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Crypto Trading Robinhood Review USA 2021

Investing and trading in cryptocurrencies is something a lot of people are interested in but often feels intimidating when starting off. If only all of those people knew about Robinhood, a platform which systematically takes apart everything that’s difficult about trading and leaves you with an astoundingly easy to use set of apps, tools and advice to help you on your way.

There’s no extra commissions, no extra fees, no extra fluff. It’s clear their aim is to get rid of anything which may put someone off getting involved in cryptocurrencies. As you’ll see in our Robinhood review, it’s something we think they’ve largely achieved.

robinhood review usa
Pros & Cons of Robinhood
  • Incredibly intuitive apps
  • No unnecessary fees or commissions
  • Available on iOS, Android and desktop
  • Great educational help from Robinhood
  • Available in majority of American states
  • Few research resources available

Security, Usability, Look & Feel - An intuitive crypto trading platform

One of Robinhood’s key selling points is its useability. We may as well start this part of our Robinhood review USA by stating that they’re available via web, Android and iOS options, and each of them is as brilliantly intuitive as the last. Everything from buying and trading Robinhood cryptocurrency to simply learning more about trading is made as easy as you could imagine.

80/100
Rating
Robinhood Highlights
  • Great platform for novice crypto traders
  • Excellent trading app for mobile
  • No unnecessary or extortionate fees
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This does come at the expense of some more complicated tools and details, but in terms of pulling off a trading platform that’s accessible to most people, it’s a triumph. This is helped by the fact that it’s dynamite from a design perspective: bright, easy to understand, efficient, and technically seamless in our experience.

They have had the odd technical problem in the past, including a major outage in March 2020. But generally speaking, the responses, loading times and general technical prowess of the site is something to behold. This is especially impressive considering it recorded average revenue trades of 4.3 million in June of the same year.

How To Trade – Our Robinhood trading tips

Ease of use is once again key to the experience at Robinhood, and nothing exemplifies this as well as the process of actually trading Robinhood crypto. Before we go into how to buy, some prerequisites first. This is a US-based site. On top of that, you’ll need to be from one of the states listed above. You must be 18 or older, have a valid social security number and be a legal resident.

You should have already got the app and deposited funds based on the instructions we gave previously. Your device will also need to be able to accept whatever app you choose. There’s full info on the site but almost any modern mobile phone or desktop should work perfectly fine as the scope of options is broad. At this point, you’re ready to get started on crypto trading.

All you do is head on over to the cryptocurrency detail page, go on ‘Trade’, ‘Buy’ and tell them what order type you would prefer. Confirm your order and, in a similar manner to the deposit system, swipe up to confirm that order. This is based on the mobile app, so will differ slightly on desktop, but not by much.

Selling is just as easy too. It’s essentially the exact same process in reverse, but instead of tapping ‘Buy’, you tap ‘Sell’ and repeat the process. In a nutshell, that’s how buying and selling on Robinhood works. We told you it was simple.

Company
CompanyRobinhood Financial LLC
Headquarter85 Willow Road ,CA 94025 Menlo Park ,USA
Year of Founding2013
CEOVladimir Tenev
Web Siterobinhood.com
Available LanguagesEnglish
Customer SupportEmail Support
Email[email protected]
Phone+1 650-940-2700
Licence
FINRA - U.S. Financial Industry Regulatory Authority
Verified by-
Payment Methods
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Payments - What are the options at Robinhood?

Like pretty much everything else in this Robinhood crypto review, we’re happy to say that payment methods are made as easy as possible. Simply link to a bank account – much in the same way you would with countless other sites – and from here, you just enter the amount you want to deposit. In the case of the mobile app, you literally just need to swipe up to add those funds.

It’s important to note too that there’s synchronicity in this, and many other regards, when it comes to the Robinhood crypto experience. The only practical difference appears to be that the browser requires a few extra buttons: you need to go on Account and Banking and hit ‘Submit’. But, if you’ve ever deposited funds online, you’ll know how things work here.

