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Here's How to Buy Crypto Using Robinhood

Review Updated
Jake FitzGerald
Author: Jake FitzGerald
Jake FitzGerald
Jake FitzGerald
Editorial Strategist

Jake FitzGerald is a full-time Editorial Strategist and Personal Finance Writer at Motley Fool Money, leading content production and distribution while also writing about credit cards, bank accounts, and other financial products. He has more than a decade of experience editing and shaping financial content to give readers clear, trustworthy money advice. His work focuses on delivering practical insights that empower people to make smarter financial decisions. Off the clock, he’s a fan of college football tailgates and still loyal to his favorite putter -- despite what his short game suggests.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation.

Cryptocurrency investing has never been easier, and if you're looking for a simple way to buy Bitcoin, Ethereum, or other digital assets, Robinhood might be a good option. The commission-free trading app is well known for stocks, but it also allows users to buy and sell crypto. Here's a step-by-step guide to getting started.

Robinhood
Learn More for Robinhood

On Robinhood's Secure Website.

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Robinhood

Robinhood

Our Rating:

4.80/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Bottom Line

Robinhood is a simple, low-cost brokerage with a few rare perks. What it lacks in customer service it provides in a smooth in-app experience. Without membership, you will lack research resources but still be able to trade affordably. With a membership, you can earn 3% and 1% match on IRA and taxable deposits. The app grows fast -- new perks are being released at a rapid pace.

Fees:

$0 for stocks, ETFs, options, and cryptocurrencies

Account Minimum:

$0

Learn More for Robinhood

On Robinhood's Secure Website.

Step 1: Set up a Robinhood account

If you're not a current Robinhood account holder, you'll need to create an account first. Why sign up for a Robinhood account? Robinhood offers a user-friendly platform with no commission fees on trades, making it ideal for both beginners and experienced investors. You'll also have access to a variety of investment options, including stocks, ETFs, and cryptocurrency. Plus, with fractional shares, you can start investing with as little as $1, making it easier to diversify your portfolio.

Ready to start investing? Sign up for Robinhood today!

You'll be asked to follow these steps after clicking the link above:

  1. Enter your email and create a password.
  2. Provide personal details like your name, address, and Social Security number (this is required for identity verification).
  3. Link a bank account to fund your Robinhood account.

Robinhood may take a day or two to verify your identity, so be prepared for a short wait before you can start trading.

Step 2: Enable crypto trading

Robinhood automatically enables crypto trading for most users, but if you don't see the option, you might need to activate it manually:

  1. Open the Robinhood app and tap on the search bar.
  2. Type in the name of the cryptocurrency you want to buy.
  3. If crypto trading isn't enabled yet, the app will prompt you to accept the terms and conditions.

Step 3: Choose the cryptocurrency you want to buy

Robinhood offers a selection of more than 20 popular cryptocurrencies, including:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Dogecoin (DOGE)
  • Litecoin (LTC)

To find your preferred cryptocurrency, use the search bar in the Robinhood app. Once you find it, tap on it to access the trading page. You can also select the "Crypto" tab and see a list of what's available.

Step 4: Place your order

Buying crypto on Robinhood is just as easy as buying stocks. Here's how to do it:

  1. On the cryptocurrency's trading page, tap the "Buy" button.
  2. Enter the amount you want to invest (either in dollars or in crypto units).
  3. Review your order and tap "Submit."

Robinhood executes your order at the best available price and updates your crypto holdings in the app.

Robinhood isn't the only investing app in town that lets you buy cryptocurrencies. Check out our list of the best investment apps for beginners to find a match for you.

Step 5: Manage your crypto holdings

Once you've bought crypto, you can monitor its performance in the Robinhood app. The app provides real-time price updates, charts, and news related to your holdings.

One key thing to remember: Unlike traditional crypto exchanges, Robinhood does not currently allow you to transfer your crypto to an external wallet. This means you won't have direct control over your private keys, which is a dealbreaker for some investors.

Pros and cons of buying crypto on Robinhood

Pros:

  • Easy to use: Robinhood's interface makes buying crypto simple.
  • No commissions: Unlike many crypto exchanges, Robinhood doesn't charge trading fees.
  • All-in-one investing platform: You can manage stocks and crypto in one app.

Cons:

  • Limited selection: Robinhood offers fewer cryptocurrencies compared to dedicated crypto exchanges like Coinbase or Binance.
  • No crypto transfers: You can't move your crypto to an external wallet.
  • Potential spreads: Robinhood makes money through spreads, which means you might pay slightly more when buying and receive slightly less when selling.

Get started with Robinhood

Robinhood is a beginner-friendly way to invest in cryptocurrency, especially if you're already using the app for an IRA or stocks. However, if you want full control over your crypto, including the ability to transfer it to an external wallet, you might want to explore other options.

Sign up for Robinhood today!