How to Buy Crypto on Robinhood [Beginner-Friendly Guide]

Robinhood is a popular investing platform for new investors. Not only does it allow users to purchase stock options, but also cryptocurrency within the same app. With the popularity of cryptocurrency on the rise, many new investors are entering the space and want to know how to buy crypto on Robinhood. Thankfully, the process is straightforward and we will walk you through how to do it in this step-by-step guide.

How to Buy Crypto On Robinhood Step-by-Step

Buying cryptocurrency on Robinhood is simple. Below we will cover the steps you’ll need to take to , Ethereum, and more.

Step 1: Download the App and Create a Robinhood Account

The first thing you will want to do is create a Robinhood account. If you use our exclusive link below you will get a free stock worth up to $200.

Robinhood offers a user-friendly mobile app and the desktop application isn’t too bad either. What we like about Robinhood is that they don’t charge any hidden fees – deposits and withdrawals are free. 

Go through the signup steps to finalize your account. You’ll be asked for identifying information such as your full name, address, social security number, and email.

Step 2: Connect Your Bank Account

In order to begin buying cryptocurrency, you’ll need to connect your bank account to initiate a deposit. Initially, you can deposit $1,000. However, you can sign up for a Robinhood Gold Membership which will increase your deposit limits.

Once you connect your bank account and fund your account, you’re ready to start buying crypto.

Step 3: Purchase Desired Cryptocurrency on Robinhood

After you fund your account with fiat currency (ex. USD), you’re ready to buy cryptocurrency. Simply search for the cryptocurrency you’d like to buy in the search bar of the Robinhood app.

Once you search for a cryptocurrency and click on it, you’ll have the option to “Buy.” Click on the Buy button and type in how much USD you’d like to use to purchase the crypto. Once you’ve typed in your investment, click on “Review.”

You will see how much amount that you typed in. Swipe up to complete your order.

Step 4 (Optional): Set Up Recurring Investments

A best practice for successful investors is to consistently invest in the market. This allows you to do what’s called dollar-cost-averaging. This allows you to not have to time the market, but instead, invest a set amount of money each week or day. A study showed that over the past 5 years, buying Bitcoin every week performed much better than trying to time the market 82% of the time – that’s huge!

To set up a recurring investment, simply click on “Buy” on your desired crypto and click on the top right corner where it says “USD.” This will take you to a page where you can set up a “Recurring Investment.” You’ll be asked to choose how often you’d like to invest (every day, week, every 2 weeks, or every month). Click on “Continue” and choose your payment method to get set up.

How to Sell Crypto on Robinhood

Selling crypto on Robinhood is as easy as purchasing. Follow the steps below to learn how to sell your crypto and get back USD.

Step 1: Search for the Crypto To Sell

You can scroll down on the homepage of the app to see the cryptocurrencies you have available to sell, or search for the crypto you want to sell in the search bar. 

Step 2: Sell Your Crypto for USD

Once you’ve searched and clicked on the crypto you’d like to sell on Robinhood, you will see a green “Sell” button. If you do not see this button, you most likely do not hold any of this cryptocurrency. Click on “Sell” and type in how much crypto (in USD) you’d like to sell-off. 

Step 3: Transfer USD to Bank Account

Now you may want to move your USD into your bank account. To do this, simply click on the person icon on the lower right hand of the app. From there, click on “Transfers.” You will see an option called “Move Money.” You will be moving cash from your Robinhood account into your bank account. Choose “Robinhood” as your “From” account and your bank account as your “To” account. Type in the cash you’d like to transfer and click on “Review.” It’s as easy as that!

The Bottom Line

This article has covered how to buy crypto on Robinhood. The app is a really popular choice due to its $0 fees and ease of use for new investors. New users can trade crypto and stocks in one platform, which makes it ideal for those looking to dip their toes in the crypto space. What is your favorite or least favorite thing about Robinhood? Let us know in the comments!

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