Buying Bitcoin on Robinhood is not owning Bitcoin.

Saucious · 2021-04-30T11:32:52+00:00

Can I transfer my bitcoin off my cashapp to a wallet?!

james2020chris · 2021-04-30T09:25:44+00:00

You cannot buy cryptocurrency on robinhood, you can only invest in it. They are false advertising using the word "buy".

chrisbaker1991 · 2021-04-30T11:48:10+00:00

I use Coinbase and I'm a noob that didn't do much research. Did I fuck up?

jaapiekrekel101 · 2021-04-30T07:52:46+00:00

It’s a dirty IOU... 💩

Bitcoin1776 · 2021-04-30T11:37:37+00:00

Russell has made a lot of millionaires in his life.

swbr · 2021-04-30T13:11:01+00:00

My requisites for an exchange where I plan to exchange crypto:

Fair fee structure for my expected trade volume.
Able to transfer coins in/out without liquidation.
Able to wire or ACH fiat in/out as needed.
Reputation for solid security protocols.
Heightened transfer security protocols.
Advanced trade types available (i.e. trailing stop)
Good support track record and reputation.
Good tax time export, or CoinTracker compatible.

I can’t seem to find one with everything on my list but I got very close with Bittrex and Binance.US

What country you live in matters, too.

I’m in the US and have been enjoying Kraken, Bittrex, and Binance.US. Each has their strengths and weaknesses for advanced uses, but any of these would easily serve a basic user’s needs.

I used Robinhood with some of my portfolio for ease of trading both stocks and crypto from the same account. Left there after their recent fiascos and tried WeBull for the same reason. But I need access to move coins as needed without having to liquidate to fiat and get taxed.

Also note that this is a rapidly evolving product landscape. So expect changes. I find comfort in having these three accounts active in case features or reliability changes for the worse on any of them. I could easily pop over to another where I’ve already set up an account.

legoruthead · 2021-04-30T11:56:36+00:00

With that logic, wbtc and tbtc and renbtc aren't bitcoin 🤓

Jerseyprophet · 2021-04-30T10:28:33+00:00

[deleted]

MGuNNer88 · 2021-04-30T16:07:32+00:00

As long as I can cash out and transfer the USDs to my bank I give absolute zero fucks.

Bits4Brains · 2021-04-30T12:00:52+00:00

Anybody who lost a significant amount of money (due to hacking or bad security practice) wishes they bought on RH instead of a true exchange, at this point.

2021-04-30T12:49:51+00:00

It does not matter. Being able to buy and sell on RH increases the number of people who are exposed to cryptocurrency and make for faster adoption

confidentpessimist · 2021-04-30T10:07:28+00:00

Say it again louder for the people in the back who haven't heard this exact same post 8000 times

Wishy_washy_Though · 2021-04-30T15:33:20+00:00

I would much rather " not own" my bitcoin on RH than deal with the nightmare Coinbase has become. They have zero customer service. Also, Robinhood is planning a wallet in the future, at which time you would own your bitcoin. Another thing on Coinbase, I've personally had them charge me .03 over on each coin, that sounds small, but one time it happened when I bought 10k alt coins. Another shitty thing they do is screw you on your token to token conversions, then claim it was free. All this and there is nothing you can do about it.

Scroll through the horror stories on Coinbase thread before making any switch.

fakelife123 · 2021-04-30T08:04:35+00:00

I will never understand why some buy on RH....

fpcane305 · 2021-04-30T22:05:47+00:00

The crypto snobs out in force in this thread. Roobinhood is a safe place for regular people to invest in crypto without having to worry about keys and wallets and all the other crap that makes some of you propeller heads achieve a hard on. FFS give your superiority complex a day off and let people do as they please without your condescending BS opinion on how everyone is doing it all wrong unless they are doing the way you do it...that is all...

CyberneticCryptoWolf · 2021-04-30T17:24:00+00:00

I cant wait till robin hood generates wallets so i dont have to see this posted all over reddit.

2021-04-30T16:33:51+00:00

I know RH is very unpopular nowadays, but they are working on a way to withdraw your crypto from the app.

snvll_st_claire · 2021-04-30T17:33:47+00:00

Let them do them. Ppl will always do whatever they want. Nothing surprises me. You like RH? Go for it. You make profit from Dogycoin? Congrats. Profit is profit. Let ppl do them. It’s all good.

najisadiq · 2021-04-30T11:31:23+00:00

I hear that a lot, especially regarding coinbase and the exchanges. I think those are a great and easy way for new users to join crypto. Robinhood though is really bad for everyone. Newcomers can't ever withdraw, Robinhood can and will restrict sell / buy and so on.

Armenelos12 · 2021-04-30T11:40:43+00:00

To be fair I just talked to someone who bought some real crypto and synthetic crypto via Robinhood. Guess which one they lost and can’t regain access to. Don’t be elitist. For some it’s the best choice to start.

wasabiworm · 2021-04-30T12:44:30+00:00

same applies to revolut

MuskMiners · 2021-04-30T13:41:15+00:00

Great Post. Don't use RH for anything. That is all. ANYTHING ELSE! JUST NOT ROBIN HOOD

Flynn_Kevin · 2021-04-30T13:50:09+00:00

Had to explain this to a friend the other day. Got him to close RH, buy a hardware wallet, and open a CoinBase account.

Hambino0400 · 2021-04-30T23:45:31+00:00

That’s fine I only use Bitcoin to make USD same for shitcoin. Closing in on $3k since right started 3 months ago. Sorry if that’s not the way people like but I’m making money that supports my family during the tail end of a pandemic and there all I care about. Actually owning the coin isn’t a priority the money I make from it. Is what matters

Ankurna · 2021-04-30T11:51:33+00:00

So what? If you get the profits and it's an easy way to cash out, what's wrong with using RH to trade crypto?

HearMeRoar69 · 2021-04-30T13:37:21+00:00

Legally you do own it in terms of value but in IOU form, unless Robinhood is doing some shady IOU manipulation that cause them to own less Bitcoin than IOUs. It's same as buying a gold ETF (assuming it has no fee), you do own the equivalent value in gold, but in IOU form, and the gold ETF do actually own a vault with physical gold in it.

Derpoderpison · 2021-05-01T11:10:04+00:00

Buy some million dollar rats instead own something unique

GeezMonster · 2021-04-30T11:00:14+00:00

Realistically I get people are on a witch hunt about RH and crypto. Webull put out crypto the other week you can buy it but you don’t own the keys there either. If I’m wrong someone lmk please.

AwareStrategy · 2021-04-30T11:04:59+00:00

Buying bitcoin on ANY exchange is not owning bitcoin

derisx · 2021-04-30T10:09:17+00:00

Is Crypto.com any good? Just started using it a couple days ago...

HannesVM · 2021-04-30T09:27:47+00:00

Why would anyone who really into this with a future perspective not use a big exchange like Binance, Kraken or Coinbase

hateschoolfml · 2021-04-30T08:37:22+00:00

Hopefully they allow you to withdraw soon at least

crazyblane · 2021-04-30T14:09:07+00:00

Can you not transfer your bitcoin out of Robinhood to your own wallet?

Never-Trump-Never · 2021-04-30T17:33:33+00:00

That is correct ...

They are not like Square or CoinBase...

Robinhood Never Gives you Bitcoin When you buy it ....

You only have Cash Back when You sell it!

You can’t do anything with it Except Sell it ....

Again Cash In and Cash Out!

No Coin for You! Or Soup Either

QQ

mclovin0075 · 2021-04-30T10:25:04+00:00

how bout binance tho?

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