There are various benefits associated with buying Bitcoin on Robinhood. This trading app is best known for helping you to trade stocks. They have pioneered the concept of commission-free trading many years back. It was they who brought this concept to the trading market. It was only after some years that this concept of commission-free trading was introduced by other brokerages. As per this concept they did away with the costs associated with trading.
To help traders enjoy commission-free trading in the cryptocurrency market too, they have introduced this concept in their platform. However, the number of cryptocurrencies that you can trade on this platform is currently restricted to 7 cryptocurrencies only. They are:
The major advantage of this trading site is that it decreases your cost of trading. Despite this benefit, Robinhood may not be the best choice for trading crypto for everyone. Why? Let me walk you through various aspects of buying bitcoin on Robinhood to help you understand whether you should buy BTC on this trading platform.
The major advantage of buying bitcoin and the other 6 cryptocurrencies on the Robinhood trading platform is that it charges a 0% trading fee on your trades. When you trade cryptos on other cryptocurrency trading platforms, you are required to pay a percentage or fixed amount of money on the trades you make.
An example will help you understand it better. Suppose, you are using the Coinbase platform for buying Bitcoin and other altcoins. In that case, you have to pay a trading fee of 1.49% on most crypto transactions. If you are buying US$500 worth of BTC, you are required to pay a commission of US$7.50 to the Coinbase platform. You have to pay this trading fee in addition to the markup or spread that you are paying over the current market price.
When it comes to Robinhood, you don’t have to pay this extra US$7.50 while you buy US$500 worth of BTC. Now, the question comes how does the trading platform survive as a business organization? The answer is simple. Robinhood doesn’t make money by charging trading fees from customers. Instead, it makes money from the spread between its current buy price and sell price. While other brokerages are caught up in charging trading fees, Robinhood helps you to lower your trading cost by eliminating the trading fees.
Another major advantage of trading cryptos on Robinhood is that it allows you to trade both stocks and cryptos on the same platform. This facility is not available on most cryptocurrency trading websites. Just consider an example. If you are using the Coinbase platform, you’ll be able to buy or sell bitcoin BTC or other cryptocurrencies only and not stocks. This means Robinhood helps you to keep all your investment portfolio in a single place.
The answer to this question depends on the question of why you are interested to purchase bitcoin BTC in the first place. If you’re buying BTC to send the crypto to your external wallet or to one of your friends then Robinhood is definitely not the best choice. In case, you are buying it to hold on to it for a certain period of time to make a profit from it when its price increases then this platform is definitely the best choice for you. If you want to trade cryptos at a lower cost and also want to keep all your stock and crypto investments in a single platform then Robinhood is the best choice for you.
If you are ready to invest in stocks and cryptos or buy Bitcoins through online brokerage accounts of centralized or decentralized cryptocurrency exchanges, you can do so in a legit way by investing through stock investing and cryptocurrency apps. You have to open an account with such an exchange or online broker (including trading apps and invest apps such as TD Ameritrade). Then verify your details (including basic personal information) and fund your stock or cryptocurrency and bitcoins trading account.
The best thing about the Bitcoin and crypto market is that the transactions are done without the involvement of banking entities. This is one of the reasons why more and more investors (including corporates, venture capitals, and institutional investors) are heavily investing in cryptos.
You can start depositing funds to your stock or crypto exchange account to buy company shares or cryptocurrencies. This can be done by simply connecting your online banking account (savings accounts, checking accounts, or other account types). Besides transferring fiat currency money online through bank transfer, you can make payments with other payment methods including credit cards, debit cards, and others.
If you need further assistance, you may consider taking help from the vibrant and helpful trading communities. You can trade cryptos with credit cards (business credit cards, personal ones, or citi custom cash cards), debit cards, or other payment options through reliable crypto trading web platforms.
You can also check the savings calculator to know how much you should save on a weekly, monthly, or yearly basis. Check the financial news to know more about the prospects of various assets so that you can build long term wealth.
