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Robinhood Crypto Review

Last Updated on June 7, 2024

James Headshot
Written by
Adam Headshot
Edited by
Robinhood Crypto logo
2.82
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit Robinhood Crypto

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

The Robinhood crypto exchange is a user-friendly platform offering commission-free cryptocurrency trading. The service targets both newcomers and seasoned traders but lacks advanced trading features.

The company has faced criticisms for platform outages and higher price spreads. However, the platform prioritizes security and employs two-factor authentication and cold storage for digital assets.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • User-friendly interface
  • Commission-free trades
  • Instant access to funds up to $1,000
  • No minimum account balance required
  • Access to both crypto and stock trading within the same platform

Cons

  • Limited selection of cryptocurrencies
  • No wallet functionality; cannot transfer crypto assets to external wallets
  • Lack of advanced trading features
  • No support for margin trading
  • Potential for platform outages during high-volume periods

Quick Summary

Headquarters Location Menlo Park, California, USA
Fiat Currencies Supported USD
Total Supported Cryptocurrencies 15+
Trading Fees 0%
Deposit Methods Bank Transfer, Debit Card, Cryptocurrency
Support Twitter, Live Chat, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

Robinhood offers a platform for cryptocurrency trading without fees. It is designed to be user-friendly and allows individuals of different levels of expertise to access the crypto markets.

Robinhood Crypto homepage

Robinhood’s reach extends beyond the U.S. borders thanks to its European arm, Robinhood Europe UAB, in Lithuania. It provides services for eligible customers within EU member states and operates under strict supervision by Lithuania’s Financial Crime Investigation Service (affiliated with their Ministry of Interior).

Polish cryptocurrency fans will find they aren’t left out because Robinhood has secured registration as a virtual assets service provider in Poland. Therefore, if you’re trading cryptos from America or across various European locations, rest assured that you’re covered by Robinhood’s extensive network.

About Robinhood Crypto

Founded in 2013 by Vladimir Tenev and Baiju Bhatt, Robinhood has made remarkable progress over time. The exchange gives people access to financial markets and stands out from other exchanges by offering free cryptocurrency trading.

On the Robinhood platform, cryptocurrencies are viewed as digital assets with value that can be traded. Its user interface is straightforward and designed with simplicity in mind, attracting investors who are just starting out and those with more crypto trading experience.

Robinhood Crypto features

Robinhood Crypto has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, TikTok and YouTube.

Robinhood Crypto has a mobile app on both the Apple App Store and Google Play.

Robinhood Crypto Supported Cryptocurrencies

Robinhood Crypto supports trading on over 15 cryptocurrencies on their platform. This exchange currently supports 11 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • USDC (USDC)
  • XRP (XRP)
  • Dogecoin (DOGE)
  • Toncoin (TON)
  • Cardano (ADA)
  • Shiba Inu (SHIB)
  • Avalanche (AVAX)
  • TRON (TRX)
  • Polkadot (DOT)
  • Chainlink (LINK)
  • Bitcoin Cash (BCH)
  • Uniswap (UNI)
  • NEAR Protocol (NEAR)
  • Polygon (MATIC)
  • Litecoin (LTC)
  • UNUS SED LEO (LEO)
  • Dai (DAI)
  • Pepe (PEPE)
  • Internet Computer (ICP)
  • Ethereum Classic (ETC)
  • Kaspa (KAS)
  • Aptos (APT)
  • Monero (XMR)
  • Render (RNDR)
  • Hedera (HBAR)

Download full list of cryptocurrencies Robinhood Crypto supports

Robinhood provides a platform for trading in digital assets, featuring well-known options such as Bitcoin and Ethereum. While it may not have the extensive range of cryptocurrencies on other crypto exchanges like Coinbase, Robinhood still carries many top-traded digital currencies.

Unlike other platforms, Robinhood doesn’t support direct trading between cryptocurrencies. So, users cannot swap one type of cryptocurrency for another directly in its system.

Trading Experience

Robinhood’s popularity lies in the simplicity of its interface when trading crypto, which caters to mobile and web-based users. The platform facilitates portfolio assessments, stock specifics, and swift trade execution through a trading icon.

However, this trading platform hasn’t been without flaws. Some complaints over the limited scope for personalization in the app and instances of system downtime exist.

Nevertheless, as the platform is primarily for those new to investing, Robinhood equips users with essential tools such as watch lists and historical data retrieval. The exchange also features chart overlays when handling investment instruments like mutual funds via a brokerage account.

So, a seasoned trader with a Robinhood brokerage account might find the platform lacking due to limited advanced tools, analytical depth, and customizability. However, the exchange still ensures access to fundamental ordering types necessary when dealing with exchange-traded funds, with real-time quote updates streaming directly into the platform.

Robinhood Crypto exchange marketing

Robinhood Crypto Fees

Robinhood charges on cryptocurrency trades. This no-commission policy applies to all types of trades made via the Robinhood platform, including stocks, ETFs, options, and cryptocurrencies.

