Since the beginning of the pandemic, I have been more and more involved with blockchain and crypto trading due to graduating during a pandemic..... not the best move but ya know at least I have my degree and have work for now! I have since it began typically traded my crypto on Robinhood, I have been a user since 2017 so I get access to these things rather quickly and it does the transaction work for me so I just have to enter the number on my tax rebate forms! With this increase though I began to wonder if it would be better to use Coinbase though and when I looked at it I realized I needed to look at Coinbase Pro as regular Coinbase would not have been a good fit at all. When looking at all three of my options I realized there was no one size fits all for me so I made a list of the pros and cons to see if I should move my money out of Robinhood to Coinbase or vise versa.
- Already linked to your trading account so you can easily move money from stocks to crypto and back
- No "fees" this is in quotes because while they do not outright charge fees and only fill your orders at the set amount they crypto could have moved above or below your set point and you lose out that way
- Multiple exchanges used
- Fantastic cybersecurity
- a limited number of coins (7 coins listed)
- no ability to transfer out of Robinhood
- can have issues placing trades when there is maintenance downtime (this does not affect orders already placed)
- no true wallet the crypto just appears as a stock would in your account
- Large number of coins available to trade
- Can convert one crypto to another
- Much more detailed charts
- can see prior sells and lists
- Can set limit price (only with Pro)
- Staking (only with regular not with Pro)
- can only have one account or another
- they do not allow for staking on Pro and they do not allow for set prices on the regular
- it's an exchange so security is always something you have to be aware of
- Fees associated with buying and selling (Taker and Maker fees) that are unavoidable without large amounts of capital
- Charts are still not that great they are okay
When I went over this list and slowly used both more and more (I used Coinbase as the regular one and not the Pro so that I would have the staking feature) to see if I could find a way I could merge the two. It became clear to me though that unless I change my strategies of what I was using crypto for and how I was trading it changing to Coinbase or Coinbase Pro would not be worth it. Further due to the staking feature and ability to convert between cryptos it was also not worth leaving Coinbase. Both have a distinct purpose but different purposes and actually mesh well together using them both together. Coinbase allows an easy way for me to manage my BAT and assorted other cryptos while for trading it is much easier for my to keep using Robinhood due to it being connected to my stock account.
While eventually, I will move on to using a different wallet and thus will move the crypto I have in Coinbase out with the laid back hands-off approach I have taken with that crypto it is much easier to leave the two accounts separate for now as is since they both function perfectly independently. Like my parents used to tell me "if it aint broke dont fix it"!
If you don't have a Robinhood account and are looking to create one use my referral link here and we will both be granted 1 free share stock (the basket of stocks they pull from vary but can be worth up to $500) when you deposit $100 in the account!
If you arent already using Brave Browser for a much more secure internet connection you should! Again here is my referral link and welcome to the beginning of Web3.0! Remember to op into Brave Rewards and to start collecting your BAT!!