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20032021 In keeping with that we wanted to respond directly to a recent Reddit post which inaccurately implies that customers dont own the shares they buy through Robinhood. You own the stocks Just like you would if you traded on any platform. You do not own your coin on robinhood. The biggest issue with RH is that you do not own the coin you are buying technically. I cant speak for Robinhood but I can for Wealthsimple.
Do You Own Crypto On Robinhood Reddit. Infact if you hold crypto in any exchange you do now own it it is owed to you. You buy a crypto IOU that mimics the price of the asset. Im thinking trust wallet would be fine but do you guys have a different appsite where youd prefer to buysuggest it for someone else to use in order to buy. And if you dont really own any cryptocurrency you.
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Not even RobinHood has the keys because they dont really own the coins. When you buy crypto on Robinhood Im going to refer to this as a crypto swap from here on you take on the risk that Robinhood may not be fully able to pay out your profits when you sell your crypto. I trade crypto daily on robinhood. The biggest issue with RH is that you do not own the coin you are buying technically. And its as safe as buying stocks. To those thinking of buying Crypto from Robinhood or Wealthsimple DONT.
If you want to own bitcoin use a real exchange.
They are just allowed to do that because of the undefined regulatory status of crypto. Youre really just buying IOUs that track the value of that cryptocurrency. I trade crypto daily on robinhood. The biggest issue with RH is that you do not own the coin you are buying technically. I think this concern is raised for people who are using margin trading on the app meaning people using robinhoods money. 18042021 YOU DO NOT own any Crypto Currency that you buy on Robinhood you can not withdraw any cryptocurrency you buy on Robinhood platforms like Robinhood defeat the whole purpose of cryptocurrency.
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So I just realized and this may be dumb that I dont actually own any dogecoin I have in my Robinhood account. I trade crypto daily on robinhood. Youre really just buying IOUs that track the value of that cryptocurrency. With it coming to light that robinhood had suspended the ability to sell Doge it is important to remind new users that you do not own your crypto if you purchased through robinhood. It is neither a security nor a commodity officially.
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I trade crypto daily on robinhood. And if you dont really own any cryptocurrency you. On a crypto exchange you can buy crypto and that crypto is stored in a wallet. Ive also seen this concern about their new savings account. If you want to own bitcoin use a real exchange.
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If you can not transfer the coin out you do not own it. Since the coin is virtually imaginary no exchange is qualified to allow you ownership of your coin you own the value and that is not static. If you can not transfer the coin out you do not own it. You do not own your coin on robinhood. You buy a crypto IOU that mimics the price of the asset.
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Not even RobinHood has the keys because they dont really own the coins. If you owned the coin you could withdraw or deposit but you cant do either so it is unsafe. No you cant buy or hold crypto on Robinhood. It is neither a security nor a commodity officially. WS is a great and simple platform.
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If you want to own BTC the coin to transfer then coinbase. 28042021 Another question that people asked had to do with whether Robinhood users would directly own the crypto they buy on the platform. 18042021 YOU DO NOT own any Crypto Currency that you buy on Robinhood you can not withdraw any cryptocurrency you buy on Robinhood platforms like Robinhood defeat the whole purpose of cryptocurrency. Since the coin is virtually imaginary no exchange is qualified to allow you ownership of your coin you own the value and that is not static. 15042021 In january 2021 robinhood was at the centre of reddits rwallstreetbets battle against hedge funds.
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If you can not transfer the coin out you do not own it. So I just realized and this may be dumb that I dont actually own any dogecoin I have in my Robinhood account. If you want to own BTC the coin to transfer then coinbase. Infact if you hold crypto in any exchange you do now own it it is owed to you. On a crypto exchange you can buy crypto and that crypto is stored in a wallet.
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If you owned the coin you could withdraw or deposit but you cant do either so it is unsafe. So it just stays on robinhood and you can buy and sell. You can only buy and sell cryptocurrencies directly on robinhood. Sure you dont own it but who cares. Robinhood Crypto is also not a member of the Securities Investor Protection.
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I trade crypto daily on robinhood. If you want to own bitcoin use a real exchange. Infact if you hold crypto in any exchange you do now own it it is owed to you. 18042021 YOU DO NOT own any Crypto Currency that you buy on Robinhood you can not withdraw any cryptocurrency you buy on Robinhood platforms like Robinhood defeat the whole purpose of cryptocurrency. I trade crypto daily on robinhood.
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Im thinking trust wallet would be fine but do you guys have a different appsite where youd prefer to buysuggest it for someone else to use in order to buy. Robinhood has shown in the past that it is willing to halt trading of securities and certain cryptocurrencies which has caused users to lose thousands of dollars. If you have it sell it and transfer funds to square cash or coinbase or other exchanges that allow you to actually take custody of the coin. Robinhood Crypto is not a broker dealer and is not a member of the Financial Industry Regulatory Authority FINRA. You own the shares you buy through Robinhood as soon as your order is executed.
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I cant speak for Robinhood but I can for Wealthsimple. Having said that the coins on WS dont belong to you. With it coming to light that robinhood had suspended the ability to sell Doge it is important to remind new users that you do not own your crypto if you purchased through robinhood. 15042021 In january 2021 robinhood was at the centre of reddits rwallstreetbets battle against hedge funds. You cant add or withdraw cryptocurrency into other wallets.
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Robinhood Crypto is also not a member of the Securities Investor Protection. Im thinking trust wallet would be fine but do you guys have a different appsite where youd prefer to buysuggest it for someone else to use in order to buy. No you cant buy or hold crypto on Robinhood. If you want to own BTC the coin to transfer then coinbase. I think this concern is raised for people who are using margin trading on the app meaning people using robinhoods money.
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