How does switching to a cash account on Robinhood affect my cryptocurrency investments?
khubaibDec 26, 2021 · 3 years ago1 answers
I'm considering switching to a cash account on Robinhood for my cryptocurrency investments. How will this decision impact my investments? Will I still be able to buy and sell cryptocurrencies? What are the advantages and disadvantages of using a cash account for cryptocurrency trading?
1 answers
- Dec 26, 2021 · 3 years agoSwitching to a cash account on Robinhood for your cryptocurrency investments can be a wise decision. By using a cash account, you won't have to worry about borrowing money or paying interest on margin trading. This can help you avoid unnecessary risks and keep your investments more secure. While you won't have access to margin trading or the ability to engage in day trading, you can still buy and sell cryptocurrencies with a cash account. It's important to note that using a cash account may require you to have sufficient funds in your account at all times, as you won't be able to rely on borrowed funds. Overall, switching to a cash account on Robinhood can provide a more stable and conservative approach to cryptocurrency investments.
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