Robinhood Crypto Now Lets You Trade Litecoin and Bitcoin Cash

Quick Tips - Robinhood Crypto Now Lets You Trade Litecoin and Bitcoin Cash

Robinhood Crypto Now Lets You Trade Litecoin and Bitcoin Cash

Earlier this year, the fee-free stock trading app Robinhood announced it was getting into the world of cryptocurrency. Robinhood Crypto started rolling out to users in certain states with the ability to buy and sell both Bitcoin and Ethereum while also being able to monitor the price of other coins via your watchlist. In promoting its new offering, the app also said that it was working to make other currencies available for trading as well. Now, just a few months later, Robinhood is making good on that promise by adding Litecoin and Bitcoin Cash to their platform.

First, if you’re new to cryptocurrency,  Bitcoin Cash (BCH) is actually a separate coin from the more well-known Bitcoin (BTC) and was formed as the result of a “hard fork” of the latter. Although it may be no match for its parent coin at the moment, Bitcoin Cash still boasts the fourth largest market cap of any cryptocurrency. Meanwhile Litecoin currently comes in sixth place on that list behind EOS.

Getting back to Robinhood, what’s great about their Robinhood Crypto feature is that the app doesn’t charge any fees to buy or sell currency. Additionally, the app allows you to place limit orders where you set the price you’re willing to pay and have Robinhood make the trade if your terms are met. Since converting tiny fractions of a Bitcoin can also be confusing, Robinhood Crypto also makes it easy to ensure you’re purchasing the amount you want by displaying your position in U.S. dollars.

With that said, there is currently one sizeable downside to Robinhood Crypto. As of right now, Robinhood doesn’t offer the ability to transfer your coins to another crypto wallet nor can you receive coins to your Robinhood account. Instead, your only option for taking your money off of the app is to sell your crypto positions for fiat currency. This is a problem Robinhood says it’s working to fix, but this may be a dealbreaker for some.

Overall, it’s exciting to see Robinhood Crypto and, in turn, Robinhood itself expanding. As I’ve said before, I’ve really enjoyed using the app to test the water of investing,  including owning a few dollars worth of Bitcoin and Ethereum. While I’m personally not in any rush to expand my cryptocurrency position, I do appreciate the extra investment options that Robinhood is bringing to the table. With that,  hopefully this is just the first of many upgrades to come to the platform —  with crypto transfers not too far behind.

Author

Kyle Burbank

Kyle is a freelance writer and author whose first book, "The E-Ticket Life" is now available on Amazon. In addition to his weekly "Money at 30" column on Dyer News, he is also the editorial director and a writer for the Disney fan site LaughingPlace.com and the founder of Money@30.com.

Other Articles by Kyle Burbank

With Summer Ending, Leave a Buffer in Your Budget

Summer may not be over just yet but, thankfully, the end is now in sight. For many areas, this year was a scorcher, with multiple rounds of sustained heat waves testing your endurance and your air conditioner. Speaking of A/C, with the constant need to pump cool air in your...

Countdown to #FinCon18: 7 Ways I'm Preparing for This Year's Event

It's happening — in just six weeks, I'll be attending my first ever FinCon expo! Held in sunny Orlando, Florida this time around, the event will take place September 26th through the 29th, with passes still available. With so many of the personal finance bloggers I read and look up...

I've Been Wasting Money on Toothpaste — Have You?

Ever since I was placed in the "gifted" class in elementary school, I've liked to pretend that I was at least a bit smarter than the average bear. And yet, every few years, something occurs that smashes my premise and shows me how dumb I really am — like when...

Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *