I’ve written this article to provide the most comprehensive comparison possible.
Below, you’ll find a table that quickly explains the biggest differences.
Further below, you’ll be able to find a case for each platform.
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Excluded states are Delaware, Hawaii, Kentucky, Louisiana, Maine, Maryland, Minnesota, Nebraska, Nevada, New Hampshire, New York, North Carolina, South Carolina, Vermont, and Wyoming.
Coinbase has long been the most recognizable name in the cryptocurrency industry if you’re a new user looking to buy your first coins.
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Bitcoin took the world by storm as it rocketed from obscurity to nearly $20,000 in value per coin in 2017. The cryptocurrency markets have calmed down a bit since that record high, but many Bitcoin evangelists still claim Bitcoin to be the currency of the future. Follow along to learn more about how Bitcoin works and the best places to buy Bitcoin.
First of all, need some background information about what Bitcoin is? It’s a digital currency used mostly for online purchases and as an investment, albeit a very risky one.
What is the difference between buying bitcoin on robinhood vs coinbase? are you actually “owning” bitcoin if bought on robin hood?
If you buy on robinhood you can’t transfer the bitcoin to a private wallet or anywhere else.
With Coinbase you can transfer it wherever you want.
However you don’t actually own the physical BTC until you transfer it to your own private wallet.
so basically, in general terms, using robinhood for btc is like using coinbase w/o transfer capabilities. correct?
and is there any downside to using robinhood to invest in BTC other than the simple fact that:
you cant transfer it from RH to another entity. simply for Cash to BTC or vice versa ON RH.
since you cant do point 1, you cant transfer it to your own wallet, meaning you cant physically OWN BTC.
You can’t withdraw BTC bought on robinhood.
Now that Robinhood is about to release crypto to all 50 states within another few months. How do you think Coinbase will react? I mean it’s crazy Coinbase holds only 4 different cryptos while Robinhood came out of no where adding 15 different cryptos.
The competition will make Coinbase have to pick up the pace.
I’m honestly wondering what coins Coinbase will add to make them selves more unique and how they will go about making fees cheaper.
I wasn’t expecting Coinbase to release any new coins soon but now since Robinhood is trying to steal there show I think they will maybe speed that process up.
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Wouldn’t touch a service that doesn’t allow me to hold MY investments in my own wallet
I wonder how far “in the future” it’ll be before Robinhood actually allows crypto withdrawals. I like Cash App as a Coinbase alternative, but it sucks they don’t have any altcoins.
They probably never will. Allowing withdrawals is where you end up getting scammed.
With robinhood adding crypto to their app, which would you rather use? I honestly think majority of coinbase app users would switch to robinhood. Funds are available immediately, there were no extra fees when I bought, due to this i could take advantage of the dip to 79 for a few seconds.
Robinhood fee is built in to the price of the coin, which is usually higher than Coinbase price. Can’t transfer out, you don’t own the coin, no limit or pair trading on Robinhood.
Last time I checked they dont have a public API which would prevent a lot of users in my opinion
did something change with Robinhood? Last I knew, they sold you the promise of a coin. Like you’d “own” one, but only on Robinhood’s environment….you couldn’t transfer it over to your own wallet.
I lost a lotta money through fees as well.
Robinhood will almost shutdown the coinbase.
Robinhood is commission free stock and now crypto trading.
More states will be allowed soon.
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You also can not send previously bought crypto to your robinhood crypto acccount.
Guess it’s not going to be much use to me at first.
When comparing Coinbase vs Robinhood, the Slant community recommends Coinbase for most people. In the question“What are the best ways to buy/sell bitcoin?” Coinbase is ranked 1st while Robinhood is ranked 6th. The most important reason people chose Coinbase is:
The entire process of using Coinbase is seamless. All you need to do to start buying/selling Bitcoin is link your bank account to Coinbase, and if you provide a credit card as a backup payment method you can start buying Bitcoin instantly.
The entire process of using Coinbase is seamless.
All you need to do to start buying/selling Bitcoin is link your bank account to Coinbase, and if you provide a credit card as a backup payment method you can start buying Bitcoin instantly.
Wallets (and private keys) are stored using AES-256 encryption and the site runs entirely over SSL.
The important stories of innovation across the continent’s wide-ranging economies
It’s been almost five years since Robinhood debuted zero-fee stock trading, but the approach has finally cracked the mass market. Charles Schwab cut its online stock-trading commissions to zero in early October, and the announcement immediately sent waves throughout the US financial industry. Schwab’s pronouncement was closely followed by equivalent moves from TD Ameritrade, E*Trade, and Fidelity, much to the delight of investors.
But while Robinhood has exerted pressure on legacy brokers, the same cannot be said of its effect on the cryptocurrency market.
Despite offering zero-fee crypto trading since Feb.
2018, Robinhood’s impact on bitcoin exchanges has been, well, negligible.
As a cryptocurrency investor on Coinbase, I’m used to being hosed with fees.
So when I got early access to Robinhood Crypto, I was ecstatic.
What’s Robinhood Crypto, you ask? It’s a new-for-2018 service being offered by Robinhood, the hottest stock brokerage app for Millennials, that allows you to buy and sell bitcoin without paying fees. It’s only been rolled out in a small handful of states so far, my home state of California included.
Buying bitcoin without fees sounds too good to be true, right? Well, in a sense, it is — Robinhood Crypto has some big issues. But overall, being able to buy and sell without fees is a game changer.
Pardon me if this reads like a love letter to Robinhood.
It’s everything I want a crypto buying experience to be.
The Robinhood app itself is pretty slick.