Robinhood Crypto Now Lets You Trade Litecoin and Bitcoin Cash

Bitcoin Cash and Litecoin logosEarlier 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

woman holding Starbucks and a cell phone

BofA Customers Can Now Earn Bonus Cashback at Starbucks

Sometimes I come across a story and just know that it's perfect for my weekly Quick Tip. That's exactly what happened when I saw that Starbucks was teaming up with Bank of America for a new partnership. Initially, I assumed that this was just a new Starbucks Rewards credit card...
view from outside of Walt Disney World Dolphin Hotel

Travel Tuesday: Walt Disney World Dolphin Hotel Review

Something funny about me is that, despite being a huge Disney fan who knows the parks like the back of my hand, I can count the number of times I've stayed on Walt Disney World property on just a few fingers. But, while continuing our Florida trip that saw us...
Yale Assure Lock 2 and app

A Quick Yale Assure Lock 2 Touch Review - Is it Worth the Cost?

Back in October, when it became clear that we were nearing our first home purchase, I highlighted three purchases we were making as soon as we closed on the house. One of those items was locks — including the possibility of purchasing a smart lock. Well, sure enough, we decided...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get Posts in Your Inbox
Featured Articles
woman holding Starbucks and a cell phone

BofA Customers Can Now Earn Bonus Cashback at Starbucks

Sometimes I come across a story and just know that it's perfect for my weekly Quick Tip. That's exactly what happened when I saw that Starbucks was teaming up with Bank of America for a new partnership. Initially, I assumed that this was just a new Starbucks Rewards credit card...
view from outside of Walt Disney World Dolphin Hotel

Travel Tuesday: Walt Disney World Dolphin Hotel Review

Something funny about me is that, despite being a huge Disney fan who knows the parks like the back of my hand, I can count the number of times I've stayed on Walt Disney World property on just a few fingers. But, while continuing our Florida trip that saw us...
Yale Assure Lock 2 and app

A Quick Yale Assure Lock 2 Touch Review - Is it Worth the Cost?

Back in October, when it became clear that we were nearing our first home purchase, I highlighted three purchases we were making as soon as we closed on the house. One of those items was locks — including the possibility of purchasing a smart lock. Well, sure enough, we decided...
Adobe Creative Cloud logo

How I Instantly Saved Money on My Adobe Subscription

It was nearly one year ago that I shared how I was putting several of my subscriptions on the chopping block and making other efforts to save money each month. As part of that push, I explored the idea of using other video and audio editing platforms so that I...