Can’t Buy Crypto on Robinhood

As you may know, training with cryptocurrencies can be done through so many apps and exchanges, but not all platforms are available around the world. So if you wonder why you can’t buy crypto on Robinhood in Europe, here is your answer.

You can’t buy crypto on Robinhood if you are living anywhere outside the US. Still, your account will work in most countries in the world when traveling. While people outside the US won’t be able to use Robinhood, there are plenty of alternatives available on the market, including Coinbase and Binance.

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Robinhood is an investment platform that allows investors to trade stocks, ETFs, options, and cryptocurrencies with no commissions. Even though this app has over 18 million users and the company had a plan to expand to the UK, this never happened due to the Covid crisis. Any further expansions outside the US have stopped as well. Thankfully, there are plenty of alternatives you can use in the EU.

Non-US Users Can’t Buy Crypto On the Robinhood

Robinhood is a stock trading app that first introduces commission-free trading. However, only people living in the US can trade on Robinhood. Also, people who already have an account can trade outside the US when traveling. Still, if you are traveling from the US, know that access to the account will be denied in the following countries:

  • Cuba,
  • Iran,
  • North Korea,
  • Syria,
  • Crimea.

Which Crypto Coins Can You Buy on Robinhood?

Aside from the stocks, you can also buy and sell cryptocurrencies without any commission. You can trade with Bitcoin, Ethereum, Litecoin, Dogecoin, Ethereum classic, bitcoin cash, and Bitcoin SV. Still, there are restrictions on what coins you can purchase. Right now, supported coins are the ones I listed above. Aside from that, the app offers protection of your coins with security and crime insurance against thefts and cybersecurity breaches.

How to Buy Crypto on Robinhood?

The first thing you should do is to download an app then sign up. Have your Social Security number in place as well as bank account information. Once you have opened an account, you can start trading. Type a BTC in the search bar and find a trade you want to make. Then you type in how much you wish to trade or how much money you wish to give for that coin. 

When it comes to buying and selling crypto on this app, there are two options you can choose from. You can place a limited order on a coin or market order. With a limited order, you decide how much you want to pay for the asset. On the other hand, with a market order, you pay the current value of the currency.

Once you make purchases, a coin will be in your account. You can sell that coin later and earn some profit in the process. Just make sure you sell the cryptocurrency incrementally to get the best deal. You can then transfer the money earned from the sale to your bank account within a couple of days.

Phone with crypto trade on it

Where Can’t You Buy Crypto on Robinhood?

As we already mentioned, you can only download the app in the US, but other countries are not supported. However, you can still access your account even when traveling, except if you are in Cuba, North Korea, Syria, and Crimea. Robinhood accounts are conceded to US financial institutions and US identity cards.  

Robinhood Alternatives in Europe for Cryptocurrency Exchange

If buying cryptocurrency on Robinhood is not available for you. There are many other options to choose from that are just as good as or even better. In fact, some crypto exchange platforms come with several benefits that are way better than Robinhood.

For example, there are better chances to get accurate crypto market prices from dedicated exchanges on other platforms. Robinhood usually has a 2-3% difference compared to the market price of the cryptocurrency. With that in mind, here are some of the alternatives you can try that work in other countries:

  • eToro,
  • Gemini,
  • Coinbase,
  • Binance. 

Coinbase vs. Robinhood – What Platform Is Better

In order to properly compare these to platforms, you first need to know what it is that you are looking for. While Robinhood is a traditional stockbroker where you can buy stocks and exchange-traded funds, your choices when it comes to cryptocurrencies will be limited.

On the other hand, Coinbase has one of the most user-friendly platforms and apps, a vast number of cryptocurrencies you can trade with, but it doesn’t have any stocks or ETF. Here are the biggest differences between these two platforms:

Account minimum$20
Selection of cryptoAround 1007
CapabilitiesIt is a cryptocurrency brokerage that has a walletIt is a stockbroker that converts crypto to USD
User-friendlyEasy to use and excellent for beginnersEasy to use and excellent for beginners

Why Is Robinhood So Popular Among Millennials and GenX

It is no secret that Robinhood was a pioneer in commission-free trading, enabling many young people to invest. Also, the devs removed a lot of complicity and other barriers, which made using this app so easy for beginners. These are the main reasons why it is so popular among young people. So if you are looking for a place to start investing, you can do it here, as it will cost you nothing. Although there are other platforms that can give you similar benefits, in the end, the thing that will make all the difference is what you are looking for to trade.