Are you a new crypto trader? Are you unsure on which exchange platform to use to begin your journey to financial freedom?
Robinhood is an incredibly user-friendly platform and is built for first-time investors. It gives you easy access to the stock market and some cryptocurrencies. At first glance, it appears to be the perfect place for investing. You’re able to purchase stocks like Disney and Tesla, as well as crypto like Bitcoin, Ethereum, and even Dogecoin, all in the same place! And all with zero fees!
But… With Robinhood there is a catch. With Robinhood you don’t really “buy” the crypto, which is why you technically do not own the "keys" to the crypto wallet itself. Instead, you’re really just buying an agreement stating that you own the value of that cryptocurrency (think of an IOU). This is why Robinhood doesn’t allow you to withdraw or transfer crypto funds from your account, you’re only able to sell them.
Wait, does that make any sense? What does that mean exactly?
Cryptocurrency is an actual currency. If you own your own currency, you’re able to store it, spend it, trade it, or make interest on it. Robinhood doesn’t treat your crypto as such.
Other platforms, like Coinbase or KuCoin, allow you to buy the cryptocurrency as it's intended. You then own the keys to the crypto wallet and can keep it on the platform, known as a hot wallet, or you can send it to a portable storage device, known as a cold wallet.
In the future I will write a review on my favorite crypto exchanges. Robinhood is a great service when it comes to trading stocks, I still use it myself. I love how it is so easy to use and the zero commission fees are priceless! Also the free stocks are a great way to earn money for free. Feel free to use my referral link if you decide to create a Robinhood account so you can get THREE free stocks!
https://join.robinhood.com/nathans-4fad76
As for the beginning of your crypto journey I invite you to use my Coinbase referral so you can get $10 in Bitcoin for free!
https://www.coinbase.com/join/sanida_e?src=ios-share
Thank you for your time! If you found this article interesting or helpful in any way please let me know in the comments below. Feel free to follow me for more articles on how I invest or how I earn other free rewards such as crypto, stocks, or gift cards.
If you want to start earning points today to receive free gift cards from searching the web, feel free to use my Microsoft Rewards referral link:
https://account.microsoft.com/rewards/rafwelcome?rh=DA0E8303&ref=1000
Also, if you would like to earn Cryptocurrency just by reading articles and playing mini games, please check out my posts below!
Easily Earn Cryptocurrency by Reading
Easily Earn Cryptocurrency by Playing Games
*Disclaimer- I am not a certified financial planner/advisor, certified financial analyst, economist, CPA, accountant, or lawyer, or anything important for that matter. The contents of this article are for informational, educational, and entertainment purposes only and do not constitute financial, accounting, or legal advice. Always do your own research.*
