Robinhood Gold Downgrade

Robinhood Gold Downgrade

Hi Luke,

Your account was downgraded from Robinhood Gold to Robinhood Instant. We’ve removed $2000.00 of additional buying power and reduced your instant deposit limit by $2000.00. You should no longer be charged for Robinhood Gold.

Please remember that trading with Robinhood is commission-free. We’re committed to building new, exceptional products for our customers, both free and paid.

We’re really sorry to see you go, and would appreciate your feedback on Robinhood Gold. You can reply to this email directly with any questions, suggestions, or other feedback that you have.

Sincerely,
The Robinhood Team
robinhood.com

Please email us at [email protected] if you have any questions.
Robinhood Gold is a bundle of premier services available for a monthly fee that will vary depending on the tier of services for which customers must qualify and select. Robinhood Gold services include the ability to borrow funds in excess of equity on margin, the ability to have access to and trade in the extended-hours markets, and the ability to receive an increase in instant deposits up to the maximum amount of the Robinhood Gold tier selected. Furthermore, participating Robinhood Gold accounts are subject to Pattern Day Trading rules.

Monthly fees charged will be in lieu of any interest fees that are typically charged to margin accounts for the borrowing of funds. If borrowing above the selected tier, additional interest will be charged to this additional amount at the end of the month.

Robinhood Gold will permit participating customers to engage in extended hours trading, meaning outside of the regular trading hours of 9:30am and 4pm ET. There are unique risks to Extended Hours Trading and by participating in this type of trading customers are deemed to understand and agree to accept such risks.

All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against loss, in a down market. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.

Margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. Before using margin, customers must determine whether this type of trading strategy is right for them given their specific investment objectives, experience, risk tolerance, and financial situation. For more information please see our Margin Disclosure StatementMargin Agreement and FINRA Investor Information. These disclosures contain information on our lending policies, interest charges, and the risks associated with margin accounts.

Free trading refers to $0 commissions for Robinhood Financial self-directed individual cash or margin brokerage accounts that trade U.S. listed securities via mobile devices. Relevant SEC & FINRA fees may apply. Please see our Commission and Fee Schedule.

Robinhood is currently registered in the following jurisdiction(s). This is not an offer, solicitation of an offer, or advice to buy or sell securities, or open a brokerage account in any jurisdiction where Robinhood is not registered.

Investors should be aware that system response, execution price, speed, liquidity, market data, and account access times are affected by many factors, including market volatility, size and type of order, market conditions, system performance, and other factors.

Investors should consider the investment objectives and unique risk profile of Exchange Traded Funds (ETFs) carefully before investing. ETFs are subject to risks similar to those of other diversified portfolios. Leveraged and Inverse ETFs may not be suitable for all investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies. Although ETFs are designed to provide investment results that generally correspond to the performance of their respective underlying indices, they may not be able to exactly replicate the performance of the indices because of expenses and other factors. A prospectus contains this and other information about the ETF and should be read carefully before investing. Customers should obtain prospectuses from issuers and/or their third party agents who distribute and make prospectuses available for review. ETFs are required to distribute portfolio gains to shareholders at year end. These gains may be generated by portfolio rebalancing or the need to meet diversification requirements. ETF trading will also generate tax consequences. Additional regulatory guidance on Exchange Traded Products can be found by clicking here.

System response, execution price, speed, liquidity, market data, and account access times are affected by many factors, including market volatility, size and type of order, market conditions, system performance, and other factors.

Third party information provided for Robinhood product features, Robinhood communications and communications emanating from its social media community, market prices, data and other information available through Robinhood are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The Robinhood website provides its users links to social media sites and email. The linked social media and email messages are pre-populated. However, these messages can be deleted or edited by Robinhood users, who are under no obligation to send any pre-populated messages. Any comments or statements made herein do not reflect the views of Robinhood Markets Inc., Robinhood Financial, LLC or any of their subsidiaries or affiliates.

Note that certain Robinhood product features listed are currently in development and will be available soon.

All securities and investments are offered to self-directed customers by Robinhood Financial, LLC, member FINRA & SIPC. Robinhood Financial, LLC is a wholly owned subsidiary of Robinhood Markets, Inc.

Robinhood Gold Pricing and APR

Robinhood Gold works on a tiered pricing system, increasing the cost of gold based on your balance, investments, and desired buying power.

When it comes down to the numbers, Robinhood gold essentially costs 5% APR on whatever buying power you desire with a minimum charge of $10/month on the first $2000. Although a lower tier of $1000 extra buying power at $6/month is listed here, Robinhood currently only offers the $2000 buying power tier. In the future, they may offer a Gold account at $5/month with no increased buying power. 

Robinhood now has extended trading hours as a standard with the free accounts. The gold account brings (limited) instant deposits and increased buying power. It’s unclear what features the gold account may have if it is being offered with no increased buying power.

 

Are the Robinhood Checking and Savings Accounts FDIC Insured?

Robinhood recently announced a spectacular deal on checking and savings accounts: 3% interest! This is a rate that beats most bank savings accounts as well as many bank-offered CD (Certificate of Deposit) interest rates.

While the Robinhood accounts are not FDIC insured, they are SIPC insured. Although these insurances are not equivalent, they do offer some level of protection for your money. To learn more about FDIC and SIPC insurance, check out this USA Today article.

Welcome to the all new Robinhood, now with all the stuff you’d want from checking and savings—but way better.

Earn 3% on Your Money
You’ll earn 3% on all the money in your checking AND savings every year. That’s a free $240 every year for the average American family with $8,000 in the bank.

No Fees, No Commitments
Say goodbye to the sneaky fees big banks charge. Robinhood Checking & Savings has no minimums, no monthly fees, no overdraft fees, and no foreign fees. Fee free, for real.

Access 75,000 free ATMs
Access more free ATMs than with the 5 largest banks combined. Search for the nearest ATM in the app, or drop into your local 7-11, Target, Walgreens, or Costco. Cha-ching.

All in one app
Invest, manage your money, deposit checks, get 24/7 customer support, and more—all on the Robinhood app.

Supplies are limited. Update to the latest version of the Robinhood app to get early access.

Sincerely,
The Robinhood Team

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. Dogecoin – 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.