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How to Sell Crypto on Robinhood
Robinhood is a popular platform among people who love trading cryptocurrency. The exchange allows you to open an account in only a few minutes, and it has free cryptocurrency trading, these being only a few reasons why so many fell in love with what it has to offer. If you have a Robinhood account, you may want to sell crypto at one point. If you want to learn how to sell crypto on Robinhood, you can read on and you’ll find all the details you need.
Can Crypto Be Sold on Robinhood?
Robinhood is a brokerage firm that gained a lot of popularity over the years, as it was made in order to give people easy financial market access. Robinhood has been around since 2013, and it is great for trading cryptocurrencies.
A lot of individuals mainly use the platform as a way to buy different cryptos and sometimes just keep them stored there. Cryptocurrency trading is available 24/7, giving more people the chance to trade whenever they wish. Cryptocurrencies can be bought directly and not through futures.
People trade cryptocurrency in order to diversify their investment portfolios. Robinhood allows you to keep your cryptocurrency in an app that is very easy to use, and you can also keep it together with all your other investments.
But apart from these, you can also sell cryptocurrency on Robinhood. It is part of cryptocurrency trading, and Robinhood wants you to have the best experience with it. You can sell any cryptocurrency you have on your account, and it can be done differently depending on whether you are using the platform on the web, Android, or iOS.
Also, on Robinhood, people aren’t allowed to send their cryptocurrency to a different wallet. Instead, they have to keep it on the Robinhood platform. All you can do on the platform with your cryptocurrency is hold, buy or sell. Also, you cannot receive cryptos from other people or spend your cryptocurrency on real-world purchases. Therefore, it is quite limited compared to other cryptocurrency exchanges.
Robinhood doesn’t offer a wallet to its customers either. It only offers the brokerage application, so all traders have to hold their crypto funds there, just like they would keep their stocks and different assets.
Even though the company mentioned they have plans to create a cryptocurrency wallet, it is unclear when this is going to happen. So, for the time being, cryptocurrency can only be held on the app.
To make sure people enjoy the platform even with these limited features, Robinhood offers some of the most popular cryptos. They offer Bitcoin, Bitcoin SV, Bitcoin Cash, Ethereum, Ethereum Classic, Dogecoin, and Litecoin. So, they only offer seven cryptocurrencies, but they are very popular and traded ones. You also get real-time data on the cryptocurrencies you can trade, as well as nine other cryptos.
Even though you can only buy and sell seven cryptos, Robinhood declared that they are planning to add more coins to the platform. Still, we do not know when that is going to happen.
How to Sell Crypto on Robinhood
If you want to sell crypto on Robinhood, you need to follow the right steps. The process is simple, but it may differ a little depending on whether you are selling cryptocurrency on the web, Android or IOS. Here are the processes you should keep in mind.
Sell on iOS
On iOS phones, you can sell cryptocurrency using the following steps:
- Go to the application and navigate to the Detail page of the cryptocurrency.
- Tap “Trade”.
- Tap “Sell”.
- Then, look in the upper right corner and tap “Order Types”.
- Choose the order type that you prefer.
- Now, confirm your order.
- To submit the order, you will have to swipe up.
Sell on Android
The Android process is similar to the iOS one. So, here are the steps to take when selling your cryptocurrency on Android phones:
- Go to the Robinhood homepage on the mobile app.
- Scroll down until you reach the cryptocurrencies you currently have.
- Select the cryptocurrency that you wish to sell.
- Then, you have to tap on “Sell”.
- Enter how much you would like to sell or use the option “Select All BTC” if you want to sell the entire crypto amount. To make things easier, the amount you have available will also appear at the top of the page.
- Review the information and confirm it.
- Swipe up to submit your order.
Sell on the Web
If you are using Robinhood on the web instead of the application, the process will be slightly different. Here is what you will have to do to sell crypto on the web:
- Access Robinhood and then navigate to the Detail page of the cryptocurrency.
- From the order window you have on the right side of your screen, click “Sell”.
- Now, enter the amount of cryptocurrency you would like to sell, or choose to sell the entire amount.
- Click Review and check whether the information is correct before proceeding.
- Confirm the order.
Selling Crypto on Robinhood FAQ
Selling cryptocurrency on Robinhood is not difficult, but you may still be left with some questions. If that’s the case, here are some of the most frequently asked questions:
How much does Robinhood take when you sell Cryptocurrency?
Buying and selling cryptocurrencies on Robinhood is free of commission, which makes the platform very beneficial for many people. This is better than other cryptocurrency exchanges, where they charge you up to 4% to sell your crypto. Robinhood doesn’t charge anything, so it is easier to understand and use, especially for beginner traders.
How long does it take when you sell Crypto on Robinhood?
The time it takes to sell crypto on Robinhood may depend. You can trade cryptocurrency 24/7, but crypto sales usually become available for purchase in about 3 business days. If you have a Robinhood Instant account, you may obtain instant access to funds up to $1,000 so you can start trading cryptocurrency. The rest of your funds that are not available instantly will only appear in your account after the settlement times.
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You can sell cryptocurrency on Robinhood, crypto trades being one of the amazing features that the application has to offer. You have seven cryptocurrencies available, and although there is no separate crypto wallet account for traders, you can start selling cryptocurrency directly from the Robinhood app.
The selling process is similar for Android and iOS devices, but it is a bit different when it’s performed on the web. If you have any crypto amount in your account, you will have to find it and select how much you wish to sell. You have the option to sell a partial amount or the full amount. When you are done entering how much you want to sell, you have to review your order and then confirm it. You can sell crypto at any time of the day and on any day of the week.
Knowing how to sell crypto on Robinhood will be useful if you want to become a cryptocurrency trader, so make sure to follow the right steps.