Robinhood and Cryptocurrencies – Everything You Need To Know

This is a complete FAQ of Robinhood’s crypto trading policies [source here].
If you’re interested to see what cryptocurrencies will be added to the platform, see here. Robinhood users, sign up for early access here. Sign up for Robinhood here if you’re not already a user. The first batch of customers will be limited to California, Massachusetts, Missouri, Montana, and New Hampshire so expect a slow roll-out onto the platform.

When will I get access to Crypto?

Robinhood Crypto will be available to our first group of customers in February, on a state by state basis.

You can move up the list by inviting friends to join Robinhood. If your friends sign up, you’ll not only get access to Robinhood Crypto sooner, but you’ll also both get a free stock like Apple, Ford or Sprint.

How do I get early access to Crypto?

You can get early access through the card in your app, or you can sign up on our website.

Which states will have access to Robinhood Crypto?

Robinhood Crypto will initially be available to customers in California, Massachusetts, Missouri, Montana, and New Hampshire. We plan to add support for more states soon.

Can I participate in an initial coin offering (ICO) on Robinhood?

No, Robinhood Crypto doesn’t support ICOs at this time.

How will I know when I can start trading cryptocurrencies?

You’ll receive an email and an in-app card notifying you when you can start trading cryptocurrencies.

What’re cryptocurrencies?

Cryptocurrencies are digital currencies, created and stored electronically in the blockchain, using cryptography (hence “crypto”) to control their creation and to verify the transfer of funds.

Cryptocurrencies are unique because they don’t have any physical form and exist only in the network. Their supply, or circulation, isn’t determined by any central bank or government, and the network itself is completely decentralized.

There are a growing number of cryptocurrencies, but the most popular to date are Bitcoin, Ethereum and Litecoin.

What’s Bitcoin?

Bitcoin, created in 2009, is the first decentralized cryptocurrency. Like many cryptocurrencies, it’s not tied to any government or issuing authority, and there’s no middle-man involved when it’s used to purchase goods. Most of its concepts have been applied to other fields, and replicated in other cryptocurrencies.

Bitcoin denotes both the name of the network and the currency that’s built on top of it. Its symbol is BTC.

Bitcoins are a tradable asset on Robinhood. You can buy and sell fractions of BTC. The minimum order size is 0.00001 BTC.

Bitcoin is not a stock and your cryptocurrency investments are not protected by SIPC.

What’s Ethereum?

Like Bitcoin, Ethereum is a digital currency based on a blockchain technology. Though the applications of Ethereum extend beyond currency, the coin, technically called an Ether, is a tradable asset on Robinhood. Its symbol is ETH.

You can buy and sell fractions of ETH. The minimum order size is 0.001 ETH. The smallest allowable quantity increment is 0.000001 ETH. For example, you can place an order for 0.001001 ETH, but not 0.000999 ETH.

Ethereum is not a stock and your cryptocurrency investments are not protected by SIPC.

What’s a blockchain?

A blockchain is a digital, decentralized ledger of cryptocurrency transactions. The Bitcoin and Ethereum networks are both blockchains where all transactions are recorded.

Where assets tied to governments were formerly backed by gold or silver, Bitcoin and Ethereum are backed by their respective networks. A typical cryptocurrency transfer is first published to the blockchain, where it’s then securely verified by multiple sources in the network. Once a transfer is confirmed by several sources and verified for all to see, it’s accepted by the network.

Since the blockchain verifies the transfer of assets, you no longer need to go through a bank to initiate a transaction.

What can I do with Bitcoin and Ethereum on Robinhood Crypto?

You can buy and sell Bitcoin and Ethereum as an investment.

Why are Bitcoin and Ethereum so volatile?

The prices of cryptocurrencies, like Bitcoin and Ethereum, are volatile largely because they’re a new asset class, and there is no consensus on their overall worth as a currency or investment.

Are cryptocurrencies tied to the value of the US dollar?

