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7 Cryptocurrencies You Can Buy on Robinhood

7 Cryptocurrencies You Can Buy on Robinhood
Written by publisher team

Robinhood (NASDAQ: HOOD) It is working to enhance its capabilities in the field of cryptocurrency. It now allows customers to buy cryptocurrencies automatically without commissions on a scheduled basis. Robinhood has opened a waiting list for its crypto wallets and has registered over a million customers so far.

No, the popular trading platform does not support it Cardano or Shiba Inu after. However, there are seven cryptocurrencies that you can buy from Robinhood.

Image source: Getty Images.

1. Bitcoin

Unsurprisingly, Bitcoin (CRYPTO: BTC) It stands at the top of the list of cryptocurrencies supported by Robinhood. It is the most popular digital currency in the world. It has the largest market capitalization to date.

2. Bitcoin Cash

Robinhood also allows users to buy and sell Bitcoin Cash (CRYPTO: BCH). This cryptocurrency is a kind of Bitcoin fraternity. The developers split from the Bitcoin project in 2017 to launch Bitcoin Cash as an alternative currency that addressed some of the perceived issues with Bitcoin. Bitcoin Cash is now ranked as the 21st cryptocurrency based on market capitalization.

3. Bitcoin SV

The trading platform also supports a third member of the Bitcoin family – Bitcoin SV (CRYPTO: BSV). This cryptocurrency is ranked 57th based on market capitalization. He defected from the Bitcoin Cash blockchain in 2018. Bitcoin SV’s vision is to stick as closely to Bitcoin’s original design as possible.

4. Dogecoin

Dogecoin (CRYPTO: DOGE) It started out as a joke, but Robinhood takes it seriously enough to make it available to investors. The popularity of this meme has risen to become the 10th largest cryptocurrency in the world based on market cap. It certainly helped that Elon Musk actively promoted Dogecoin, even declaring himself “Dogefather” and adding it to the shortlist of the cryptocurrencies he owns.

5. Ethereum

It can be said that no cryptocurrency offers the same amount of interest in the real world Ethereum (CRYPTO: ETH) He does now. Its blockchain technology has multiple applications, including digital payments and non-fungible tokens. This may be the reason why Robinhood includes it among the few supported cryptocurrencies. Ethereum ranks only behind Bitcoin based on market capitalization.

6. Ethereum Classic

Just as Robinhood supports many members of the Bitcoin family, it also allows forex trading from the Ethereum blockchain called Ethereum Classic (CRYPTO: etc.). In fact, Ethereum Classic is the original Ethereum blockchain without changes made in 2016 in response to a major hack. It is now the 33rd cryptocurrency in the world based on market capitalization.

7. Litecoin

The last cryptocurrency supported by Robinhood is Litecoin (CRYPTO: LTC). It is the 14th cryptocurrency based on market cap. Litecoin was developed to be similar to Bitcoin but with very low transaction fees and some technological differences that make it well suited for point of sale payments.

Market data only

The seven mentioned above are the only cryptocurrencies that can currently be bought and sold on Robinhood. However, the trading platform supports real-time market data for many other cryptocurrencies but does not allow them to be traded yet:

  • bitcoin gold (CRYPTO: BTG)
  • not like (CRYPTO: LSK)
  • Currency (CRYPTO: XMR)
  • OmiseGO (CRYPTO: OMG)
  • Qtom (CRYPTO: QTUM)
  • ripple (CRYPTO: XRP)
  • excellent (CRYPTO: XLM)
  • Zcash (CRYPTO: ZEC)

More on the way?

“We hear this loud and clear,” Robinhood CEO Vlad Tenev said on the company’s third-quarter conference call. “Our customers want new coins, the ability to deposit and withdraw, as well as ways to earn interest on their cryptocurrency.” Does this mean that more cryptocurrencies will be supported on the trading platform in the future? Perhaps – but when exactly is not known.

Tenev added that the company “will carefully evaluate whether we can add new coins in a manner that is safe for customers and in line with regulatory requirements.” This caution may mean that Robinhood’s list of supported cryptocurrencies will remain at seven for some time.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of the Motley Fool Premium Consulting Service. We are diverse! Asking about an investment thesis — even if it’s our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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