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Robinhood Crypto Review - USA (2022)

Summary: Robinhood Crypto is the perfect cryptocurrency exchange platform for beginner investors in the United States. If you are looking to trade over US$10,000 in volume, we recommend a real digital asset trading platform like Coinbase.

Tanya Chen

Editor at Buy Bitcoin Finder

Robinhood Crypto Review

Robinhood was founded in 2015 as a commission free stock trading platform, a revolutionary idea at the time. Ever since its launch in 2015 the company has become the sweetheart of the stock market, with millions of users that have invested billions in stocks through the app. The app has been so transformational that it has brought experienced as well as novice traders to the platform.

Quite recently the Gamestop short squeeze saga brought quite a lot of bad press for the company, whose actions led to a lot of people losing money on their trades. However, even though it was surrounded by controversy it has still gained a lot of popularity. A very big reason for its astronomical popularity in the past years is because of the fact that it now allows cryptocurrencies to be traded on the app too. Since 2018 Robinhood customers can trade Bitcoin and Ethereum on the platform, along with other cryptocurrencies. 

This review is mainly focused on the cryptocurrency trading platform created within the robinhood ecosystem of trading. This will help newcomers to make a better decision about their brokerage effectively.

Pros Cons
Image Secure and regulated trading platform in the USA Image You cannot withdraw crypto from their platform
Image No trading fees or commissions Image Spreads are wide, meaning prices are higher when you buy.
Image Easy to use iOS/Android app Image Limited selection of cryptocurrencies
Image Robinhood sells customer data to hedge funds

Robinhood Crypto Fees

Robinhood’s claim to fame has always been its zero fee model, it is a well known fact that Robinhood doesn’t charge any fees on its stock trades and ETFs however, it has been pointed out by many people about the fee clause in the Crypto User Agreement of Robinhood. Where the agreement says that any fees by the intermediaries will be passed to the user. That means that the fees of the Bitcoin and Ethereum network are charged as it is. 

Once you sign up for Robinhood you can start trading from the get go, you would only be able to trade cryptos worth $1,000 initially. Adding more money to your account is an option only for accounts that have already completed the normal settlement. The funds would be on hold until the settlement is completed. 

You can increase the limit of your account by subscribing to a Gold Account, the Gold account offers multiple tiers of limits for instant deposits. The fee for a Gold account is almost $5 for one month.

User Interface

Robinhood is one of the most user friendly applications for stock trading on mobile platforms.  The key to Robinhood success has always been its simplicity and the ease of use it provides to its customers. Signing up on the app is very simple, however, because of KYC requirements you have to give your address as well as verification of your identity. 

The Robinhood Crypto platform has a few cryptocurrencies available which include:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Dogecoin (DOGE)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Bitcoin SV (BSV)

Is Robinhood Crypto Safe?

Cryptocurrency trading has been a completely different department in the Robinhood app, it is also a completely different entity that takes care of the trades Robinhood Crypto owned and operated by Robinhood Markets LLC. Unlike its parent and sister companies Robinhood Crypto is not registered with the Financial Industry Regulatory Authority and does not come under the same legal framework. Thus from this perspective it is not one of the safest exchanges out there. 

Another aspect of Robinhood’s work is that it holds the crypto in a mix of hot and cold wallets, which makes it safe from hacks and other attacks that might compromise customers' cryptocurrency. Only a certain amount is held in hot wallets to facilitate the day to day operations, otherwise most crypto is in hot wallets. 

You can also securely deposit funds to Robinhood from any major bank account in the United States including PNC Bank and Citibank.


The application also has an insurance policy against crime, that protects your investment in case of theft or loss of the crypto in case of hacks. Even if you lose your crypto you are covered by the policy. 

Customer Service

The biggest investors on Robinhood are first time novice investors, who have not been trading for long. For such investors the platform is one of the best out there. It has a complete resource of learning infrastructure that can help them study effectively and become good crypto traders so that they don’t lose a lot of money. 

There’s also much information given you at every point at the start, and moving on you can always use the search function within the app that lets you find solutions to problems and see answers to already asked questions. You can also email customer service representatives of the company that are there to help you in every step along the way.

Final Verdict

Even though the crypto world has been criticizing Robinhood a lot due to its role in the Gamestop saga - it is still one of the most popular destinations for first time crypto buyers in the US.

For professional crypto buyers and holders it might not be the best option. However, if someone is transitioning from the stock market to the crypto market, it is the best option, as it offers the same familiarity to you. All in all good for first time buyers, not good for professional crypto traders or enthusiasts.  

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