No. Bitcoin and Ethereum are not tied to any central governing authority. They’re completely decentralized, and their value is based entirely on supply and demand.

How do commission-free cryptocurrency trades work?

Currently, Robinhood Crypto supports market and limit orders for cryptocurrencies. Market and limit orders for cryptocurrencies work similarly to orders for stocks and options.

When placing market orders, we display the best available price on Robinhood Crypto, which is based on the exchanges we connect to. You’ll never get charged a commission or additional trading fee on top of the execution price. For limit orders, you specify the maximum (or minimum) price you are willing to buy (or sell) at.

Cryptocurrency prices are volatile. To help protect your market orders against dramatic price moves, market orders are adjusted to limit orders collared up to 1% for buys, and 5% for sells. Any price difference you may see between the estimated price and the execution price is due to market movement and is not something that Robinhood profits from.

What is the minimum amount of cryptocurrency I can purchase on Robinhood Crypto?

You can place an order to buy or sell cryptocurrencies for any USD amount (above $0.10 USD for BTC, and above $0.01 USD for ETH), or in any fractional amount of a cryptocurrency (above 0.00001 BTC, or 0.001 ETH).

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Why can’t I place a buy order?

There are a couple reasons why you may not be able to place a buy order:

  • You don’t have enough buying power to place the trade. Cryptocurrencies are non-marginable and can’t count as collateral, so you must have enough cash in your account to place the order.
  • You don’t have enough equity to reach your margin minimum. If you have a Gold account, you won’t be able to place a crypto order in your Robinhood Crypto account if doing so would cause you to fall below your margin maintenance or minimum balance in your Gold account. Also, in a Robinhood or Gold account, you cannot place a trade that would cause you to fall below your pattern day trade minimum equity. You can find more information about these scenarios in our article gold buying power.

Why is my order pending?

There are a couple reasons why your order may not have been filled:

  • The cryptocurrency moved outside the market order collar. All market orders for cryptocurrencies are placed as limit orders with a collar. If the price of the cryptocurrency moves outside the collar, your order will remain pending. Learn more about collars and order types below.
  • The platform is performing scheduled maintenance. You’ll be notified in-app about scheduled maintenance windows and their duration. During a maintenance window, you can place orders to buy or sell cryptocurrencies, but they won’t execute until the maintenance window is finished. Furthermore, all pending orders will remain pending during this time.

How do I cancel an order?

For instructions on how to cancel a pending order, check out our article on order types.

What types of orders can I place?

You can place market orders and limit orders for cryptocurrencies in your Robinhood Crypto account.

Market Orders:

To help protect your market orders against dramatic price moves, market orders are adjusted to limit orders collared up to 1% for buys, and 5% for sells. Collars are based off the last trade price. This means that your order will not execute if the price of the cryptocurrency moves more than 5% lower than its price at the time you placed a market sell order, or more than 1% higher than its price when you placed a market buy order, until it comes back within the collar.

Limit Orders:

A limit order is an order placed to buy or sell a specified amount of a financial instrument at a specified price or better.

You can place a limit order to buy or sell cryptocurrencies for any USD amount (above $0.10 USD for BTC, and above $0.01 USD for ETH), or in any fractional amount of a cryptocurrency (above 0.00001 BTC, or 0.001 ETH).

Limit Orders (placed in USD):  

  • Buy: You’ll never pay more than the USD amount you enter to purchase a specified amount of a cryptocurrency.
  • Sell: You’ll never receive less than the amount you enter to sell your specified amount of a cryptocurrency.

Limit Orders (placed in fractional amounts):

  • Buy: You’ll never pay more than the estimated cost shown on your screen to purchase a specified amount of a cryptocurrency.
  • Sell: You’ll never receive less than the estimated credit shown on your screen to sell a specified amount of a cryptocurrency.

Note: Your limit buy order will only execute if the cryptocurrency meets or falls below your limit price, and your limit sell order will only execute if the cryptocurrency meets or goes above your limit price.  