In case you are bullish on the future prospects of gold, stock and ETF trading, crypto market, Bitcoin BTC, Ethereum ETH, Bitcoin Cash BCH, Litecoin LTC, Ethereum Classic ETC, Bitcoin SV, Wrap Bitcoin, and other altcoins, you can start investing in stocks, gold, Bitcoin, and other altcoins with USD. Once bought, transfer them to:
Hold them for a longer time period to let the Bitcoin BTC price increase. Keep your cryptocurrencies safe with:
Crypto market investing will provide you a higher return in the long run. The ROI from crypto investment is much more than investing in:
In fact, many retirement funds or IRA accounts such as Roth IRAs are allowing digital currency investors to purchase XRP, Bitcoin, Chainlink, and other digital assets. These retirement funds are increasing investor choice by allowing them to invest a small percentage of their money in cryptocurrencies. This is, in turn, increasing the prospects of these funds to provide their investors to get higher returns. If you are thinking about building wealth, you should include cryptos in your portfolio like other crypto investors.
Therefore, it can be concluded that holding Bitcoin Ethereum and other cryptos can help you to build real wealth and multiply your net worth. You can learn investing basics to buy crypto currency and other digital assets to make more gains. Start going through Wall Street Journal and other investing magazines on cryptos to learn more about investing in crypto market and make better financial decisions. Learn about valuation calculation to true bitcoin value and assess the overpriced or underpriced situations instantly.
As a beginners guide, you may also check out the trading basics provided by various cryptocurrency exchanges such as Coinbase, Binance, Kraken, and other crypto APIs. There are many brokers suitable for beginners as well. So, read reviews of customers before joining a crypto exchange. There are many brokers for beginners in the USA through which you can trade and invest extra cash and investible fund in fractional shares and stocks funds.
You should definitely learn about:
Defi tokens and NFTs (Non Fungible Tokens) are the next generations of crypto coins. These decentralized coins have started to become very popular among active traders who trade cryptocurrency. You can buy sell them through crypto trading platforms too.
Whether you buy Ethereum ETH or buy Dogecoin, you should also invest in:
To diversify your portfolio, you may also buy stocks through stock brokers for beginners and pro.
Get better guidance on improving your personal finance, retirement planning, management of cash flows or capital gains, and investment ideas from financial advisors, investment managers, and wealth managers, especially the ones who are not averse to cryptocurrencies such as Bitcoin and others.
While day trading, you should always try to invest only that much money which you can afford to lose. When you do margin trading, be very careful. Financial protection must be there in your mind always while you make cryptocurrency trades. That’s why having a secure financial plan is so important.
Invest money in stocks, gold, and other cryptocurrencies through centralized or decentralized exchanges and reliable online brokers.
Trading Robots (such as NapBots.com) automatically scans the market in real-time and trades for you. They run 24/7, which means that you can keep earning your passive income even when you are sleeping. This gives you an edge over other investors as it enables the bot to book profits on your behalf when other investors are sleeping.
Smart crypto investors always remain prepared to get the best of a big market move. They don’t wake up suddenly. To remain alert round the clock, they use cryptocurrency trading bots so that they don’t miss any big market movement.
NapBots.com is a Trading Bot, cloud-based platform, on which you can connect to major exchanges such as Binance, Bitmex, Bitfinex, OKEX, Kraken, Bitstamp, and Bitpanda.
The best thing about the Napbots trading software is that you don’t have to monitor charts and candles to predict your next move. Any novice trader with zero skills can also start trading like a pro and earn money with this unique trading tool. Let Napbots take full control over your trades in just a few clicks. Now, sit back and enjoy earning money.
You may also check “Napbots Review - Simple Way To Increase Your Crypto Returns” before taking the plunge.
NapBots crypto trading software is special because it comes with:
NapBots is easy to start with. It involves just 3 steps:
Step #1: Connect to one of the available trust exchanges.
Step #2: Select from the unique list of performing Bots of NapBots
Step #3: Choose a plan that suits your investment style
Once you have completed these three steps, NapBots is ready to trade cryptos and earn money for you. Happy Trading!