crypto buying power? : RobinHood

Earlier today I received an email saying I had been approved access to join begin buying cryptocurrency on Robinhood.

I just bought one Ethereum on Robinhood crypto, as I had some buying power in my Robinhood account already. I have to say, the layout, the ease of purchase, the option of placing stop-loss and limit orders – these are incredible attributes of the app. I am likely going to sell all of my crypto on Coinbase and begin using Robinhood instead. It’s worth mentioning that there are currently 16 coins listed (oddly, including DogeCoin).

Lastly, my favorite part is that I paid zero fees on my purchase.

I don’t know how long Robinhood will be continuing this but I am currently very excited about it. Hopefully this will bring some much-needed energy back into the markets.

Anyone even know if any of the crypto is even real? (As in robinhood has it in a wallet somewhere) Seems like if you have to wait 6 days to withdraw your money that’s plenty of time for them to invest it make up the difference + profit and then deposit in your account. This would make sense since there’s a limit on bitcoin as well which doesnt seem right. Also you can’t buy anymore while bitcoin is going up big just before the weekend?, and recently you couldn’t sell when it was dropping a large amount. Maybe I’m being facetious but seems like they can’t cover the shorts before losses or the huge jumps in profits for whatever reason.

Edit, edit: back up now, but now it says you have to wait 3 days after you sell a stock/option to use that money to buy crypto.

If you think Robin hood ACTUALLY deals in crypto I have some BCC tokens to sell you.

I realized this after I bought some. I went to send it out, and a big ol’ NOPE!

I totally lost interest in trading crypto via their platform after that moment.

I believe they originally planned or even did allow transferring it off the platform if you contacted them, but have since changed and do not currently allow it. People using robinhood for crypto purchases aren’t really in the market for more that buying, holding and selling. And it’s a great low barrier entry that can get people more interested in crypto and push them into learning more about it.

I would criticize Robinhood for this, but its not like I have a whole lot of uses for my crypto at the moment other than hodling or selling.

I’m a fan of Robinhood.

Wait, is Ethereum down to 600$.

I’ve been ignoring prices, but holy crap I thought it was still 900-1000

Dude, welcome to the shit show, strap in, because we all going down, Unfortunately

Flash back to August of last year when it was $350. Welcome to the rollercoaster boi

I don’t think they plan on letting you. This actually turns the cryptocurrency into an entirely speculative asset, which is harmful.

No, I’m not living under a rock and I know 99% of people are buying crypto to own lambos but the fact that you can withdraw it and use it implies a functional value. An exchange locked cryptocurrency is basically a regulated equivalent of a tether. It’s a fictitious token pegged to a crypto asset but isn’t the real thing.

They said in the FAQ you would be able to withdraw it, but so far I can’t find anything in the app.

I have heard a few things as to why buying crypto on RH may not be the way to go compared to other apps. So for anyone who has experience with it, I just want to know which app you think I should go with?

Also, do I have to sell my BTC on RH and transfer the cash to my bank account? Or is there a way to just send the BTC to a new wallet.

Lots of ppl have differing opinions for different reasons. I use Square and Coinbase and have never had problems with either but that’s just me.

And no, RH won’t let you move your RH-purchased BTC. so yeah, sell, take the tax hit, cash out and use the cash elsewhere.

Square and Coinbase have excellent custodial records. But if you’ve the inclination, read up on how BTC wallets work and familiarize yourself with the process.

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.

It stays on robinhood.

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.

Today i tried buying bitcoin but i get an error that says “this order exceeds your crypto buying power, which is xxx. Funds from recent stock ETF, and options sales will be available for buying crypto within 3 business days. you may deposit funds to place this order”

yesterday I had bought and sole ethereum classic with no problem. can someone help me understand why i’m getting this error?

I instant deposited cash to buy more crypto but got the same error message saying I couldn’t use cash from stocks, ETFs etc and would have to wait 3 business days……… except this cash came straight from my bank account not from the sale of stocks.

It’s bullshit

I was just about to try this.

Glad I came here first.

Robinhood needs to fix this issue I want to buy this dip!

Starting today, you’ll only be able to use settled funds to place buy orders on Robinhood Crypto.

So I am new to investing in general.

My first stock trade was late 2018 (better late than never, I guess)…

anyway, I’m even newer to BTC.

if I purchase bitcoin through Robinhood, how do I actually ‘own’ my coins? Is there a way for me to transfer my purchased coin to a wallet somehow? Sorry if this is a dumb question.

I’m just trying to understand how this works.

Thanks in advance.

You aren’t really buying Bitcoin, you’re claiming a virtual ticket that says you claim the right to the value of a bitcoin. Robinhood Crypto is purely for investing/speculating and not for actual cryptocurrency ownership.

Exactly. Thus you won’t ever be able to transfer these bitcoin from Robinhood to your own wallet.

You can only sell them there again, but nothing else.

Robinhood is nothing but a bank.

Is it possible to pay a small amount rather than the full price of crypto? I’ve been trying to do it but it keeps saying I don’t have full buying power. I’m trying to pay it at $2.00 is that a problem? (Bitcoin)

Actually, I figured to tap on the “Amount in USD” which switched over to “Amount in BTC” was able to pay partially through this process thanks a lot for the quick response cheers my first investment in crypto.

Testing it first then to see if I like how it works out during the test process then I’ll do some long-term investment along with my portfolio on robinhood. Other than that I don’t know what else there’d be to do.

I heard of bitcoin long before it got “famous” but never have mined it before if I did I would have hit the jackpot for how easy mining was back then.

Im thinking about buying some but after seeing a few posts on here about the security made me unsure if RobinHood is a safe route to go?

One cannot buy Bitcoin on Robinhood. What you purchase will not truly be yours.

Robinhood is just paper trading. The may or may not have any actual bitcoin in their coffers

Sure you can buy something robinhood calls bitcoin. Its not REALY bitcoin, but you are free to buy it.

With Robinhood, you are only buying exposure to the bitcoin price. You do not get to withdraw them.

I don’t see if they treat these as something like a CFD where a long position could get closed during a rally (i.e., your upside is limited), or if this is full-reserve, where your investment is backed by that amount of bitcoins under Robinhood’s control/custody.

So I don’t think you have to worry too much about them “losing your funds”.

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