How to Buy Cryptocurrency on Robinhood: A Step-by-Step Guide

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Cryptocurrency has become a mainstream investment option, and more people are looking for simple, user-friendly ways to get started. One popular platform that allows both stock and crypto trading in one place is Robinhood. If you're wondering how to buy crypto coins using Robinhood—without the complexity of dedicated crypto apps—this guide will walk you through the entire process from setup to purchase.

Whether you're interested in Bitcoin, Ethereum, or Dogecoin, Robinhood offers a streamlined experience for beginners and casual investors. Best of all, it charges zero fees on crypto trades, making it an attractive entry point into the digital asset space.

Why Use Robinhood for Crypto?

For many new investors, the idea of downloading a standalone crypto wallet or navigating decentralized exchanges can be intimidating. Robinhood simplifies the process by offering a centralized platform where users can trade stocks, ETFs, options, and cryptocurrencies—all within the same app.

This unified approach reduces friction and appeals to those who prefer managing all their investments in one place. Plus, Robinhood handles tax reporting for your trades, sending you year-end summaries that make filing easier.

👉 Discover how easy it is to start your crypto journey today.

Supported Cryptocurrencies on Robinhood

Robinhood supports a growing list of major digital assets for buying, selling, and holding. As of 2025, you can directly trade the following cryptocurrencies:

In addition to these tradable coins, Robinhood provides real-time price data for several other tokens, including:

While you can’t currently trade these additional coins on Robinhood, having access to live market data helps you monitor trends and make informed decisions.

Robinhood Crypto Wallet: Take Control of Your Assets

One major limitation of early crypto investing on Robinhood was that users couldn't transfer their assets off the platform. Your coins were held in custody by Robinhood—meaning you didn’t have control over your private keys.

That changed with the introduction of the Robinhood Crypto Wallet, a self-custody wallet that allows you to:

This shift addresses a long-standing concern in the crypto community: "Not your keys, not your crypto." Now, users have greater autonomy and security over their digital holdings.

How to Buy Cryptocurrency on Robinhood – 6 Simple Steps

Getting started with crypto on Robinhood is quick and intuitive. Here's how to buy your first cryptocurrency in just six steps:

Step 1: Open the Robinhood App

Launch the Robinhood app on your iOS or Android device. If you haven't signed up yet, complete the registration process and go through the Know Your Customer (KYC) verification.

Step 2: Link Your Bank Account

Connect your bank account to fund your purchases. This usually takes 1–3 business days for initial transfers.

Step 3: Tap the Magnifying Glass

From the home screen, tap the search icon at the top.

Step 4: Select “Crypto”

Browse or search for "Crypto" and select it from the menu.

Step 5: Choose Your Cryptocurrency

Tap on the coin you want to buy—such as Ethereum (ETH)—and select Buy.

Step 6: Enter Amount & Confirm

Input the dollar amount or specific quantity of crypto you’d like to purchase. Review your order details, then swipe up to confirm the transaction.

And that’s it! You now own cryptocurrency through Robinhood.

👉 See what happens when you take full control of your digital assets.

Understanding Centralized vs. Decentralized Exchanges

It's important to understand the difference between centralized and decentralized platforms when investing in crypto.

Centralized Exchange (CEX)

A centralized exchange like Robinhood acts as an intermediary between buyers and sellers. It holds users’ funds, provides liquidity, and maintains order books. Transactions are recorded on the respective blockchain, but custody remains with the platform unless you use a self-custody wallet.

✅ Pros:

❌ Cons:

Decentralized Exchange (DEX)

A decentralized exchange allows peer-to-peer trading directly from your crypto wallet via smart contracts. There’s no central authority, and you retain full control over your private keys.

While DEXs offer more freedom, they come with a steeper learning curve and are better suited for experienced users.

Frequently Asked Questions (FAQ)

Q: Does Robinhood charge fees for crypto trading?
A: No. Robinhood does not charge commission or fees for buying and selling cryptocurrencies.

Q: Can I withdraw my crypto from Robinhood?
A: Yes. With the Robinhood Crypto Wallet, you can now send and receive crypto to and from external wallets.

Q: Is Robinhood safe for storing crypto?
A: Robinhood uses industry-standard security measures like encryption and two-factor authentication. However, for long-term storage, consider transferring your assets to a personal hardware wallet.

Q: Do I own the private keys to my crypto on Robinhood?
A: Not by default. But with the self-custody Crypto Wallet feature, you can take ownership of your private keys and manage them independently.

Q: What is KYC, and why is it required?
A: KYC stands for “Know Your Customer.” It’s a regulatory requirement that verifies your identity to prevent fraud and money laundering.

Q: Can I stake or earn interest on crypto held in Robinhood?
A: Currently, Robinhood does not support staking or yield-generating features for most cryptocurrencies.

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Final Thoughts

Robinhood offers a convenient and accessible way to begin investing in cryptocurrency—especially for those already familiar with stock trading. With zero trading fees, real-time data, and now self-custody wallet capabilities, it bridges the gap between traditional finance and digital assets.

While it may not offer all the advanced features of dedicated crypto platforms, it remains a solid choice for beginners looking to dip their toes into the world of Bitcoin, Ethereum, and other major coins.

As always, remember to do your research, only invest what you can afford to lose, and consider diversifying across secure platforms as your portfolio grows.

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