Deciding on cryptocurrencies such as a Bitcoin preliminary usually can be a bit of a hard decision. The existence of a lot of platforms to buy from has got to be a real swamp. In this article, we will show two of the most used platforms are Coinbase and Robinhood.
Before getting started it is really important to know that downloading a Bitcoin wallet can make you anxious for some kinds of reasons, that is:
- Different new terms for you that you might not understand
- You do not know what you are looking for
- Countless Bitcoin wallet offer identical profit therefore it is hard to choose
The most known Bitcoin wallets are Atomic Wallet and BRDRobinhood. Both of them provide various features for their customers. If you think of becoming a Bitcoin owner these two products are the most suggested. Yet, if you still cannot decide which one to start using here are some of the differences between Coinbase and Robinhood.
Coinbase overview and Robinhood overview
Coinbase was one of the first micropayment platforms that became available. Most of the encounter users of Coinbase are still using it since it is one of the most secure Bitcoin platforms. Coinbase, without a doubt, is the most secure platform of these two. Coinbase boasts over 35 million users.
On the other side, Robinhood entered into the Bitcoin market later than Coinbase. The program focused mostly on long-established capital and not on cryptocurrency. Robinhood attempts for clarity, time by time, the trading app became more and more popular in the marketplace for its customers. It is approved and used in more than 47 states. Robinhood offers money transfer up to $1.000 to the trader’s account.
Becoming a Bitcoin owner on Robinhood and becoming a Bitcoin owner in Coinbase
Coinbase allows traders to export their tokens. This fact endures on the main difference between Robinhood and Coinbase since Robinhood does not possess this factor. So, as a result, you cannot export the tokens. Also, you have to remember that Robinhood has the property for your benefit. Eventually, you do not hold them. On the other side, Robinhood lets you purchase the ETFs (exchange-traded funds) using Bitcoin. This merchandise offers you greater security and capability than trading crypto. When coming to Coinbase, they do not let you purchase the ETFs. Comparing Coinbase with Robinhood does not seem hard at all since they do not have a lot in common. It is like putting cherries and strawberries in the same basket. Both of them have standard features and this makes it a little bit hard to compare one to another. Still, both of them share some same interests. The sites are perfect for the traders who want to start investing in cryptocurrency and buy Bitcoins in these marketplaces.
The profit of Robinhood for 2021
If you want to become a Robinhood customer, you have to pay $5 per month for Robinhood Gold but you will still have 1 month to try it out. This is a membership that allows them to trade on the boundaries, doing research e.g understanding that Morningstar claims high-volume funds, and outlook deeper into the marketplace data. Different from other brokers, Robinhood does not bring out its trading data. Therefore, it is really difficult to compare the payments for flowcharts. Surely, this will not cause any problem to the new traders who trade single shares.
The polemic of which one is the best: Robinhood or Coinbase
There are so many articles that make the distinction between these two and a lot of research was made. At the end of the day, Robinhood residues to the best enhance for the investors who want to become traders for the first time in their life. It is just that they have to pay attention to what other investors are trading. The app is so easy to use for new beginners, yet some traders have requested to know more about the trading executions.
Other people complain that quotes can be retarded and do not show on the display. The app of Robinhood possesses very little trading fees. As a new beginner, you can put cryptocurrency in little quantities.
How much are the costs of Robinhood and Coinbase?
The first meaning of what Coinbase offers seems much more beneficial. The amount listed in the screenshots is $5, and it is 0.12% higher than Robinhood. Nevertheless, there are a lot of costs that should be considered. Coinbase has a row of costs always being dependent on how much money you want to invest and then how much money you want to trade. Most of the traders that have just started to invest, will have to pay 0.50% of the fee. Therefore, Coinbase is more expensive in this case since if you want to trade on Robinhood it is free. This is one of the main reasons that people want to trade on Robinhood more, just because people value inexpensive costs and, in this case, Robinhood is the best choice. It is worth mentioning the cons of Robinhood also. There are some of them:
- If they exchange the currency, they cannot extract any cryptocurrency.
- In contrast to Coinbase, Robinhood does not provide a lot of guiding tools and it is not as easy to be used as Coinbase.
- And yes, it is not flexible for traders who are more advanced in this field.
On the other hand, when we decide to use Robinhood, we have to keep in mind that there are some main benefits we can have from Coinbase.
- From 2012, it was one of the first easiest platforms to buy Bitcoins from.
- People who use Coinbase recommend it properly.
- It has its own measure process that tells you which coin you should add immediately to other platforms and this is really helpful since you don’t have to continuously check on it.
- As mentioned above it is really easy to be used and it can be used by beginners as well since it has a lot of guiding tools that tell you exactly what you should do.
Concluding the “Adjudication”
We live in a reality that there is no such perfect platform that meets all the requirements of each of the cryptocurrency users in the world. The best choice is that: If you already are a Robinhood user then it is the best choice for you to stay in that platform since you have already learned all the tools on how to use it. Even if you just have the account and you want to trade for the first time, keep up with it. Although you might want to extract your cryptocurrency assets to your individual wallet, then Robinhood isn’t the right place to do it. Change the platform and move to Coinbase! Here is the best guide to investing in cryptocurrency in 2021 as it’s reaching the highest levels of market adoption.
Note: You should always be careful investing in cryptocurrencies as It’s a highly volatile market.