 

 

When can I invest in a cryptocurrency?

You can invest in cryptocurrencies 24/7 on Robinhood Crypto, with the exception of our weekly downtime for site maintenance.

You’ll be notified in-app about scheduled maintenance windows and their duration. During a maintenance window, you can place orders to buy or sell cryptocurrencies, but they won’t execute until the maintenance window is finished. Furthermore, all pending orders will remain pending during this time.

Keep in mind, trading hours for options and stocks through Robinhood Financial are 9:30am-4:00pm EST, unless you’ve upgraded to Robinhood Gold and have access to extended trading hours from 9:00am-6:00pm EST.

Is cryptocurrency trading part of my Robinhood brokerage account?

No. Your brokerage account is with Robinhood Financial LLC and allows trading of equities and options, while cryptocurrency trading is done through an account with Robinhood Crypto, LLC. Robinhood Crypto is not a broker dealer and is not a member of the Financial Industry Regulatory Authority (FINRA). Robinhood Crypto is also not a member of the Securities Investor Protection Corporation (SIPC), which means your cryptocurrency investments are not protected by SIPC.

How do commission-free cryptocurrency trades work?

Currently, Robinhood Crypto supports market and limit orders for cryptocurrencies. Market and limit orders for cryptocurrencies work similarly to orders for stocks and options.

When placing market orders, we display the best available price on Robinhood Crypto, which is based on the exchanges we connect to. You’ll never get charged a commission or additional trading fee on top of the execution price. For limit orders, you specify the maximum (or minimum) price you are willing to buy (or sell) at.

Cryptocurrency prices are volatile. To help protect your market orders against dramatic price moves, market orders are adjusted to limit orders collared up to 1% for buys, and 5% for sells. Any price difference you may see between the estimated price and the execution price is due to market movement and is not something that Robinhood profits from.

How long will it take to get the proceeds from my sales?

You’ll receive the proceeds from your sales to purchase stocks, options, or other cryptocurrencies immediately. There’s no settlement time on Robinhood Crypto.

How does Robinhood Crypto calculate cost basis for cryptocurrencies?

We calculate cost basis on a First-In-First-Out (FIFO) basis. This means we’ll sell your cryptocurrencies in the order you bought them.

Can I add other coins to my Watchlist?

To add a cryptocurrency to your Watchlist:

  1. Tap the magnifying glass in the upper right corner
  2. Type in the cryptocurrency name or symbol
  3. Tap “+Watch” button and it’ll be added to your Watchlist

When can I buy cryptocurrencies after I make a deposit?

If you have a Robinhood account, you get instant access to your funds to up to $1,000. Additional funds will land in your account after normal settlement times.

If you have a Robinhood Gold account, you’ll have instant access to your funds up to your Gold tier amount, and any additional funds will land in your account after normal settlement times.

Keep in mind, you can’t use Gold Buying Power to purchase cryptocurrencies on Robinhood Crypto. You can learn more about instant deposits and settlements and Robinhood Gold.

How do I get early access to Crypto?

You can get early access through the card in your app, or you can sign up on our website.

Which states will have access to Robinhood Crypto?

Robinhood Crypto will initially be available to customers in California, Massachusetts, Missouri, Montana, and New Hampshire. We plan to add support for more states soon.

Can I participate in an initial coin offering (ICO) on Robinhood?

No, Robinhood Crypto doesn’t support ICOs at this time.

How will I know when I can start trading cryptocurrencies?

You’ll receive an email and an in-app card notifying you when you can start trading cryptocurrencies.

Do I need a Gold account to trade cryptocurrencies?

No. You can open a Robinhood Crypto account regardless of whether you have a Cash, Instant, or Gold account with Robinhood Financial.

Do my cryptocurrency assets count as collateral for margin calls?

No. Your cryptocurrency assets are held in your Robinhood Crypto account, not your Robinhood Financial account, and so are treated as non-marginable, with a maintenance requirement of 100%. This means your cryptocurrencies need to be backed entirely by cash, and can’t serve as collateral for equities positions.

