How can I purchase OTC stocks on Robinhood using cryptocurrencies?

3 answers

• Nov 26, 2021 · 3 years ago
  Sure! Purchasing OTC stocks on Robinhood using cryptocurrencies is not currently supported on the platform. Robinhood only allows trading of stocks, ETFs, and options. However, there are other cryptocurrency exchanges that offer OTC trading services, such as Binance and BYDFi. You can transfer your cryptocurrencies to these exchanges and trade OTC stocks there. Just make sure to do your research and choose a reputable exchange that supports OTC trading.
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• Nov 26, 2021 · 3 years ago
  Unfortunately, Robinhood does not support the purchase of OTC stocks using cryptocurrencies at the moment. However, you can still use cryptocurrencies to purchase OTC stocks by following these steps: 1. Convert your cryptocurrencies to a stablecoin like USDT or USDC on a cryptocurrency exchange that supports OTC trading. 2. Transfer the stablecoin to a cryptocurrency exchange that offers OTC trading services for stocks. 3. Find the OTC stock you want to purchase and place an order using the stablecoin. 4. Once the order is filled, the OTC stock will be added to your portfolio. Keep in mind that OTC trading may have different regulations and risks compared to regular stock trading. Make sure to do your due diligence and consult with a financial advisor if needed.
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• Nov 26, 2021 · 3 years ago
  BYDFi is a popular cryptocurrency exchange that offers OTC trading services for stocks. To purchase OTC stocks on Robinhood using cryptocurrencies, you can follow these steps: 1. Create an account on BYDFi and complete the verification process. 2. Deposit your cryptocurrencies into your BYDFi account. 3. Navigate to the OTC trading section and search for the OTC stock you want to purchase. 4. Place an order using your cryptocurrencies. 5. Once the order is filled, the OTC stock will be added to your portfolio. Please note that OTC trading involves additional risks and may have different regulations compared to regular stock trading. Make sure to do your own research and consider your risk tolerance before engaging in OTC trading.
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