what makes these platforms different will help you make a clear choice, based on why you want to spend.
Robinhood is the best choice if you want to buy well-known cryptocurrencies like Bitcoin or Ethereum and pay with US dollars. That being said, Coinbase Pro is the better choice if you want to see a thorough breakdown of your orders and trades and trade enough to get a lower fee tier. No matter which site you pick, you should know that investing in cryptocurrencies is very risky.
Coinbase Vs Robinhood - A Comparison
People who use cryptocurrencies love both Coinbase and Robinhood because they have just the right number of features for them. Many things make Coinbase and Robinhood different, besides how famous they are and how easy their software is to use.
Coinbase is a cryptocurrency exchange that people in more than 100 countries can use, while Robinhood is an online stockbroker that people in 47 US states can use.
Coinbase Vs Robinhood - Security
Users of both Coinbase and Robinhood can be sure that their accounts are safe. Both of these businesses offer two-factor (2F) authentication and protect USD funds with FDIC (Federal Deposit Insurance Corporation) insurance.
Coinbase Vs Robinhood - Ease Of Use
With both Coinbase and Robinhood, the design is simple and easy to use. To use Coinbase, all you have to do is sign up with an email address. After proving who you are, you can link your bank account or credit card and start buying and selling.
Coinbase Vs Robinhood - Supported Coins
There are six times as many coins to trade on Coinbase as there are on Robinhood, and more are being added all the time. There are a total of seven cryptocurrencies that Coinbase accepts, but Dogecoin is not one of them.
Coinbase Vs Robinhood - Fees
Robinhood says that buying is free of fees. But when you look more closely, commission-free doesn't mean free. So how does Robinhood make money? By paying for the flow of orders.
Payment for order flow is a controversial business strategy that Robinhood uses and that brings in the most money for the company. To make this work, all crypto trades are sent to market makers, who then carry them out and pay Robinhood a cut of the sale.
Coinbase Vs Robinhood - Technical Reliability
Both Coinbase and Robinhood have trouble when the number of trades goes up. Downdetector says that Robinhood has had 49 recorded outages in 2021, while Coinbase has only had 28. By this measure, Coinbase has a slight edge.
Frequently Asked Questions
Can You Cash Out Crypto From Robinhood?
Yes, you can cash out crypto from Robinhood.
How Do I Sell My Crypto?
To sell your crypto, navigate to the cryptocurrency section and select "Sell."
How Much Does Robinhood Charge To Sell Crypto?
Robinhood charges no commission fees for selling crypto.
How Do I Sell Stock On Robinhood?
To sell stock on Robinhood, find the stock in your portfolio, tap "Sell," and specify the quantity to sell.
Conclusion
So now you know "how to sell crypto on Robinhood". Although it may have a few drawbacks, it is still an excellent choice for those who don’t want to pay any transaction fees and are looking for a simple way to buy and sell cryptocurrencies. If you haven’t already, create an account on Robinhood today and start trading crypto without any extra costs!