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 crypto, 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 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 15 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin SV, Bitcoin Cash, and Ethereum Classic. And what's better, these trades can be done commission free just like stocks.
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 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 allows 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.
When the wallet was first announced, signing up required a waitlist. But earlier in 2022, all eligible members on the waitlist received access. Unfortunately, customers in Hawaii, Nevada, and New York are not able to gain access to the wallet due to local regulations.
For those in other states, signing up is quick and easy! Let's take a look at setting up your new wallet.
If you already have a Robinhood account, then signing up for a crypto wallet is easy. The steps to do so are below.
If you do not yet have a Robinhood account, then you can sign up here! Signing up with our link will earn you free stocks! In order to create an account, you need to be at least 18 years old and be a citizen or permanent resident of the United States.
This entire process can be completed in a matter of minutes. Be sure that the photo of your ID is clear - this will ensure a quick setup.
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.
And the best part is there are no commissions! Other crypto trading platforms charge high fees for each and every trade. With Robinhood, your money will go a bit further!
Be sure to check out the new wallet in the Robinhood app!
