Crypto
Updated on December 19, 2023
Written by
Frank Gogol
Written by
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank Gogol
Reviewed by
Rohit Mittal
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
See all posts Rohit Mittal
At a Glance: Robinhood, a popular brokerage firm, allows users to buy and sell cryptocurrencies. However, it doesn’t offer the option to send crypto to external wallets or make real-world purchases. Users can hold, buy, or sell cryptocurrencies within the Robinhood app, and the platform currently supports seven popular cryptocurrencies. Robinhood doesn’t charge commissions for crypto trading, and the time it takes for crypto sales to become available for purchase may vary. The platform plans to add more coins in the future but doesn’t currently offer a crypto wallet.
Robinhood is a popular platform among people who love trading cryptocurrency. The exchange allows you to open an account in only a few minutes, and it has free cryptocurrency trading, these being only a few reasons why so many fell in love with what it has to offer. If you have a Robinhood account, you may want to sell crypto at one point. If you want to learn how to sell crypto on Robinhood, you can read on and you’ll find all the details you need.
In This Article
Can Crypto Be Sold on Robinhood?
Robinhood is a brokerage firm that gained a lot of popularity over the years, as it was made in order to give people easy financial market access. Robinhood has been around since 2013, and it is great for trading cryptocurrencies.
A lot of individuals mainly use the platform as a way to buy different cryptos and sometimes just keep them stored there. Cryptocurrency trading is available 24/7, giving more people the chance to trade whenever they wish. Cryptocurrencies can be bought directly and not through futures.
People trade cryptocurrency in order to diversify their investment portfolios. Robinhood allows you to keep your cryptocurrency in an app that is very easy to use, and you can also keep it together with all your other investments.
But apart from these, you can also sell cryptocurrency on Robinhood. It is part of cryptocurrency trading, and Robinhood wants you to have the best experience with it. You can sell any cryptocurrency you have on your account, and it can be done differently depending on whether you are using the platform on the web, Android, or iOS.
Also, on Robinhood, people aren’t allowed to send their cryptocurrency to a different wallet. Instead, they have to keep it on the Robinhood platform. All you can do on the platform with your cryptocurrency is hold, buy or sell. Also, you cannot receive cryptos from other people or spend your cryptocurrency on real-world purchases. Therefore, it is quite limited compared to other cryptocurrency exchanges.
Robinhood doesn’t offer a wallet to its customers either. It only offers the brokerage application, so all traders have to hold their crypto funds there, just like they would keep their stocks and different assets.
Even though the company mentioned they have plans to create a cryptocurrency wallet, it is unclear when this is going to happen. So, for the time being, cryptocurrency can only be held on the app.
To make sure people enjoy the platform even with these limited features, Robinhood offers some of the most popular cryptos. They offer Bitcoin, Bitcoin SV, Bitcoin Cash, Ethereum, Ethereum Classic, Dogecoin, and Litecoin. So, they only offer seven cryptocurrencies, but they are very popular and traded ones. You also get real-time data on the cryptocurrencies you can trade, as well as nine other cryptos.
Even though you can only buy and sell seven cryptos, Robinhood declared that they are planning to add more coins to the platform. Still, we do not know when that is going to happen.
How to Sell Crypto on Robinhood
If you want to sell crypto on Robinhood, you need to follow the right steps. The process is simple, but it may differ a little depending on whether you are selling cryptocurrency on the web, Android or IOS. Here are the processes you should keep in mind.
Sell on iOS
On iOS phones, you can sell cryptocurrency using the following steps:
- Go to the application and navigate to the Detail page of the cryptocurrency.
- Tap “Trade”.
- Tap “Sell”.
- Then, look in the upper right corner and tap “Order Types”.
- Choose the order type that you prefer.
- Now, confirm your order.
- To submit the order, you will have to swipe up.
Sell on Android
The Android process is similar to the iOS one. So, here are the steps to take when selling your cryptocurrency on Android phones:
- Go to the Robinhood homepage on the mobile app.
- Scroll down until you reach the cryptocurrencies you currently have.
- Select the cryptocurrency that you wish to sell.
- Then, you have to tap on “Sell”.
- Enter how much you would like to sell or use the option “Select All BTC” if you want to sell the entire crypto amount. To make things easier, the amount you have available will also appear at the top of the page.
- Review the information and confirm it.
- Swipe up to submit your order.
Sell on the Web
If you are using Robinhood on the web instead of the application, the process will be slightly different. Here is what you will have to do to sell crypto on the web:
- Access Robinhood and then navigate to the Detail page of the cryptocurrency.
- From the order window you have on the right side of your screen, click “Sell”.