For more information about margin maintenance requirements, check out our article on Robinhood Gold.

Robinhood Cryptocurrency List

Here’s the list of cryptocurrencies being added to the Robinhood platform with trading coming in February 2018. Check out this post for everything you need to know about Robinhood and Crypto coming together. Robinhood users, sign up for early access here. Sign up for Robinhood here (and get a free stock) if you’re not already a user. The first batch of customers will be limited to California, Massachusetts, Missouri, Montana, and New Hampshire so expect a slow roll-out onto the platform.

  1. Bitcoin – BTC [Trading on Feburary 2018]
  2. Ethereum – ETH [Trading on Feburary 2018]
  3. Ripple – XRP [Quotes Only]
  4. Bitcoin Cash – BCH [Quotes Only]
  5. Litecoin – LTC [Quotes Only]
  6. Qtum – QTUM [Quotes Only]
  7. Ethereum Classic – ETC [Quotes Only]
  8. Stellar – XLM [Quotes Only]
  9. NEO – NEO [Quotes Only]
  10. Zcash – ZEC [Quotes Only]
  11. Monero – XMR [Quotes Only]
  12. Dash – DASH [Quotes Only]
  13. Bitcoin Gold – BTG [Quotes Only]
  14. Lisk – LSK [Quotes Only]
  15. OmiseGo – OMG [Quotes Only]
  16. Dodgecoin – DODGE [Quotes Only]

 

In case you need screenshot proof.


Or check out the robinhood app yourself (be sure it’s updated), search a cryptocurrency like BTC and click “Show All” cryptocurrencies.

Google chose different canonical than user [Google Search Console / Webmaster Tools]

This URL is marked as canonical for a set of pages, but Google thinks another URL makes a better canonical. Because we consider this page a duplicate, we did not index it; only the canonical page is indexed. We recommend that you explicitly mark this page as a duplicate of the canonical URL. To learn which page is the canonical, click the table row to run an info: query for this URL, which should list its canonical page.

What to do: It’s best to follow Google’s advise on this one. Please the Google gods and set their version as the canonical url.

Submitted URL not selected as canonical [Google Search Console / Webmaster Tools]

The URL is one of a set of duplicate URLs without an explicitly marked canonical page. You explicitly asked this URL to be indexed, but because it is a duplicate, and Google thinks that another URL is a better candidate for canonical, Google did not index this URL. Instead, we indexed the canonical that we selected. The difference between this status and “Google chose different canonical than user” is that, in this case, you explicitly requested indexing.

What To Do: If you are properly using canonical tags, there is nothing to do so long as you are using canonical tags to tell Google what page to prefer. It may not be necessary to include non-canonical URLs in your sitemap, but I have found it helpful as Google will index some of these non-canonical URLs and display them in the search results.

Google Search Console Definitions

Google Webmaster Tools / Search Console Definitions

Errors:

Server error (5xx): Your server returned a 500-level error when the page was requested.

Redirect error: The URL was a redirect error. Could be one of the following types: it was a redirect chain that was too long; it was a redirect loop; the redirect URL eventually exceeded the max URL length; there was a bad or empty URL in the redirect chain.

Submitted URL blocked by robots.txt: You submitted this page for indexing, but the page is blocked by robots.txt. Try testing your page using the robots.txt tester.

Submitted URL marked ‘noindex’: You submitted this page for indexing, but the page has a ‘noindex’ directive either in a meta tag or HTTP response. If you want this page to be indexed, you must remove the tag or HTTP response.

Submitted URL seems to be a Soft 404: You submitted this page for indexing, but the server returned what seems to be a soft 404.

Submitted URL returns unauthorized request (401):You submitted this page for indexing, but Google got a 401 (not authorized) response. Either remove authorization requirements for this page, or else allow Googlebot to access your pages by verifying its identity.

Submitted URL not found (404): You submitted a non-existent URL for indexing.

