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How to Sell Crypto on Robinhood
At a Glance
- Robinhood, a popular brokerage firm, allows users to buy and sell cryptocurrencies.
- However, it doesn’t offer the option to send crypto to external wallets or make real-world purchases.
- Users can hold, buy, or sell cryptocurrencies within the Robinhood app, supporting seven popular cryptocurrencies.
- Robinhood doesn’t charge commissions for crypto trading, and the time it takes for crypto sales to become available for purchase may vary.
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.
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- How to Read Crypto Charts
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.
Frequently Asked Questions (FAQ)
How do I create an account on eToro?
To create an account on eToro, simply visit the eToro website and click on the “Sign Up” button. Follow the prompts to enter your personal information and complete the registration process.
What financial instruments can I trade on eToro?
eToro offers a wide range of financial instruments for trading, including stocks, cryptocurrencies, commodities, indices, and more.
How can I deposit funds into my eToro account?
To deposit funds into your eToro account, log in to your account and click on the “Deposit Funds” option. Choose your preferred payment method and follow the instructions to complete the deposit.
Is eToro regulated?
Yes, eToro is regulated by multiple financial authorities, including the Financial Conduct Authority (FCA) in the United Kingdom and the Cyprus Securities and Exchange Commission (CySEC).
Can I trade on eToro using a mobile device?
Yes, eToro offers a mobile app that allows you to trade and manage your investments on the go. The app is available for both iOS and Android devices.
What is the minimum deposit requirement on eToro?
The minimum deposit requirement on eToro varies depending on your region and the type of account you have. Please refer to the eToro website for the most up-to-date information.
How does social trading work on eToro?
eToro offers a unique feature called social trading, which allows you to see and copy the trades of other successful traders. You can browse through the profiles of different traders, view their performance, and choose to copy their trades.
Are there any fees associated with trading on eToro?
Yes, there are fees and spreads associated with trading on eToro. These fees may vary depending on the financial instrument you are trading and other factors. It is recommended to review the fee schedule on the eToro website.
Can I withdraw funds from my eToro account?
Yes, you can withdraw funds from your eToro account. Simply log in to your account, go to the “Withdraw Funds” section, and follow the instructions to initiate a withdrawal.
Is there customer support available on eToro?
Yes, eToro provides customer support to its users. You can reach out to the support team through the eToro website or the mobile app for any questions or concerns you may have.