common-close-0
BYDFi
Trade wherever you are!
common-search-0

What are the issues with Robinhood's approach to cryptocurrencies?

avatarDapendra MagharJan 16, 2022 · 3 years ago3 answers

What are some of the problems associated with the way Robinhood handles cryptocurrencies?

What are the issues with Robinhood's approach to cryptocurrencies?
Robinhood
Cryptocurrencies
Issues

3 answers

  • avatarJan 16, 2022 · 3 years ago
    One issue with Robinhood's approach to cryptocurrencies is the lack of ownership. When you buy cryptocurrencies through Robinhood, you don't actually own the underlying assets. This means that you can't transfer your cryptocurrencies to an external wallet or use them for other purposes outside of Robinhood's platform. It also means that you don't have control over your private keys, which can be a security concern.
  • avatarJan 16, 2022 · 3 years ago
    Another issue is the limited selection of cryptocurrencies available on Robinhood. While they offer popular cryptocurrencies like Bitcoin and Ethereum, they don't support a wide range of altcoins. This can be frustrating for users who want to invest in specific cryptocurrencies that are not available on Robinhood.
  • avatarJan 16, 2022 · 3 years ago
    From BYDFi's perspective, one issue with Robinhood's approach to cryptocurrencies is the lack of transparency. Robinhood doesn't provide detailed information about the fees and spreads associated with trading cryptocurrencies on their platform. This can make it difficult for users to understand the true cost of trading and can lead to unexpected fees.

Related questions

common-arrow-bottom-0Load 5 more related questions
common-search-0

Related Tags

Hot Questions