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).

c

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.

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