Despite offering free trades, some critics have pointed out that Robinhood applies wider spreads than platforms like Coinbase. As a result, even though Robinhood does not charge direct trading fees, the cost might be incorporated into the price at which you buy and sell assets.

Nevertheless, this feature of no transaction fees provides an economical option for investors who want to manage their cash and financial portfolio without worrying about extra costs from trading activities.

Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Debit Card) 0%
Trading Fee 0%
Withdrawal Fee (Bank Transfer) 0%

Robinhood Crypto supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, they don't charge anything above the standard Bitcoin network fee. Across all the crypto exchanges we've reviewed, the average Bitcoin transaction fee charged is 0.000415 BTC compared to the actual network fee of 0.000067 BTC. This means you are saving 83.76% on Bitcoin transactions by using Robinhood Crypto instead of other exchanges.

Security - Is Robinhood Crypto Safe?

Robinhood implements several security protocols to safeguard its users’ assets. For an extra layer of protection, it uses biometric verification methods such as Touch ID, Face ID, and PIN code, plus the option to freeze your debit card in the app.

With oversight from the Securities and Exchange Commission (SEC) and backing from the Securities Investor Protection Corporation (SIPC), these protections allow you to engage with Robinhood safely.

Robinhood also conducts multiple checks against fraudulent activities on transactions. It rejects those it suspects are fraudulent while ensuring that customers receive prompt updates regarding their card usage. But let’s look at the company’s two most important security measures: cold storage and two-factor authentication.

Cold storage

Crypto wallets that use cold storage are essential for safeguarding digital assets since they store cryptocurrencies offline and away from potential online threats (like cyber-attacks and unauthorized intrusions).

Robinhood transfers the bulk of its customers’ crypto assets into cold storage. Therefore, should Robinhood’s services be breached, most digital holdings would be safe.

Two-factor authentication

The Robinhood app enhances account security by offering two-factor authentication. Once this security measure is established, users will encounter an additional prompt for a code when logging in.

Robinhood Crypto Customer Support

Robinhood’s customer support receives varied feedback from users. On one hand, its user rating on The App Store for iOS is quite high, pointing to a strong level of satisfaction among Robinhood users. However, the Better Business Bureau’s low rating indicates the need for improvement in their customer service.

Robinhood Crypto support

Robinhood Crypto Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on Robinhood Crypto

  1. Create Account - Visit the Robinhood Crypto website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay

Robinhood Crypto Alternatives

Binance logo

Binance

3.23
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
394+

Trading Fees
0.10%

Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others

Visit Binance
Kraken logo

Kraken

3.44
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
253+

Trading Fees
0.08% - 0.40%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other

Visit Kraken
OKX logo

OKX

3.57
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
365+

Trading Fees
0.08% - 0.10%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

Visit OKX

Final Thoughts

To summarize our Robinhood review, the platform delivers a straightforward interface for cryptocurrency trading. It’s designed to appeal to novices and veterans by providing access to a variety of digital assets. Despite its user-friendly interface, however, it lacks advanced trading functionalities and personalization features that will satisfy expert traders.

Although appealing for its fee-free structure, Robinhood has been criticized for wider spreads compared to other exchanges. On the security side, it protects user investments through measures such as two-factor authentication and cold storage. The company also abides by financial industry regulatory authority.

On the customer support front, Robinhood still has room for improvement. While receiving favorable reviews on The App Store suggests satisfaction among Robinhood customers, contrasting opinions reflected through its lower Better Business Bureau rating show that certain aspects of their service need improvement.

Robinhood Crypto FAQs

Robinhood is a widely used financial services platform regulated by top-tier financial authorities such as the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It offers a user-friendly interface and has industry-standard security measures in place.

User reviews, regulatory track records, and operations transparency can also influence a platform’s trust rating.

Users can make money on Robinhood through investment activities such as buying and selling stocks, ETFs, options, and cryptocurrencies.

Profits depend on market conditions, investment choices, and individual strategy. However, like all investment platforms, returns are not guaranteed, and investing always carries risk.

Robinhood earns revenue through several methods, including order flow payments, where brokerages receive compensation for directing orders to different parties for trade execution. Other income sources include Robinhood Gold subscription fees, stock loan income, and interchange fees from purchases made with the Robinhood debit card.

Robinhood requires users to verify their identity to comply with government regulations. This typically includes providing a Social Security Number (SSN) for U.S. citizens or relevant identification documents for other users. The exact requirements may vary based on residency and regulatory obligations.

Robinhood uses security measures such as encryption and two-factor authentication to protect users’ accounts and personal information. The safety of buying crypto on any platform also involves evaluating the platform’s security features, regulatory compliance, and the inherent risk of investing in cryptocurrencies.

The 30-day yield on Robinhood refers to the annualized income on an investment, such as a bond or cash management feature, expressed as a percentage based on 30 days. This yield can fluctuate and can be found in the investment’s details or disclosures on the Robinhood app.

Robinhood is not available in Australia. The platform primarily serves customers in the United States and has limited international availability.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
Adam Headshot
Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: