Everything You Need to Know About Investing With Robinhood Legend
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You might have heard that a revolution is on the horizon, an investing revolution. It’s never been easier for regular people to reap the fruits of the market and, with the vast potential of Crypto’s blockchain technology still largely untapped, hopes are high that it’s only going to get easier in the coming years.
Enthusiasts call this “the democratization of finance.” At least, that’s the stated mission of Robinhood, one of the companies leading this potentially radical charge. Take it from their founder, Vlad Tenev, who says that their goal is to “enable anyone, anywhere to buy, sell, or hold any financial asset and conduct any financial transaction” through the Robinhood app.
Since February 2018, those assets have included various cryptocurrencies via Robinhood Crypto. If you downloaded the app on the day Robinhood Crypto was launched, there’s a good chance that you’re sitting pretty right now. That day, one Bitcoin was trading for about $10,700. As of this writing, it’s over $65,000. Not bad.
But even if you didn’t have skin in the game seven years ago, it isn’t too late to get in on the action. And there’s a lot more than Bitcoin out there to trade. Regardless of whether you’ve been investing in crypto for years or you’re new to the game, here are five reasons Robinhood Crypto makes the process a breeze.
Bitcoin, Ethereum, DOGE, Avalanche, USD Coin, and more are available on Robinhood Crypto. It offers more than 45 cryptocurrencies total. All you need to invest to get going is $1. That’s right: $1. As with any investment, there’s risk, but, if you’d invested $1 in Bitcoin in 2018, you’d have just under $7 right now. At today’s prices, that’s a cappuccino and, in some cities, perhaps a croissant.
Not only is the barrier to entry about as low as it gets, but Robinhood Crypto allows you to set up recurring buys. That means you can tell the app to make trades on an automated schedule so that you don’t have to log in every time you want to make an investment. You can also send crypto to Robinhood or from Robinhood to other wallets at no extra charge for deposit or withdrawal (network fees still apply).
You can set up custom price alerts so that you get push notifications when the price of a coin rises or dips. You can get the alerts either “More” or “Less,” meaning up to 3 times per coin every 24 hours or as often as the price crosses the threshold you’ve set. There are also charts, from standard to advanced, from line charts to information-rich candlestick charts, showing 5 data points all at the same time. With these tools, you’ll be able to craft a strategy like an expert and execute it like a pro.
None of the features listed above would be worth much if you couldn’t be confident that your investments were safe. Thankfully, you can rest assured that your coins are protected with Robinhood Crypto. They have crime insurance underwritten by Lloyd’s to guard against theft and cybersecurity breaches. They keep most of their customers’ coins in cold storage (meaning offline). They don’t lend those coins out. And, if you have a question, you can contact their customer service, 24/7, and talk to an agent by phone or by chat.
That’s the gist of Robinhood’s pitch. The coins belong to you. They’re there to facilitate.
