Crypto Coach: How to Buy Cryptocurrency with Robinhood

One of my readers asked me the following question: “Instead of downloading and configuring an app encryption Custom, can you explain how to do this with brokerage apps like Robinhood and WeBull? I think I will be more inclined to invest and trade encryption If I have a central platform. »

I will dedicate this column to how to buy cryptocurrency on Robinhood. If you are not familiar with Robinhood, you can sign up for it on your computer or download the mobile app from the platform. iOS where robot.

After following Robinhood’s Know Your Customer (KYC) registration instructions, you can link your bank account and start buying cryptocurrency. Since all of this is done through a centralized exchange (CEX), your transactions will be sent to you at the end of the year for tax purposes.

Currently, you can buy and trade the following cryptocurrencies on Robinhood:

Additionally, you can get real-time market data on the following coins:

In fact, while writing this article, I received an email that the following coins are now supported by the Robinhood platform.

Also, Robinhood recently introduced cryptocurrency wallets. Prior to this introduction, you could just buy and hold cryptocurrencies on their platform. You cannot purchase and transfer to hot or cold storage elsewhere. They have now introduced the ability to move assets from their platform and into hot or cold external wallets. This is a much appreciated feature as many users have felt blocked. There is a saying in encryption Not your keys, not your encryption. He was a great example. Not anymore.

Now let’s buy our first cryptocurrency with Robinhood. They don’t charge a fee, which is one side in their favour. If you are also someone who loves centralized platforms for buying cryptocurrency, then this solution should suit you.

Let’s start by opening the Robinhood app and going to Crypto.

Next, we’ll show you how to buy your first cryptocurrency on Robinhood… in just six steps:

it’s done ! You have successfully purchased Ethereum on Robinhood. I made a quick video to show you how to do it, as well as give you an overview of the platform.

Let me know what you think of buying cryptocurrency with Robinhood.

glossary of terms

exchange your suit Central Exchange (CEX): A cryptocurrency trading platform where digital assets can be safely exchanged between buyers and sellers. In addition, CEXs act as a liquidity provider for the tokens that support them. Transactions made on the CEX are recorded in the respective blockchain that powers the specific digital asset being traded.

Decentralized Exchange (DEX): A cryptocurrency exchange platform that allows traders to trade directly from their own cryptocurrency wallets. See also: Solana Price Prediction: Is SOL Still a Good Investment Today?. DEX does not act as an intermediary like CEX, nor does it control private keys, but rather uses smart contracts to facilitate peer-to-peer exchanges.

Know Your Customer (KYC): The verification process used to confirm personal identity and other information such as a user’s financial data. KYC is a regulatory process to verify the identity and other information of a user of financial services.

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