There were times when we used to pay only in cash or checks. Then, there were cards. Now, we have crypto, and this concept changed the way we perceive money and deal with our funds overall. Crypto traders have significantly more opportunities and are always sure that their funds are as safe as possible.
“But how can they be so sure?” you might ask. Well, with the help of various sources, including those who offer financial advice, they choose the most trustworthy platforms where they trade, store, purchase, and sell digital assets. Considering that there are still major breaches and thefts in the industry, this is the only way you can ensure that you are not affected by bad actors.
And while you can choose from hundreds, if not even thousands of exchanges, wallets, and trading platforms, some are popular thanks to their high security measures, user-friendliness, and overall features. Robinhood wallet is one of them, and here we are reviewing it so that you can make informed decisions in your crypto journey.
Robinhood Crypto Wallet – Pros and Cons
About Robinhood Wallet
Robinhood Wallet is a non-custodial Web3 wallet launched in 2013 by Vladimir Tenev and Baiju Bhatt. The company is headquartered in California, US, and has become one of the top choices in the world of digital assets.
The wallet is part of the Robinhood ecosystem which also offers a trading platform, thus users aiming to find a complete solution for their crypto-related activities can consider the Robinhood platforms, especially considering their main advantages.
Until quite recently, users had to deal with one major downside of Robinhood crypto wallet – it was only available in the US. However, as of March 2024, Robinhood has become available almost worldwide, of course, with some limitations according to various jurisdictions.
While Robinhood first started as a stock trading platform, it has transitioned to crypto transfers and other crypto activities, thus gathering millions of community members and reaching 13.7 million active users.
Main Features and Supported Crypto
Robinhood is a non-custodial wallet, meaning that users benefit from the self-custody of their funds. However, while this is a great advantage, it also comes with a huge responsibility, but overall, users usually prefer it this way in order to have full control over their digital assets.
Thanks to its built-in exchange features, Robinhood allows for various trading activities, as well as sending or receiving crypto assets. The app is extremely user-friendly and intuitive, so it should not be that hard to access it and try to send crypto to your friends.
Besides, the simple fact that the Robinhood wallet is directly connected to an exchange makes the whole trading process significantly shorter, as you don’t have to worry about connecting your cryptocurrency hardware wallet to other platforms in order to deal with your funds.
The platform does not disappoint in terms of the crypto supported by the Robinhood wallet. Robinhood supports tens of cryptocurrencies, covering all popular options, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Aave (AAVE), Avalanche (AVAX), Arbitrum (ARB), Polkadot (DOT), Polygon (MATIC), and Ripple (XRP).
Robinhood crypto wallet also supports meme coins, and given the popularity of these tokens at the moment, it can represent a high advantage for the platform. At the moment, you can trade Bonk (BONK), Dogecoin (DOGE), Pepe (PEPE), Shiba Inu (SHIB), Dogwifhat (WIF), and more.
Security and Customer Service
Robinhood wallet is pretty popular thanks to its bright security features. All users can enable TouchID (Android) or FaceID (iOS), as well as set up a custom pin to secure their accounts with an extra protection layer.
For even higher security, Robinhood crypto wallet also offers and then periodically requires a seed phrase (secret recovery phrase) to access various features of the platform, such as sending crypto to another investor.
We all know that the Robinhood trading platform uses a combination of hot and cold storage, leaving most funds in cold storage and a smaller part used for daily trading in hot storage. However, the Robinhood crypto wallet only uses hot storage, so it does not benefit from the increased security provided by offline storage solutions.
When it comes to customer service, Robinhood offers 24/7 customer support via live chat, email, and phone. Still, the quality of the support offered matters, too, and some say that Robinhood can improve these features.
However, users also have a tab in the Robinhood wallet website where they can access various guides and FAQ’s about the most important processes on the platform.
Fees
When it comes to fees, Robinhood surprises the entire crypto community. The Web3 wallet does not charge users who swap, trade or send crypto assets through the mobile app. Still, some say that Robinhood may charge some “hidden” fees, but overall, the wallet’s fee system seems as transparent as possible.
How to Sign up on Robinhood?
Creating an account on Robinhood is as easy as actually using the wallet, if not even easier.
The very first step is to download Robinhood. As of March 2024, the app is available globally on iOS and Android devices.
Then, the process is pretty straightforward:
Step 1: Access Robinhood
After downloading the app, simply access it and log in or sign up. If you do not have a Robinhood account yet, you will have to tap on “Sign up.”
Step 2: Select Your Country
Select your country of residence. Considering that Robinhood is (finally) available almost worldwide, you should find your country there as long as its regulations do not prohibit the app in your area.
Step 3: Enter Your Email Address
Enter your email address to start creating your account.
Step 4: Create a password
Then, you will be required to create a password. The password should have at least characters. We recommend you choose your password wisely in order to be as complicated as possible for others.
Step 5: Enter Personal Information
Afterward, you will have to provide some personal details, such as name, birth date, address of residence, and others. Still, Robinhood does not ask for that much information.
Step 6: Verify Your Identity
The last step is to get through the identity verification process. You will have to provide photos of a government-issued document and a selfie.
Afterward, just wait for your identity to be confirmed and you are good to go. In the meantime, you can check out the platform and see how it works.
FAQ
Is Robinhood crypto wallet safe?
The Robinhood crypto wallet is pretty safe, considering that it allows you to set up FaceID or TouchID, as well as a custom pin and a seed phrase. However, as a hot wallet, Robinhood is more exposed to potential thefts if compared with cold wallets.
Should I keep crypto in Robinhood?
You can keep crypto in Robinhood, especially if you want to trade it on the built-in exchange, which is pretty similar to the Robinhood trading platform. Still, keep in mind that Robinhood wallet only uses hot storage. It’s not bad, but it’s a little less safe than with cold storage, especially if you want to keep your future results as safe as possible.
Where is Robinhood available?
Robinhood used to be available only in the US, and this used to be the most significant downside of the platform. However, as of March 2024, Robinhood launched its app globally, being available on iOS and Android.
Can you use a VPN for Robinhood?
Yes, you can use a VPN for Robinhood, but for now, at least, there is no need to, considering that Robinhood is now available almost worldwide.
In Conclusion
With so many wallets and exchanges available in the crypto market, it can sometimes seem pretty draining to find the right platforms where to trade or store your digital assets, especially considering that the number of thefts increases with each year that passes.
Still, some platforms are trustworthy, and their features and transparency give them millions of users every month. Robinhood is one of them.
Robinhood wallet is a great option for beginners given its user-friendly interface, but it can be used by experienced traders, too, considering the bright security measures offered and its low or sometimes inexistent fees.
However, users should also keep in mind that Robinhood can improve its customer support, crypto supported, and offer a more transparent fee system.
