Some users have confirmed that the app is working as expected for trading cryptocurrencies. However, the continuous influx of reports from users suggests otherwise. Matter of fact, the current status page for Robinhood suggests that everything is in order and functioning as expected. While we’re yet to come across a public statement from Robinhood surrounding the issue, an individual has shared an alleged screenshot of a Twitter conversation between them and Robinhood support wherein the company has confirmed that they’re working on fixing the problem. ( Source)ĭowndetector - a popular service that gives information about live outages - also conveys that Robinhood is indeed going through some downtime as you can see in the image below. Meme stocks on robinhood closing down app when you click into the chart … but the computer version works. Trying to open it, but it keeps restarting or closing.
Notice the app crash once you click on squeeze stocks? Maybe this is the company and government helping the upper class get out of a sticky situation from a epic squeeze? According to reports, the Robinhood app keeps crashing while viewing stocks.įor a quick glance, here’s how some of the complainants word the problem: On the other hand, if your goal is simply to hold Bitcoin and benefit from rising prices over time, Robinhood can be an easy and low-cost way to do it, especially if you're already using the platform for stock trading.Just in case you’re trying to get your head around why the Robinhood app isn’t working or crashing on your device, you might find some solace in knowing that you’re not the only one.Ī quick look at the micro-blogging site - Twitter - conveys there are many others affected by the same issue. If your goal is to pay for purchases using Bitcoin, or if you want to send Bitcoin to friends or to an external Bitcoin wallet, Robinhood is not the best choice for you. The short answer is that it depends why you want to buy Bitcoin. For example, Coinbase offers more than 90 tradeable coins. But if you're thinking of putting some of your money in smaller, up-and-coming cryptocurrencies, you might want to look elsewhere. If you want to invest in Bitcoin and the other most popular digital assets, Robinhood probably has what you need. But there aren't many other reasons to use Robinhood for your cryptocurrency needs.įinally - and this point won't apply to investors who only want to buy Bitcoin - more avid cryptocurrency traders will find that there are other platforms with far more cryptocurrencies to choose from than the seven Robinhood offers. If you buy Bitcoin on Robinhood and it goes up in value, you can sell it and make money. It is mainly a place where you can buy, hold, and sell Bitcoin and a few other types of cryptocurrency. Robinhood also offers far fewer educational resources and other features. It doesn't have nearly as much functionality as most leading cryptocurrency exchanges do. In other words, you can't send your Bitcoin to another cryptocurrency wallet, spend it on real-world purchases, or receive Bitcoin from other people. Drawbacks of using Robinhood to buy Bitcoinīy far, the biggest drawback to Robinhood's cryptocurrency trading platform is that all you can do is buy, hold, and sell your cryptocurrencies. With many other cryptocurrency exchanges, not so much. Many people look at Bitcoin as an addition to their investment portfolios, so it makes a lot of sense to keep all of your investments in one place. There's also value in having your cryptocurrency holdings and stock investments in the same easy-to-use app, and Robinhood certainly lets you do that. To be fair, Robinhood makes money from the spread between its current buy and sell prices, but that's it - no other fees apply. And that's on top of a markup, or spread, you pay over the current market price. For example, Coinbase charges a 1.49% trading fee for most transactions, so if you want to buy $500 worth of Bitcoin, you pay about $7.50. Specifically, many of Robinhood's top competitors have expensive and somewhat hard-to-understand pricing structures.
Robinhood pioneered commission-free stock trading several years ago, and while its competitors have largely caught up to the company's pricing structure in the brokerage side of the business, the same cannot be said of cryptocurrency trading. Benefits of using Robinhood to buy Bitcoin Here's a rundown of the key advantages and disadvantages of using Robinhood to buy Bitcoin. Like all cryptocurrency trading platforms, Robinhood isn't the best choice for everyone. But you can also buy Bitcoin and six other cryptocurrencies directly through the app. Robinhood is best known as the stock trading app that pioneered the concept of commission-free trading several years before most brokerages got rid of their trading costs.
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