Cryptocurrency continues to rise in popularity. With a vast number of cryptocurrency apps to choose from, many are left confused about which is best.
For most investors, convenience is one of the top factors when choosing among trading apps. Unfortunately, many of the crypto apps that are available offer the ability to trade crypto only. Thus, if you want to see all of your investments in one place, then you would have to have multiple trading apps.
Robinhood has sought to minimize this nuisance by offering traders a location to trade both crypto and regular stocks and ETFs. However, in the past, all crypto holdings were actually held by Robinhood Crypto, LLC.
While this is still an option, Robinhood has recently just announced their latest feature: crypto wallets. In this article, we are going to provide a quick summary of the new Robinhood crypto wallet. But first, let's quickly review Robinhood.
Robinhood, launched in 2013, is a sleek trading app that features commission free trades and a vast number of features. Before 2013, trading stocks and ETFs often came with hefty commissions and fees. Robinhood's mission was to democratize investing and allow everyone an opportunity.
With that mission came commission free trades and fractional shares. In addition to these two features, Robinhood investors also have access to options trading, cryptocurrency, margin, IPO investing, and more.
Currently, Robinhood offers investors the ability to trade the following cryptocurrencies: Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin SV, Bitcoin Cash, and Ethereum Classic.
Be sure to check out our full review on Robinhood to learn more!
Before, the process to transfer crypto into or out of Robinhood required selling your position, transferring funds back into your bank account, and finally transferring those funds either into Robinhood or the trading app of your choice.
Clearly, this was a cumbersome process.
Robinhood crypto wallets will allow investors to move their crypto in or out of Robinhood with a few simple taps. With a wallet, it is easy to send your crypto to other wallet addresses and receive supported cryptocurrencies into your Robinhood account. The beauty of this is that you will be able to consolidate your coins into one account so it’s easier to track your portfolio. In Robinhood, you will also experience commission free trades on crypto!
Robinhood is also making additional efforts in regards to safety and simplicity. The wallet has been designed to be intuitive, with security features such as identity verification, multi-factor authentication, and email and phone verification to keep coins safe from hacks and other threats.
You can currently request to join the waitlist to test out this new feature first!
With a wide array of new trading apps, managing your portfolio is becoming ever more difficult. With the new Robinhood crypto wallet, you will now be able to easily manage your crypto holdings with the rest of your investments.
Be sure to check out the new wallet in the Robinhood app and join the waitlist!