What are the costs involved in trading cryptocurrencies on Robinhood?

3 answers

• Nov 23, 2021 · 3 years ago
  Trading cryptocurrencies on Robinhood incurs several costs, including transaction fees, spread, and potential slippage. Transaction fees are charged for buying and selling cryptocurrencies, usually a small percentage of the transaction amount. The spread refers to the difference between the buying and selling prices of a cryptocurrency, and it represents the profit for the platform. Slippage occurs when the execution price of a trade differs from the expected price due to market volatility. It's important to consider these costs when trading on Robinhood to ensure profitability.
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• Nov 23, 2021 · 3 years ago
  When trading cryptocurrencies on Robinhood, you need to be aware of the costs involved. Transaction fees are charged for each buy and sell order, typically ranging from 0.5% to 1% of the transaction amount. Additionally, Robinhood makes money through the spread, which is the difference between the bid and ask prices. This means that when you buy a cryptocurrency, you'll pay a slightly higher price than the market price, and when you sell, you'll receive a slightly lower price. It's important to factor in these costs when making trading decisions on Robinhood.
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• Nov 23, 2021 · 3 years ago
  Trading cryptocurrencies on Robinhood comes with its own set of costs. When you buy or sell a cryptocurrency, Robinhood charges a small fee, usually around 0.5% of the transaction amount. This fee is automatically deducted from your account balance. Additionally, Robinhood makes money through the spread, which is the difference between the buy and sell prices. This means that the price you see on the app may not be the exact market price. It's important to consider these costs and factor them into your trading strategy on Robinhood.
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