Something that is free isn’t always the best option
Paper money is going away.
As a cryptocurrency investor, you shouldn’t trade cryptocurrencies on Robinhood. Just this year alone has proven the unreliability of this free trading app in the stock market. Imagine if the same results happened to you with cryptocurrencies. You wouldn’t be one happy camper at all.
The one benefit to using Robinhood is the free trading or zero commissions the platform offers. If you want to make a trade with Robinhood, the platform will not charge any extra fees when you execute the trade. Robinhood encouraged many other financial platforms to follow their lead in the past year such as Charles Schwab, ETrade, Fidelity, and others.
Wealth is the only benefit of the game of money. If you win, the money will be there.
J. Paul Getty
As the stock market was feeling the effects of the coronavirus with investors selling in early 2020, Robinhood crashed three times. Users were unable to make trades when they wanted to. This resulted in a lot of mad users of the platform.
Then a 20-year-old college student killed himself after seeing a $730,000 negative balance on his Robinhood account. I don’t believe I have heard similar stories from other stock platforms. Robinhood attracted a lot of followers from Millenials and Generation Z because of their zero commission platform and ease of use.
Use a reliable cryptocurrency trading platform. There are dozens of platforms available such as Coinbase, Kucoin, Binance, EToro, and others. The available cryptocurrency platform is based on the country you live in as well.
Do you use Robinhood to trade cryptocurrencies?
Tom Handy is a top writer on Medium, former Quora writer, and father of two kids. He retired from the Army and sits on several non-profit boards. You can find him on Twitter @tomhandy1 and his publication Life is Like a Game.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.