Submitted URL has crawl issue: You submitted this page for indexing, and Google encountered an unspecified crawling error that doesn’t fall into any of the other reasons. Try debugging your page using Fetch as Google.

Warnings:

Indexed, though blocked by robots.txt: The page was indexed, despite being blocked by robots.txt (Google always respects robots.txt, but this doesn’t help if someone else links to it). This is marked as a warning because we’re not sure if you intended to block the page from search results. If you do want to block this page,robots.txt is not the correct mechanism to avoid being indexed. To avoid being indexed you should either use ‘noindex’ or prohibit anonymous access to the page using auth. You can use the robots.txt tester to determine which rule is blocking this page. Because of the robots.txt, any snippet shown for the page will probably be sub-optimal. If you do not want to block this page,update your robots.txt file to unblock your page.

Valid:

Submitted and indexed: You submitted the URL for indexing, and it was indexed.

Indexed, not submitted in sitemap: The URL was discovered by Google and indexed. We recommend submitting all important URLs using a sitemap.

Indexed; consider marking as canonical: The URL was indexed. Because it has duplicate URLs, we recommend explicitly marking this URL as canonical.

 Excluded:

Blocked by ‘noindex’ tag: When Google tried to index the page it encountered a ‘noindex’ directive, and therefore did not index it. If you do not want the page indexed, you have done so correctly. If you do want this page to be indexed, you should remove that ‘noindex’ directive.

Blocked by page removal tool: The page is currently blocked by a URL removal request. Removal requests are only good for a specified period of time (see the linked documentation). After that period, Googlebot may go back and index the page, even if you do not submit another index request. If you do not want the page to be indexed, use ‘noindex’, require authorization for the page, or remove the page. If you are a verified site owner, you can use the URL removals tool to see who submitted a URL removal request.

Blocked by robots.txt: This page was blocked to Googlebot with a robots.txt file. You can verify this using the robots.txt testerNote that this does not mean that the page won’t be indexed through some other means. If Google can find other information about this page without loading it, the page could still be indexed (though this is less common). To ensure that a page is not indexed by Google, remove the robots.txt block and use a ‘noindex’ directive.

Blocked due to unauthorized request (401): The page was blocked to Googlebot by a request for authorization (401 response). If you do want Googlebot to be able to crawl this page, either remove authorization requirements, or allow Googlebot to access your pages by verifying its identity.

Crawl anomaly: An unspecified anomaly occurred when fetching this URL. This could mean a 4xx- or 5xx-level response code; try fetching the page using Fetch as Google to see if it encounters any fetch issues. The page was not indexed.

Crawled – currently not indexed: The page was crawled by Google, but not indexed. It may or may not be indexed in the future; no need to resubmit this URL for crawling.

Discovered – currently not indexed: The page was found by Google, but not crawled yet.

Alternate page with proper canonical tag: This page is a duplicate of a page that Google recognizes as canonical, and it correctly points to that canonical page, so nothing for you to do here!

Duplicate page without canonical tag: This page has duplicates, none of which is marked canonical. We think this page is not the canonical one. You should explicitly mark the canonical for this page. To learn which page is the canonical, click the table row to run an info: query for this URL, which should list its canonical page.

Duplicate non-HTML page: A non-HTML page (for example, a PDF file) is a duplicate of another page that Google has marked as canonical. Typically only the canonical URL will be shown in Google Search. If you like, you can specify a canonical page using the Link HTTP header in a response.

Google chose different canonical than user: This URL is marked as canonical for a set of pages, but Google thinks another URL makes a better canonical. Because we consider this page a duplicate, we did not index it; only the canonical page is indexed. We recommend that you explicitly mark this page as a duplicate of the canonical URL. To learn which page is the canonical, click the table row to run an info: query for this URL, which should list its canonical page.

