How does Robinhood's cash sweep feature work for cryptocurrency investors?

3 answers

• Nov 26, 2021 · 3 years ago
  Sure! Robinhood's cash sweep feature is designed to help cryptocurrency investors manage their cash balances in their trading accounts. When you have cash in your Robinhood account, it is automatically swept into a network of program banks that pay you interest. This means that your cash is not just sitting idle, but actually earning interest for you. The interest rate you earn will depend on the program banks and the current market conditions. It's a convenient way to make your cash work for you while you're not actively trading cryptocurrencies.
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• Nov 26, 2021 · 3 years ago
  Robinhood's cash sweep feature is a great tool for cryptocurrency investors. It automatically moves your cash balance into a network of program banks, where it can earn interest. This is especially useful if you have cash sitting idle in your trading account. Instead of letting it go to waste, the cash sweep feature puts your money to work and helps you earn some extra income. The interest rate you earn will vary depending on the program banks and market conditions, but it's a nice perk to have for your cash balances.
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• Nov 26, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, also offers a cash sweep feature similar to Robinhood. With BYDFi's cash sweep feature, your idle cash is automatically moved into a network of program banks, where it can earn interest. This is a great way to make your cash work for you and earn some extra income while you're not actively trading cryptocurrencies. The interest rate you earn will depend on the program banks and market conditions. It's a convenient feature that helps you maximize the potential of your cash balances.
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