7 cryptocurrencies you can buy on Robinhood

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Robin Hood (NASDAQ: HOOD) strengthens its cryptocurrency capabilities. It now allows customers to automatically purchase cryptocurrencies without commission on a scheduled basis. Robinhood has opened a waitlist for its crypto wallets and over a million customers have signed up to date.

No, the popular trading platform does not support Cardano Where Shiba inu Again. However, here are seven cryptocurrencies you can buy on Robinhood.

Image source: Getty Images.

1. Bitcoin

Without surprise, Bitcoin (CRYPTO: BTC) tops the list of cryptocurrencies supported by Robinhood. It is the most popular digital coin in the world. And it has the largest market cap by far.

2. Bitcoin Cash

Robinhood also allows users to buy and sell Bitcoin Cash (CRYPTO: BCH). This cryptocurrency is somewhat of a sister to Bitcoin. The developers parted ways with the Bitcoin project in 2017 to launch Bitcoin Cash as an alternative coin that solved some of the perceived issues with Bitcoin. Bitcoin Cash now ranks as the # 21 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 comes in at No.57 based on market capitalization. It derived from the Bitcoin Cash blockchain in 2018. Bitcoin SV’s vision is to adhere as much as possible to the original design of Bitcoin.

4. Dogecoin

Dogecoin (CRYPTO: DOGE) started out as a joke, but Robinhood takes it seriously enough to make it available to investors. This coin has skyrocketed in popularity to become the tenth largest cryptocurrency in the world based on market capitalization. It certainly helped Elon Musk actively promote Dogecoin, even declaring himself the “Dogefather” and adding him to the shortlist of cryptocurrencies he owns.

5. Ethereum

Arguably no cryptocurrency offers as much utility in the real world as Ethereum (CRYPTO: ETH) done right now. Its blockchain technology has multiple applications, including digital payments and non-fungible tokens. Perhaps that is why Robinhood is including it among its few supported cryptocurrencies. Ethereum ranks behind only Bitcoin based on market capitalization.

6. Classic Ethereum

Just as Robinhood supports multiple members of the Bitcoin family, it also allows trading of a fork of the Ethereum blockchain called Ethereum Classic (CRYPTO: ETC). In fact, Ethereum Classic is the original Ethereum blockchain with no changes made in 2016 in response to a major hack. It is now the No. 33 cryptocurrency in the world in terms of market capitalization.

7. Litecoin

The latest cryptocurrency supported by Robinhood is Litecoin (CRYPTO: LTC). It is the # 14 cryptocurrency based on market capitalization. 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 listed above are the only cryptocurrencies that can currently be bought and sold on Robinhood. However, the trading platform supports real-time market data for several other cryptocurrencies, but does not yet allow their trading:

  • Bitcoin Gold (CRYPTO: BTG)
  • Lisk (CRYPTO: LSK)
  • Monero (CRYPTO: XMR)
  • NEO (CRYPTO: NEO)
  • OmiseGO (CRYPTO: OMG)
  • Qtum (CRYPTO: QTUM)
  • Ripple (CRYPTO: XRP)
  • Stellar (CRYPTO: XLM)
  • Zcash (CRYPTO: ZEC)

Others are in preparation?

Robinhood CEO Vlad Tenev said on the company’s third quarter conference call: “We’re hearing this loud and clear. Our customers want new coins, the ability to deposit and withdraw, as well as ways to earn interest on their crypto. ” Does this mean that more cryptocurrencies will be supported on the trading platform in the future? Probably – but at what point we do not know.

Tenev added that the company “will carefully assess whether we can add new parts in a manner that is safe for customers and complies with regulatory requirements.” This caution could mean that the list of cryptocurrencies supported by Robinhood will remain at seven for some time.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.


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