Not found (404): This page returned a 404 error when requested. The URL was discovered by Google without any explicit request to be crawled. Google could have learned of the URL through different ways: for example, another page links to it, or it existed previously and was deleted. Googlebot will probably continue to try this URL for some period of time; there is no way to tell Googlebot to permanently forget a URL, although it will crawl it less and less often. 404 responses are not a problem, if intentional. If your page has moved, use a 301 redirect to the new location. Read here to learn more about how to think about 404 errors on your site.

Page removed because of legal complaint: The page was removed from the index because of a legal complaint.

Page with redirect: The URL is a redirect, and therefore was not added to the index.

Queued for crawling: The page is in the crawling queue; check back in a few days to see if it has been crawled.

Soft 404: The page request returns what we think is a soft 404 response. This means that it returns a user-friendly “not found” message without a corresponding 404 response code. We recommend returning a 404 response code for “not found” pages to prevent indexing of the page.

Submitted URL dropped: You submitted this page for indexing, but it was dropped from the index for an unspecified reason.

Submitted URL not selected as canonical: The URL is one of a set of duplicate URLs without an explicitly marked canonical page. You explicitly asked this URL to be indexed, but because it is a duplicate, and Google thinks that another URL is a better candidate for canonical, Google did not index this URL. Instead, we indexed the canonical that we selected. The difference between this status and “Google chose different canonical than user” is that, in this case, you explicitly requested indexing.

Motiv Smart Ring – Does it monitor SPO2?

The Motiv smart ring does not measure pulse oximetry in its current version

In my question to Motiv’s customer support:

Does the motiv ring have the capability to monitor blood oxygen saturation / SPO2 / pulse oximetry?

They replied

Hi Luke,

Thank you for your interest in the Motiv Ring. While the Motiv Ring can detect your pulse, it does not monitor blood oxygen saturation.

Cheers,
Benjamin | Motiv

Cancel Sell Orders LendingClub [Folio Investing]

You’ll want to open up this page: https://www.lendingclub.com/foliofn/tradingAccount.action

Hi Luke,

I’m not able to process your request on my end, but I’d be happy to show you how. To cancel your current sell orders in your Folio account, please follow the simple steps below:

  1. Access your trading account page through the ‘Invest’ tab in your LendingClub account, then selecting ‘Trading Account’.
  2. Select which open sell orders you wish to cancel, then click the “Cancel Order” button to the right above your current open sell orders.
  3. I hope this helps! Let me know if you have any questions.

    Best,
    Grace
    LendingClub Investor Services

Apartment Scam Warning

If you see an apartment listing these images and possibly the video below, it is most certainly a scam.



IP tracing has to lead me to see this particular scammer is located in Benin, West Africa.



Here are some emails the scammer sent me while communicating about this apartment:

Hello Luke, How are you doing?

Thanks for showing interest in my sublet apartment.
Some info about me- I’m a 29 y.o travel Nurse, I have just been
transferred to start my new rotation in Louisiana for 11 months, i
recently came down here to join my colleagues for orientations,
conferences, I’m also trying to have my accomodation situation sorted
asap as well as get myself familiar with the area.

I initially had no plans of renting out my apartment, but since I have
along term lease with the building, and my contract with the landlord
permits me subleasing my apartment, instead of leaving the apartment
empty when there are a whole lot of people in need of a place to stay,
I decided to make my apartment affordable, look for someone who would
occupy and take good care of the unit while I am away, and at the same
time, getting some money for myself

The apartment is exactly like in the pictures posted on craigslist. I
made a short video of my apartment knowing I would not be around to
show you my place. If you feel comfortable with this, I would forward
you the video and also pictures to serve as guide with full details.

I’d like to know if you will be having any pets and if so would like
you to share some information about the pet,I would like to know a
little something about you, like how many persons you intend to live
in the apartment? and for how long? where are you presently,I look
forward to your email and Should you need more information, I am at
your disposal.

Best, James.

These emails were sent to me from the account of “James Dawei” [email protected]

“Landlord’s” phone number: 469-205-5670

Others are reporting the following name, emails, and addresses:

Please report the contact details of your scammer below.