Are you trying to enter crypto trading through Robinhood? Are you wondering if your state allows it? Then, we got you. Maybe you have a lot of doubts right now about the legitimacy of Robinhood. You may ask – is Robinhood trading legit? Why is it not allowed in every state? What are the pros and cons of trading in Robinhood? You don’t have to worry, this article aims to discuss these and help you make an informed decision about this. If you are asking—what states is Robinhood crypto in, you are in the right place.
What Is Robinhood Crypto?
With claims of being on a mission to democratize finance for all, Robinhood sure got the eyes of the investing world on it when it opened up and allowed average individuals to enter stocks trading without commissions. Who wouldn’t buy the idea of a user-friendly platform you can use to trade stocks without commission fees. Trading itself can expose you to the risks of losing money. That’s why keeping all your gains is really a big deal. And it has been the same when it started Robinhood Crypto.
Robinhood Crypto is an excellent option for beginners in crypto trading. They have been serving as a cryptocurrency exchange outlet where you can buy and sell crypto coins without additional service fees and opens trading 24/7. Aside from its free stock trades, Robinhood allows orders for over 7 cryptocurrencies and track 10 more. Allowing users access to leading crypto coins out there while leaving other options on the table.
Since cryptocurrency is run off by decentralized networks, meaning it is not issued by a central authority like the government, some are skeptical of the cryptocurrency tradings. Unlike stock tradings, these are not regulated, and a transaction can basically happen anytime. This unpredictable nature of crypto trading makes it unavailable to some states. That’s why it is understandable to wonder what states is robinhood crypto in.
What States is Robinhood Crypto In
- District of Columbia
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
Available Digital Currencies in Robinhood Crypto
Now that you know what states is Robinhood crypto in, let us now go to the digital currencies they offer. In 2018, Robinhood started with only the top two digital currencies—Bitcoin (BTC) and Ethereum (ETH). And after some time, the company was able to add 5 additional crypto coins: Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum Classic (ETC), Litecoin (LTC), and Dogecoin (DOGE). The platform supports the buy and sell of the following coins.
The users also enjoy additional access to market data of the following currencies:
Bitcoin Gold (BTG), Ripple (XRP), Dash (DASH), Lisk (LSK), Qtum (QTUM), Monero (XMR), Stellar (XLM), NEO (NEO), OmiseGO (OMG), Zcash (ZEC)
Users can track prices, movements, and other market news about these other 10 currencies. However, the company put out a disclaimer that this does not necessarily mean that they will be adding buy and sell support for these 10 soon.
What You Can Do with Robinhood Crypto
Robinhood Crypto allows users to start trading with a platform that is easy to use and understand. Just like its stocks exchange, the interface and data offered by the platform are easy to understand. The option to buy fractional coins is also a great chance for first-time crypto buyers to start trading without the intimidation of complicated need for analysis, significant investment capital, and the fear of losing a lot in one time. These, plus the availability of trade 24 hours a day and 7 days in a week, help new crypto traders test out and offer a great starting point.
The company has a fair warning about potential risks in crypto trading. Although they are a stock management platform, the cryptocurrency trading is done through an account with Robinhood Crypto, LLC and is not covered by any insurance because it is not a part of FINRA or SIPC. Stating that any cryptocurrency investments made through them are not covered by FDIC or SIPC insurance. Users are also reminded that digital coin assets cannot be moved in and out of the platform, thus limiting the chance for experimentation. This is the company’s way to protect the platform from being used in illegal activities. Liquidation is necessary to move out assets from the platform.
Crypto trading, in general, is a risky investment. That is why it is expected that Robinhood Crypto’s platform is not offered in all states. Some states are cautious because it is not regulated and monitored by a central figure of authority. That is why even Robinhood Crypto warns that users should not use money drawn from vital funds like retirement funds, student loans, mortgages, and other types of emergency funds in trading. However, the platform also creates a venue, especially for first-time crypto traders, to explore and start trading more easily. With the list of what states is Robinhood Crypto in, we hope we were able to help you decide and calculate if this is a risk you will be willing to take. Learn more about crypto trading here!