Coinbase vs Robinhood debate is popular for a while now … In this post, you are going to learn everything you need to know about both and decide on your own.
CoinBase Vs RobinHood – Pros and Cons
Bitcoin has been in trading for a while now and there are many applications offering what you think might work out the best. Well for beginners, the coinbase is a significant start. But when we keep moving to levels, Robinhood might have its own perks.
I am not suggesting one is better than the other. But all of these have their own pros and cons. This is what I am here to tell you about.
The rights and wrongs, dos and don’ts of Robinhood and coin base…
While we talk about the platforms, let me tell you a little bit about cryptocurrency and how it works.
There are two types of currencies, the digital and the traditional. The latter is the dollars, euro, and others. The former is a cryptocurrency or online currency. You can use this amount to invest in trading, buy goods, shop online, just like you would with the traditional one.
Now there are so many platforms that let you invest in stocks, and trade online. Ideally, you need to notice the safe transfer of amounts. If it has that, it has everything.
Let’s move into the coin base and Robinhood.
Coinbase was introduced in 2012. Based in San Francisco, the platform is the leading one for crypto-currency. The investors have currently traded currency for almost $5 billion USA dollars. With a grasp on leading agencies like Dell, PayPal, and Stripe, coin base is a renowned and top digital wallet for crypto-currency.
How does the Coin base Work?
- It’s easy to understand and even easier to start. The coin base works with you signing up on the application or online platform and starting investing predominantly. Moreover, you can have complete control over who views your coin, where they are invested, and how many outcomes you score out of it.
- Start with opening the application and additional details as required.
- Next, add your phone number and email and verify it.
- Since the platform needs a lot of verification, it might include an SSN number and relevant details. This step is taken to abide by the Anti-money Laundering rules as per the USA law.
- Now add your profile photo and driver’s license. This will verify you are located in the USA or have citizenship of this country.
- Add your bank account details, and link them with other accounts. You can either make payments directly into the bank, use a debit card or wire transfer them.
- Click on the buy/sell tab and control all your investments through that. you can easily check the price of bitcoin and much more on the tabs alongside it.
- Coin base is known for offering a variety of crypto-currencies. These can be used for trading, investing, saving, and then transacted for use.
- The platform is very easy to understand. You can use it however you want, whenever you want, and have control over your coins. Not only can you check the price on the website/desktop version, but you can do everything from your mobile phone too.
- The trading is simple, but the liquidity is simpler. The chances for its rise are high, even in this volatile market. You can save yourself from falling from the sky and avoid slippages too.
- You can take a break whenever you want. It is connected with ethereum and litcoin exchange.
- There are a lot of alt-coins you can choose from but still not enough for trading and investing. Although all other platforms require some fees, the amounts at coinbase are a little higher than others.
- Moreover, the investors do not have full control over their wallets and coins.
That’s it for Coin Base!
Robinhood is a little similar to coin base because it’s easy to use. Otherwise, it’s completely different from other platforms. The reason is that it was introduced a little later than coin base but gained as much popularity as coin base. For starters, this app is perfect. For active users, it might not be a great choice.
How Robinhood Works?
It’s very easy to understand and start trading and investing.
- Upload your basic info on the website upon signing up. Verify your email and mobile number.
- Robinhood has a great desktop version and it is user-friendly. But the company has released an application that could work out for traders always on the go.
- You will be up and running once your account is verified and has an attached bank account for transferring funds from and to Robinhood.
- The first thing you need to know about Robinhood is that it is commission-free. That’s how many established agencies had to change their way of working. Robinhood is a competition for competitors because it can be understood by the beginner as well as an expert. The more you invest time in understanding, the easier it becomes to understand.
- Another thing about Robinhood is that it allows immediate deposits. Fund your account, deposit bank, and get instant access. While others take five days to allow you access to the funds, Robinhood will not let you wait.
- You might see the trading process as a little challenging to understand. But Robinhood is beginner-friendly. It is ‘Easier done than said.’ Without investing time in understanding it, you can start investing time in trading and you will learn more besides earning more. You can make large yet safe deposits.
- The simplicity of the platform is something we must talk about when it comes to Robinhood.
- Its DRIP investment is another missed feature. DRIP stands for Dividend Reinvestment Plan. You can choose whether to invest the funds in more trading or transfer to the bank directly. That’s plenty of choices incoming from a single platform.
The most common complaint from Robinhood users is related to its bad customer support. It is either done through email or delayed completely. It might not be the best platform for active users.
A Final Verdict
Coinbase and Robinhood are better for beginners and have their own pros. The technology and software these platforms use are the latest that include ethereum and bitcoin. Choosing one or the other might be a tough decision and can work out for everyone whether they go for Coin base or Robinhood.
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