Can you Buy Crypto with Robinhood?

Yes, Robinhood allows you to buy and sell digital assets through its Crypto app. It supports over 18 tokens, including well-known cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Avalanche (AVAX), as well as various altcoins. 

Nonetheless, it is important for investors to recognize that Robinhood's pricing structure can be costly. While it offers zero commissions, the platform's spreads can reach up to 1.5% per transaction. As a result, Robinhood is considered one of the more expensive crypto exchanges in the US market.

Buy Crypto with Robinhood

What is Robinhood’s Crypto List?

Robinhood Crypto provides a platform for users to buy, sell, and access real-time market data for a variety of digital assets. Here's an overview of the cryptocurrencies currently supported by Robinhood Crypto:

  1. Aave (AAVE)
  2. Avalanche (AVAX)
  3. Bitcoin (BTC)
  4. Bitcoin Cash (BCH)
  5. Cardano (ADA)
  6. Chainlink (LINK)
  7. Compound (COMP)
  8. Dogecoin (DOGE)
  9. Ethereum (ETH)
  10. Ethereum Classic (ETC)
  11. Litecoin (LTC)
  12. Polygon (MATIC)
  13. Shiba Inu (SHIB)
  14. Solana (SOL)
  15. Stellar Lumens (XLM)
  16. Tezos (XTZ)
  17. Uniswap (UNI)
  18. USD Coin (USDC)

Please note that not all cryptocurrencies listed above are available for trading in every state. Some coins may be subject to regulatory approval in specific states.

Robinhood Crypto Fees

Robinhood is known for its commission-free trading model, and this extends to its cryptocurrency trading as well. Users can buy and sell cryptocurrencies without having to pay direct commissions. However, it's important to note that Robinhood makes money through spreads, which can impact the overall cost of trading cryptocurrencies.

The spread is the difference in value between the bid (buy) and ask (sell) prices of an asset (e.g. Bitcoin). In the case of Robinhood Crypto, spreads can be as high as 1.5% per transaction, making it one of the more expensive options in the industry when compared to other platforms with tighter spreads.

Is Robinhood Good for Buying Crypto?

Overall, Robinhood may not be the top choice for US-based investors due to high spreads of up to 1.5% per transaction and a limited selection of only 18 crypto assets. These factors can make it less competitive compared to platforms with tighter spreads and more diverse offerings.

Does Robinhood Offer a Crypto Wallet?

Yes, Robinhood provides a self-custody wallet called Robinhood Wallet, which serves as a gateway to web3 and enables crypto swapping without network fees on the Polygon network. 

With Robinhood Wallet, users gain full control over their crypto assets on both the Polygon and Ethereum networks, as they hold and maintain their private keys. More networks are expected to be added to Robinhood Wallet in the future.

Bottom Line

In conclusion, Robinhood offers a user-friendly platform for investing in cryptocurrencies with over 18 digital assets available. However, its pricing structure, featuring high spreads up to 1.5% per transaction, makes it a less competitive option compared to alternatives like eToro. Additionally, the limited selection of crypto assets may not cater to investors seeking a more diverse range of options. 

Robinhood does provide a self-custody wallet, the Robinhood Wallet, for users to manage their assets across the Polygon and Ethereum networks. Before choosing a platform, investors should carefully consider the fees, asset offerings, and additional features to make an informed decision.