The process of using those funds is very similar and just as simple, as is the withdrawal process. It’s virtually the same thing in reverse. You go onto your account, tell them how much you want and it’s just another click. There’s nothing in terms of extra hoops to jump through. That consistency really helps here in terms of useability. It’s top marks from us.

Customer Service - Email and Twitter options only

As we’ve discussed earlier in this Robinhood crypto review, this is a site which explains itself beautifully. Quite often on Robinhood review USA customer service sections, they’ve gone right to the contact options. However, that may not be necessary. Absolutely everything here, from the ease of use to its extensive Help and educational sections, is built so you can understand everything without needing to talk to anyone.

We would say for the most part, they do a fantastic job. We’d argue there’s no one better when it comes to ease of use, although they have many great contenders in so many other respects, with the likes of Tradestation crypto, Sofi crypto and Forex.com crypto springing to mind. Few provide this side of customer service as well.

However, if you do need to contact Robinhood, your options are fairly limited we’re afraid. Email and Twitter are your options, with the latter appearing to provide the best results in terms of speed. It’s disappointing but is understandable considering the lack of fees to pay for such service, as well as all the pre-contact help they provide.

License & Security - Top-notch security measures

Of course, none of this matters if they’re not safe. Well, you’ll be pleased to know they’re a member of both FINRA and SIPC: two key regulatory bodies on finance, meaning they must operate via a strict set of rules and regulations. In addition, they utilise encryption to keep your data safe. Your password is never stored in plain text, all applications communicate securely using state-of-the-art transport layer security and you can even access the mobile app using innovations like TouchID, a customer PIN code, FaceID and two-factor authentication.

FINRA - U.S. Financial Industry Regulatory Authority

Everything works as it should, and importantly, all those features are consistent across the different Robinhood apps. A lot of people are interested in cryptocurrencies generally for security purposes so it’s great to see that element of trading get so much attention here. The only downside of this was that Robinhood was hacked in late 2020. This is always a huge shame, however, it was apparently an outside breach based on email accounts, so they cannot be judged too harshly for this incident.

Reputation and Customer Feedback – What do people think of Robinhood?

Any kind of security issue, even if it’s due to reasons far outside of Robinhood’s control, reflects badly on their reputation. But, aside from the unfortunate incident mentioned above – which once again, was down to personal email accounts – the reputation of Robinhood is absolutely world-class.

They’re rated overwhelmingly highly by critics and customers alike, and you can just head on over to the App Store reviews for proof of that. It’s some of the most positive feedback we’ve come across in all our time analysing cryptocurrency brokers.

Robinhood Crypto

Cryptocurrencies - What can you trade at Robinhood?

Obviously, the ability to buy, own and trade Robinhood crypto is a vital part of this Robinhood review. First things first, you can indeed enjoy cryptocurrency trading with Robinhood. Considering so many people want to get involved in this financial world but may be intimidated by the technical side of things, a user-friendly Robinhood crypto trading option has a hugely important part to play in this market. For example, being commission-free and having no deposit minimum for standard accounts means it’s serious competition to other world-class options like eToro crypto trading and TD Ameritrade crypto.

80/100
Rating
Robinhood Highlights
  • Great platform for novice crypto traders
  • Excellent trading app for mobile
  • No unnecessary or extortionate fees
-

It’s versatile too, with options including Bitcoin, Bitcoin Cash, Bitcoin SV, Neo, Ripple, Dogecoin, Ethereum, Litecoin, Monero, Zcash and more. And these are available across an ever-expanding list of states for our Robinhood crypto USA review – all the way from Alabama to Wyoming with plenty in between.

Not only that, but trading is available around the clock, 24/7. The site even goes above and beyond in helping you understand their very intuitive platform. There’s guides on limit orders, market orders, order size lists, how to use your watchlist, estimated buy and sell prices and more. Vitally, they explain the core concepts of Bitcoin too. Versatile, generous and easy to use: knowing how to trade crypto on Robinhood couldn’t be made easier.

Fees - Are there any Robinhood fees involved?

Many of you coming into this Robinhood review 2021 will be well aware of the reputation of Robinhood in this regard. Indeed, the elimination of both commission fees and fees is one of their top selling points. They don’t charge you to open an account, you don’t need to put anything in to maintain an account and it costs nothing to transfer funds.

There are certain fees which may be beyond their control, though. They state, for instance, that FINRA may charge them a fairly unsubstantial fee for sell orders. To put it simply, if it’s in the control of Robinhood crypto USA, they don’t charge for it. You can get total details of the fee schedule on their site, but that’s the jist of it, and it’s remarkably generous.

You may be beginning to see why Robinhood might just be the ideal choice for more casual traders. But before you pigeonhole Robinhood crypto trading, there’s the Robinhood Gold option. This gives you access to premier features, research and market data and gives you instant transfers up to your portfolio value beginning at $5,000 up to $50,000. You can try it for free and even after that, it costs a mere $5.

Jurisdictions and Limits - Most US states available

With regards to jurisdictions, we already touched on this earlier in our Robinhood review. The list of available states for Robinhood can be viewed on the site. Rest assured though that the overwhelming majority of US states are eligible, so not too much in terms of limits for Robinhood Bitcoin trading.

80/100
Rating
Robinhood Highlights
  • Great platform for novice crypto traders
  • Excellent trading app for mobile
  • No unnecessary or extortionate fees
-

Another key limitation is the $1,000 limit for Basic accounts, but of course, that’s what the Gold option is for. Additionally, there are other options with more tools and features out there, but that’s more of a design and audience choice than an objective flaw.

Other Trading - What else can you trade at Robinhood?

While it might be the core interest of this Robinhood review 2021, we assure you there’s plenty more investments which can be made than your basic Robinhood Bitcoin, or even Robinhood cryptocurrency selection. In fact, there’s over 5,000 stocks available, and if you were interested in Robinhood crypto USA options, then you may also be interested to learn that this includes most U.S Equities, as well as ETFs (exchange traded funds).

That’s right, you can trade crypto on Robinhood while also investing in US Exchange-Listed Stocks, ETFS, ADRs for over 650 globally listed companies and opinion contracts for U.S Exchange listed stocks and ETFs. Certain stocks that trade on Canadian and Israel exchanges are also included.

It’s not perfect: things like Chinese securities, mutual funds, foreign domiciled stocks and select OTC equities, for instance, are not included. But still, considering the quality of the platform – which we’ll discuss shortly – and its commission-free stance (this doesn’t include things like wire transfer or paper statement fees that may apply) it’s a pretty incredible line up of options.

They even have different levels so that what you invest in – and this is appropriate for all kinds of trading – is tailored to be at your level of experience. Put it this way, for beginner investors, there’s more than enough available here, while still having the flexibility for more advanced options, especially when it comes to their Gold option.

80/100
Rating
Robinhood Highlights
  • Great platform for novice crypto traders
  • Excellent trading app for mobile
  • No unnecessary or extortionate fees
-

Robinhood CFD

Overall Conclusion - Great for novice crypto traders

If you’re looking to trade crypto on Robinhood, but aren’t sure if it’s the right choice for you, consider what kind of trader you are. More specifically, are you just getting started in the world of cryptocurrency trading? Because if so, there are few better options than this.

Accessibility is their bread and butter and they service that market as well as we think any option conceivably could. It’s not just ease of use: the lack of fees and no minimum deposit goes further to strip away all the concerns a newcomer could have. There’s even greater versatility in the form of their Gold option.

That said, this focus on useability does mean some sacrifices have to be made in terms of some tools and details. It’s the tradeoff you make when making things simple. This means Robinhood won’t be right for everyone, especially if you want every possible option available to you. However, they cast a broad net, and we think there’s a lot of people that Robinhood crypto will be perfect for.

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