Hey guys, Matt here with Crypto Blick once again. Today I’m going to review the Robinhood App for you and show you how to buy and sell crypto on the app. As always keep in mind, watch your Fees wherever you go in terms of what platform you’re on. Kraken has the best Fees in my opinion at this moment and from the research I found.
I’ve done a separate video on Fees.
With the Cash App… although it’s very easy to buy and sell crypto and you can pull those coins off their platform, their fees are quite high. It’s 1.8% right now as of today. Keep that in mind whenever you’re buying crypto.
But let’s jump right now into the app… here you’re going to go to Cryptocurrencies.
Bitcoin is slowly coming down today. Not much. If I wanted to buy some Bitcoin here… let’s do $5 worth right now. So I’m going to click “Review.” I’m going to swipe up and “Voilà!” It’s purchased. I just purchased $5 worth of BTC.
You can see here year-to-date… you can see the trend of the market price. Obviously, it’s gone down in the last three months. Here’s the last week… what it looks like.
Alright, so I bought some crypto and I decide “okay, I want to sell it now.”
Obviously it looks like things are trending downward at the moment as I’m recording this, but that’s okay. If I lose a couple of cents I’m fine with that. Let’s just do this.
Let’s do $5.
So I’m going to click “Review”… I’m a swipe up… Bitcoin sold. $5 worth. I can see now back in my account that I have $5.10 of buying power.
One thing to be aware of… say when I buy… “Order Types.” You guys probably already know this but I’m going to tell you anyway.
The Market Order is whatever it’s at at the moment when your transaction goes through on the Blockchain. When you do a Limit Order you can set the Limit Price for what you’re willing to sell or buy your Bitcoin at. Keep that in mind if you have a price that you want to purchase at and you don’t want to sit there on your app waiting for it to transact. You can easily put in that number, set it and leave it… and then go on with your daily business.
One thing to keep in mind is that you can have it shut it off at the close of the market… say if you’re doing stocks on Robinhood. Or, it’ll keep going until it transacts for you (the price hits your desired price point). You can always cancel it later on.
Those are the different types there.
I wanted to show that to you as well because I’ve done that on this platform just to test it out and see. You know, say for example it is $5,253 BTC right now… say I want to buy at $5,252 BTC, I put that limit order in, it will save it for me. And if the price dips back down to that price point, it will trigger my order and buy it for me.
So that’s extremely handy if you can imagine.
If you think, based off of data and based on what I’ve seen in the market, I think that Bitcoin’s going to come down or go up, you can set that price limit and it will trigger it once it hits that number.
So that is how you buy crypto on the Robinhood App.
Hey, let’s just go ahead and buy some more here, what I had left in my account. “Sending Order”… Bitcoin purchased. Total cost: $5.01. Alright there we go. So I just bought some more crypto for my account. Let’s see what we’re at… so it says I’m investing $110.07, because that’s where the market is at right now.
You can see… let me show you some data here… scroll down here and it says “100% of your portfolio is in crypto. Your quantity average cost here is. News about crypto.” Since I’ve been recording some videos here on the Robinhood app, that is why you keep seeing the fluctuation, you keep seeing a bunch of $5 amounts there. Volatility is “high,” obviously because it is crypto. You guys know that.
Anyways that is a basic overview of the Robinhood App. You can do the same thing with stocks it is not the time to buy stocks right now because things keep going down. Now if you understand true investing, this is the time to buy because you are hoping and praying that the stocks will go up. But, I’m not getting into the details of the psychology to buying Stocks because I’m new to stock buying and I’m not the professional in that regard. There are plenty of other people out there to get fantastic advice from. Anyways, until next time, have a great day. Stay warm. Stay healthy. And talk to you soon.