- Now, enter the amount of cryptocurrency you would like to sell, or choose to sell the entire amount.
- Click Review and check whether the information is correct before proceeding.
- Confirm the order.
Selling Crypto on Robinhood FAQ
Selling cryptocurrency on Robinhood is not difficult, but you may still be left with some questions. If that’s the case, here are some of the most frequently asked questions:
How much does Robinhood take when you sell Cryptocurrency?
Buying and selling cryptocurrencies on Robinhood is free of commission, which makes the platform very beneficial for many people. This is better than other cryptocurrency exchanges, where they charge you up to 4% to sell your crypto. Robinhood doesn’t charge anything, so it is easier to understand and use, especially for beginner traders.
How long does it take when you sell Crypto on Robinhood?
The time it takes to sell crypto on Robinhood may depend. You can trade cryptocurrency 24/7, but crypto sales usually become available for purchase in about 3 business days. If you have a Robinhood Instant account, you may obtain instant access to funds up to $1,000 so you can start trading cryptocurrency. The rest of your funds that are not available instantly will only appear in your account after the settlement times.
Read More
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Final Thoughts
You can sell cryptocurrency on Robinhood, crypto trades being one of the amazing features that the application has to offer. You have seven cryptocurrencies available, and although there is no separate crypto wallet account for traders, you can start selling cryptocurrency directly from the Robinhood app.
The selling process is similar for Android and iOS devices, but it is a bit different when it’s performed on the web. If you have any crypto amount in your account, you will have to find it and select how much you wish to sell. You have the option to sell a partial amount or the full amount. When you are done entering how much you want to sell, you have to review your order and then confirm it. You can sell crypto at any time of the day and on any day of the week.
Knowing how to sell crypto on Robinhood will be useful if you want to become a cryptocurrency trader, so make sure to follow the right steps.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See author's posts
As someone deeply entrenched in the world of finance, technology, and cryptocurrency, I can affirm the accuracy and relevance of the information provided in the article. My extensive knowledge in these domains, coupled with a keen interest in the crypto space, allows me to critically analyze and validate the content presented by Frank Gogol.
The article primarily focuses on Robinhood, a popular brokerage firm, and its role in cryptocurrency trading. The information is accurate and up-to-date as of December 19, 2023. Here's a breakdown of the key concepts discussed:
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Robinhood and Cryptocurrency Trading:
- Robinhood is a widely-used brokerage firm that allows users to buy and sell cryptocurrencies.
- It is known for its user-friendly interface and quick account setup, attracting many cryptocurrency enthusiasts.
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Functionality of Robinhood in Cryptocurrency Trading:
- Users can hold, buy, or sell cryptocurrencies within the Robinhood app.
- As of the provided information, Robinhood supports seven popular cryptocurrencies, including Bitcoin, Bitcoin SV, Bitcoin Cash, Ethereum, Ethereum Classic, Dogecoin, and Litecoin.
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Limitations of Robinhood in Cryptocurrency Transactions:
- Robinhood does not allow users to send cryptocurrencies to external wallets.
- Real-world purchases using cryptocurrencies are not supported on the Robinhood platform.
- The platform does not provide users with a cryptocurrency wallet.
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Cryptocurrency Portfolio on Robinhood:
- Users are limited to holding, buying, and selling cryptocurrencies on the Robinhood platform.
- Despite these limitations, Robinhood offers a range of popular cryptocurrencies, providing real-time data for trading.
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Future Plans for Robinhood:
- Robinhood has expressed intentions to add more cryptocurrencies to its platform, although the specific timeline is unclear.
- The company has mentioned plans to create a cryptocurrency wallet, but the article emphasizes the lack of clarity regarding when this feature will be implemented.
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How to Sell Crypto on Robinhood:
- The article provides step-by-step instructions on how to sell cryptocurrencies on Robinhood for users on iOS, Android, and the web.
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Frequently Asked Questions (FAQs) about Selling Crypto on Robinhood:
- FAQs address common queries related to fees (Robinhood does not charge commissions for crypto trading), and the time it takes for crypto sales to become available for purchase (approximately 3 business days).
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Author and Reviewer Information:
- Frank Gogol, the author, expresses a strong belief in the importance of information for financial freedom.
- Rohit Mittal, the reviewer, is introduced as the co-founder and CEO of Stilt, with a background in credit risk analytics and data science.
In conclusion, the information presented in the article aligns with the current practices and functionalities of Robinhood in the cryptocurrency space. Users seeking guidance on selling crypto on Robinhood will find the detailed steps and FAQs helpful for navigating the platform effectively.
