People who just got into the world of crypto trading must know that Robinhood and Coinbase are the two most ideal platforms for crypto exchanging and trading. As these platforms are U.S.-based, they offer an easy and simple interface to users and are easily available to everyone every time. If you are interested in crypto trading, you might consider using a reputable platform like Bitcoin Motion for a better trading experience.
Discussing Coinbase and Robinhood:
Robinhood is known as the crypto broker that enables transactions and allows its users to buy stocks and other alternative coins (altcoins). What you cannot do with Robinhood is, you cannot withdraw your crypto funds from your Robinhood account. As an alternative, users have to sell their crypto tokens and transfer the remaining amount to their external wallets or accounts. On the other hand, Coinbase is a complete crypto exchange platform that brings its users a huge variety of crypto assets and methods of payments. Moreover, you can easily take out funds from plenty of account types.
With Coinbase, you can do easy and super-safe trading. For those who want to stay in the crypto world, Coinbase is what you are looking for. Robinhood is also a great platform for crypto assets, particularly for people who are new to cryptocurrency trading but what it lacks is it offers a very small range of crypto coins. The users of the Robinhood platform prefer investing in stocks as well as crypto assets for a safe side.
For people who are confused about both platforms, we have compared them by listing their standard and upgraded features and functionalities. Moreover, we have listed the types of digital currencies available for users to purchase and sell and also their fee structures.
Main Features of Robinhood Platform:
This platform is an intuitive application and supports all purchases of cryptocurrencies, stocks, ETFs, and other options.
Robinhood is a no-commission online brokerage. All the charges depend on the trade.
Unlike many other exchanges and trading platforms, Robinhood does not support hundreds and thousands of cryptocurrencies. It does not offer a wide range of cryptocurrencies and supports only seven cryptocurrencies in total, including Bitcoin, Bitcoin Cash, Compound, Dogecoin, Ethereum, Litecoin, and others.
Robinhood offers high-level security to its users by following advanced security protocols. It has a 2-step verification system.
It supports a variety of transaction types that includes limited orders and purchasing and selling of crypto assets.
Trading Amount Limit:
Robinhood has no trading limit. It only requires waiting for ACH funds to clear.
Coinbase and Robinhood: Features Distinction:
As we have discussed earlier in this article, Coinbase and Robinhood, both are user-friendly and easily accessible platforms and have the accurate feature required for beginners especially.
Coinbase is a platform that is accessible in more than 100 countries including all the 5p states except for Hawaii. In contrast to it, Robinhood is an online brokerage platform that is available in 48 states.
What Coinbase Offers?
Below are some of the key features of the Coinbase platform:
- You can purchase cryptocurrency or tokens by using a credit or debit card.
- Users can easily track all the upcoming and ongoing trends of the crypto world by watching Coinbase’s online newsfeed.
- Users can receive notifications about price alerts and other updates on their smartphones.
- You can now easily make crypto to crypto trading on Coinbase platforms.
- Through Coinbase, you can now withdraw currency to your hot wallets and also to your PayPal account.
- On the platform Coinbase, users can now also earn passively by watching short videos.
What Robinhood Offers?
Below we have listed some of the significant features of Robinhood:
- Unlike Coinbase, