Why I won't buy Bitcoin with Robinhood

This video explains why I won't be buying Bitcoin with Robinhood. Several MAJOR reasons to avoid buying Bitcoin through Robinhood.

ABOUT: In this video I make the case why everyone should stay AWAY from buying crypto (Bitcoin) with Robinhood. I cover two major reasons why Robinhood is the "worst" Bitcoin "wallet". Reason #1: You don't own your Bitcoin because your private keys are never given to you. Reason #2: Robinhood cryptocurrency trading is NOT free, there are hidden costs involved as I point out in their crypto user agreement. Usually, Robinhood Stocks are FREE to buy and sell (that's how I invest with dividends), Bitcoin on robinhood on the other hand, is NOT free.

Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!

*Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

#robinhoodapp #dividends #bitcoin

[AndreiJikh]

What you’re probably here for starts @5:11. The other reason is @7:00. But if you’re a TRUE believer… it starts @0:00 - worth it

[WilliamSmith-gmwk]

SUCCESSFUL PEOPLE DON'T BECOME THAT WAY OVERNIGHT. WHAT MOST. PEOPLE SEE AT A GLANCE_ WEALTH A GREAT CAREER, PURPOSE IS THE RESULTS OF HARD WORK AND HUSTLE OVER TIME. I PRAY THAT ANYONE WHO READS THIS Will BE SUCCESSFUL IN LIFE.

[PrimordialMSG]

This was a slap in the face I didn't know I needed. Thanks you kind sir.

[sparky]

The legend of Robin Hood. Take from the rich to feed the poor. Bit of a reversal lol

[footage]

I don't care about owning Bitcoin I just want to trade it in for higher usd

[BobSugarLives]

Hey Andrei! Can you give us an update on how you would recommend buying crypto in the depths of this pandemic madness? Please. Thanks in advance.

[DanielIles]

*Coinbase forces purchases above market price as well.* They include a "hidden fee" just like you said Robinhood would. Still not choosing Robinhood but it's something to be aware of when going with Coinbase.

[rubenve]

Not your keys, not your crypto. Couldn't agree more.

[rigneyte]

I made a couple BTC trades on robinhood and noticed that there was a significant disparity between my close out price and what I was credited (which led me here among other places). The first trade I chalked up to lag time so I started tracking price on Cryptowatch. There is a significant lag on robinhood, I think this is done on purpose to mask the rather significant costs of trades here. I still use RH to trade stocks (mostly buy and hold as it's tools are nowhere near as good as other platforms') but I am not willing to pay the price of trading BTC here. This is an informative video by Andrei. If your a buy and hold guy these fees won't bother you much but for more active traders they are quite costly. I have moved on after three buy/sell rounds. I don't mind paying some costs to trade but the lack of transparency bothers me. Just post the transaction costs clearly so I can make informed decisions, trying to hide them with lag (and implying they don't exist) is one of many reasons I prefer other platforms over RH for all trading.

[ActionJaxonH]

Btw, withdraws are “coming soon” according to them so, once that’s done, there really won’t be any objections.

[thelukofiles]

Thank you for this I bought a piece of one. And sold it yesterday. Now after watching this I feel better about my decision

[PRepublicOfChina]

I wish stock brokers would stop with this "free" lie and just tell us the true fees. My stock broker also does the same thing. They claim bitcoin trading is "free", but there is a hidden 1.5% commission fee built into the spread. So they tell you it is "free", but then add 1.5% hidden fee to the price of the bitcoin. So you end up paying 1.5% over the price of the bitcoin.

Now I understand that brokers have to make money. But I think this is false advertising. They should just tell us straight up you are paying 1.5% commission on every trade. Here is the price of bitcoin. Here is our 1.5% commission fee. You pay bitcoin price plus 1.5% fee for a total of 101.5%.

But claiming it is "free", then charging an enormous hidden commission should be considered false advertising. This should be illegal.

In addition, I do feel they should allow bitcoin deposits and bitcoin withdrawals to a bitcoin wallet. I know most people will probably never use this option. But it should be there.

[Drhuntley]

We all are aware of how lucrative it can be to invest in bitcoin but You have to understand that getting a good ROI is pretty much achievable.

[juliepenhall]

What do you suggest if we already have Bitcoin & Ethereum through Robinhood? I'm not sure what to do now.

[liuzhejiang]

People investing in bitcoin right now are putting themselves on a path to mental breakdown. There is no way the economy is survive this.

[jstorm]

Wow brother 182 grand in your Robin account way to go man good for you 👍

[Crypto_Don_Juan]

Robinhood doesn't have physically back bitcoin which means u don't really own bitcoin but u still can see the gains or losses . I rather own my bitcoin and pay the fee 👍👍👍

[JamesDailyTV]

Just out of curiosity, any update on your stance on this?

[pollyannachu]

IF YOU WANT TO BE SUCCESSFUL HAVE THE MINDSET OF THE RICH, SPEND LESS AND INVEST MORE. DON'T GIVE UP YOUR DREAMS.

[PyroNinja]

All money is imaginary, no? I really don't see the issue with owning a hypothetical version of something that already only has value because society agrees that it does, at least for now. Personally I don't find anybody *saying* that money is insured to be all that reassuring. Actual value isn't and really can't be issued by anything.