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Im wondering if you guys have another app where you actually own it all. 20032021 In keeping with that we wanted to respond directly to a recent Reddit post which inaccurately implies that customers dont own the shares they buy through Robinhood. Robinhood Crypto is also not a member of the Securities Investor Protection. Id shy away from RH if possible since they dont technically allow you to own your coin. You do not own your coin on robinhood.
Do You Own Crypto On Robinhood Reddit. Sure you dont own it but who cares. No you cant buy or hold crypto on Robinhood. More than 200000 new customers per day signed up during a surge following the. Youre really just buying IOUs that track the value of that cryptocurrency.
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The biggest issue with RH is that you do not own the coin you are buying technically. You cant add or withdraw cryptocurrency into other wallets. Ive also seen this concern about their new savings account. If you want to own bitcoin use a real exchange. With it coming to light that robinhood had suspended the ability to sell Doge it is important to remind new users that you do not own your crypto if you purchased through robinhood. I think this concern is raised for people who are using margin trading on the app meaning people using robinhoods money.
You do not actually own the crypto you buy.
Since the coin is virtually imaginary no exchange is qualified to allow you ownership of your coin you own the value and that is not static. Youre really just buying IOUs that track the value of that cryptocurrency. Have had no issues buying or selling Bitcoin and Ethereum on it. Robinhood crypto maintenance is going to become a price action signal at this rate. If you owned the coin you could withdraw or deposit but you cant do either so it is unsafe. I cant speak for Robinhood but I can for Wealthsimple.
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Youre really just buying IOUs that track the value of that cryptocurrency. Youre really just buying IOUs that track the value of that cryptocurrency. Thats how Robinhood is able to do zero commission crypto trading. If you can not transfer the coin out you do not own it. 28042021 Another question that people asked had to do with whether Robinhood users would directly own the crypto they buy on the platform.
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On Robinhood you can buy and sell crypto and thats it but no fees. On Robinhood you can buy and sell crypto and thats it but no fees. Probably easiest to use but theyre shady. If you can not transfer the coin out you do not own it. It is neither a security nor a commodity officially.
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While Brown said. Im thinking trust wallet would be fine but do you guys have a different appsite where youd prefer to buysuggest it for someone else to use in order to buy. You own the stocks Just like you would if you traded on any platform. Your brokerage account is with Robinhood Financial LLC and allows trading of equities and options while cryptocurrency trading is done through an account with Robinhood Crypto LLC. And its as safe as buying stocks.
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Youre really just buying IOUs that track the value of that cryptocurrency. Thats how Robinhood is able to do zero commission crypto trading. More than 200000 new customers per day signed up during a surge following the. To those thinking of buying Crypto from Robinhood or Wealthsimple DONT. If you can not transfer the coin out you do not own it.
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You own the shares you buy through Robinhood as soon as your order is executed. Having said that the coins on WS dont belong to you. And its as safe as buying stocks. And if you dont really own any cryptocurrency you. Im thinking trust wallet would be fine but do you guys have a different appsite where youd prefer to buysuggest it for someone else to use in order to buy.
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While Brown said. Im thinking trust wallet would be fine but do you guys have a different appsite where youd prefer to buysuggest it for someone else to use in order to buy. So I just realized and this may be dumb that I dont actually own any dogecoin I have in my Robinhood account. And if you dont really own any cryptocurrency you. Having said that the coins on WS dont belong to you.
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You buy a crypto IOU that mimics the price of the asset. 25022021 With Robinhood you dont really buy any crypto. Have had no issues buying or selling Bitcoin and Ethereum on it. You buy a crypto IOU that mimics the price of the asset. While Brown said.
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On Robinhood you can buy and sell crypto and thats it but no fees. They are just allowed to do that because of the undefined regulatory status of crypto. You do not actually own the crypto you buy. Ive also seen this concern about their new savings account. 20032021 In keeping with that we wanted to respond directly to a recent Reddit post which inaccurately implies that customers dont own the shares they buy through Robinhood.
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More than 200000 new customers per day signed up during a surge following the. If you have it sell it and transfer funds to square cash or coinbase or other exchanges that allow you to actually take custody of the coin. 18042021 YOU DO NOT own any Crypto Currency that you buy on Robinhood you can not withdraw any cryptocurrency you buy on Robinhood platforms like Robinhood defeat the whole purpose of cryptocurrency. Not even RobinHood has the keys because they dont really own the coins. I trade crypto daily on robinhood.
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However the unlimited day trading is worth the risk for me. Since you cant widthraw the crypto you never really own them. 28042021 Another question that people asked had to do with whether Robinhood users would directly own the crypto they buy on the platform. You do not own your coin on robinhood. On Robinhood you can buy and sell crypto and thats it but no fees.
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It is neither a security nor a commodity officially. WS is a great and simple platform. So it just stays on robinhood and you can buy and sell. Since the coin is virtually imaginary no exchange is qualified to allow you ownership of your coin you own the value and that is not static. However the unlimited day trading is worth the risk for me.
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