This app supports buying cryptocurrencies, stocks, ETFs and options.
To invest or trade cryptocurrencies, you must first open an account with one of the many online exchanges. Robin Hood is one of them and is popular. This US-based platform is best known for its stock trading app, which years ago introduced the concept of free trade that most others believe in. Later, when the creep boom hit the world, it also started offering its services to those interested in the emerging industry. Robin Hood is a beginner’s favorite because of its easy-to-use interface.
What other factors determine the value of Robin Hood? And if so, what are the drawbacks?
1. Unlike many other similar platforms, Robin Hood does not offer commission transactions. This basically means that investors don’t have to pay a fee to the platform to complete a transaction. For example, some of the top cryptocurrency trading apps charge up to 1.5% transaction fees for most transactions. If you want to buy 1000 rupees worth of bitcoin, you have to pay 15 rupees as commission. However, Robin Hood charges variable costs for order flow.
2. Follow the two-step verification process from a security perspective. Robin Hood offers refrigeration equipment as well as insurance against cryptographic platform breaches.
3. Robin Hood is an intuitive application. So that the user interface does not interfere with the user. The user interface is easy to use and shows the most common functions in a single menu rather than being pinned across multiple menus with a strict hierarchy.
4. The app supports buying cryptocurrencies, stocks, ETFs and options. In other words, it is an application and has many advantages.
1. The biggest downside of using the Robinhood app to trade cryptocurrencies is that you can only buy, hold and sell cryptocurrencies. Bitcoins cannot be sent to other cryptocurrency wallets, used for real purchases, or received by others.
2. Robin Hood manages a limited number of cryptocurrencies. There are currently seven, including top charts like Bitcoin, Ethereum, and Dogecoin. If you decide to diversify your crypto portfolio, you only have seven options.
3. Also, this app is only available for US based users.