HomeBusinessWhat Are The Pros And Cons of Robinhood Crypto Trading App?

What Are The Pros And Cons of Robinhood Crypto Trading App?

Robinhood: All You Need To Know About The Crypto Trading App

The app helps purchases of cryptocurrency, shares, ETFs, and choices.

To make investments or commerce in cryptocurrencies, you’d first must open an account on any of the numerous on-line exchanges. Robinhood is only one of them, and a well-liked one. The US-based platform is finest generally known as the inventory buying and selling app that began the idea of commission-free buying and selling years earlier than most others thought of it. Later, because the crypto growth hit the world, it additionally supplied its companies to these within the rising trade. Robinhood is appreciated by newbies, as a result of of its user-friendly interface.

What different components decide Robinhood’s worthiness? And what are its shortcomings, if any?

Pros

1. Unlike many different comparable platforms, Robinhood presents commission-free buying and selling, this mainly implies that the investor isn’t required to pay the platform any price for making transactions. For occasion, some prime crypto buying and selling apps cost as much as 1.5 p.c buying and selling price for many transactions. Say you need to purchase Rs 1,000 value of Bitcoin, then you’ll have to pay Rs 15 as fee. However, Robinhood costs a variable order move price.

2. In phrases of safety, it follows a 2-step verification course of. Robinhood presents chilly storage facility in addition to insurance coverage towards crypto platform breaches.

3. Robinhood is an intuitive software. What it means is that the UI isn’t cumbersome to the person. The interface is pleasant and reveals the commonest capabilities in a single menu, fairly than bury them in a number of menus with inflexible hierarchies. 

4. The app helps purchases of cryptocurrency, shares, ETFs, and choices. So it is one app, a number of advantages.

Cons

1. The largest disadvantage of utilizing Robinhood app for crypto buying and selling is you possibly can solely purchase, maintain and promote cryptocurrencies. You can not ship your Bitcoin to a different cryptocurrency pockets, or cannot spend it on real-world purchases or obtain it from different folks.

2. Robinhood helps buying and selling of a restricted quantity of cryptocurrencies. At current, that quantity is seven, together with chart toppers like Bitcoin, Ethereum and Dogecoin. If you determine to diversify your crypto portfolio, you have got solely seven choices.

3.Also, the app is barely obtainable to US-based customers.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments