How to Sell Crypto on Robinhood?

Robinhood is an online stock and cryptocurrency trading platform allowing users to buy and sell digital assets without paying commission fees. Robinhood is available on iOS and Android, one of the US’s most popular stock trading applications.  

To trade on Robinhood, users must first sign up to create a user account which takes only a few minutes. After logging in, they can view a list of stocks and cryptocurrencies available for trading. Users can also make trades directly through the platform’s mobile app or website.

The company offers a variety of features, including order-taking and market-making capabilities. Robinhood is an affordable and convenient way to trade stocks and cryptocurrencies. Its vast range of features makes it a great choice for budget-conscious investors, beginners, and seasoned traders. 

If you want to invest in Crypto, Robinhood is an excellent platform. So, read on to get more details. 

Can Crypto be sold on Robinhood?

As of May 2018, Robinhood had over three million users and was valued at $ 5.5 billion. The platform gives users unlimited market access to buy and sell cryptos or store them. The service is available 24/7; hence, users can trade anytime. The cryptos can be traded directly and not via features. 

Selling Crypto on Robinhood is a way to make money. Robinhood is a brokerage firm allowing users to trade stocks, options, and cryptocurrencies. When these investments are sold on the platform, investors can earn interest on their holdings. This can be a valuable incentive for those who want to invest in cryptocurrencies but don’t necessarily want to take on the risk of trading them directly.

Additionally, by selling Crypto on Robinhood, investors can gain exposure to other types of assets without worrying about the technical challenges of trading cryptocurrencies. Selling Crypto on Robinhood can be an excellent way to diversify a portfolio, and it is an important option for investors who want to take advantage of the growing popularity of cryptocurrencies.

In September 2022, Robinhood launched a no-gas-fee wallet that will enable users to prowl the Defi world and web3 at no cost. The wallet is currently accessible to 10,000 iOS users who signed up for the waitlist in May.

The standalone app, Robinhood Wallet, will support Polygon as its first blockchain network. It is set to give its users full control of their Crypto, enable them to trade and swap Crypto at no cost and allow seamless access to the decentralized web. This is Crypto, the Robinhood way. 

The company promises to make the wallet accessible to the public later this year. Therefore, interested parties are advised to join the waitlist and wait for the company’s access notification. 

How to Sell Crypto on Robinhood

To sell Crypto on Robinhood, users must sign up for a Robinhood account and then link their bank or debit card. Once their account is linked, they can begin to sell Crypto. The trade of Crypto on Robinhood is possible in various ways, including through the Robinhood app, website, or via live trading.

When selling on Robinhood, there are a few things to consider. It is crucial to weigh in on why you’re selling. Are you selling to take profits or because you think the price will drop? There are no justified or unjustified answers, but it’s essential to have a reason for selling.

After deciding to sell, your preferred transaction mode will dictate how you process it. The preferred mode will be either through the web, an android, or an iOS system. 

Below is a guideline for each of the modes. 

Selling Crypto on iOS

1. On your iOS device, open the Robinhood app and click on the menu icon on the top left.
2. Scroll down and tap Crypto.
3. Tap the name of the currency you want to sell.
4. Enter the amount you want to sell, then tap Sell.
5. Review the transaction and tap Done.
6. If you want to cancel the sale, tap Cancel Sell.
7. If the sale were successful, your balance would change, and the app will notify you with a message like “Your sell completed successfully.” Congratulations! You’ve just sold Crypto on Robinhood!

Selling Crypto on Android

1. Open your cryptocurrency wallet on your Android device.
2. Find the currency you want to sell and select the corresponding sell option.
3. Enter the amount of currency you want to sell and click on the “Sell” button.
4. The transaction will be processed, and the currency you sold will be transferred to your wallet.
5. Repeat these steps for any other currencies you want to sell.
6. Once all transactions are completed, close your cryptocurrency wallet on your Android device.

Selling Crypto on the web

1. Open your Robinhood window through your preferred browser.
2. Cross to the respective page of the cryptocurrency when you can make orders.
3. From the order window you have on the right side of your screen, click “Sell.”
4. Enter the amount of cryptocurrency you wish to sell.
5. Click Review and confirm whether your selection is correct before proceeding.
6. Confirm the order by clicking Sell.

How long does it take when you sell Crypto on Robinhood

Once you click the sell button, the proceeds from the sale will be deposited into your bank account. Remittance to your bank will depend on the settlement time for that cryptocurrency. For example, Bitcoin Cash (BCH) and Bitcoin (BTC) typically settle in one business day, while Ethereum (ETH) settles in two days.

How to Get Started with Selling Crypto on Robinhood

1. You must first open the Robinhood app and log in. 
2. Click on the menu icon on the top left side of your screen. Selecting this will open up a drop-down menu, and you’ll want to select “Crypto.”
3. select “Sell” and fill out some information about your sale. Specify the amount of Crypto you’re selling, the price per unit, and the commission rate. You can also select a custom commission rate if you wish.
4. Hit “Sell,” and the order you made will be activated. 

How much does Robinhood take when you sell Crypto?

Robinhood does not charge for the services that one uses. It’s the only brokerage app that does not charge to both its stock and cryptocurrency customers. Robinhood wants to provide easy access to financial markets, and it pioneered the concept of zero-commission stock trading. Robinhood does not charge commissions on options trades and does not charge a per-contract fee.

Conclusion

Robinhood has been designed to provide a simple, no-frills investment experience. The experience makes selling Crypto on Robinhood easy to use when trading investments, especially for beginners. All you need is to open an account with the app, choose the currency you want to trade, and hit the appropriate tab. You will be guaranteed your money without any transaction cost. And now, with the introduction of the Robinhood Wallet, the experience is set to be top-notch. Hurry up, create a Robinhood or join the waitlist (if you already have one) to unlock an incredible trading experience.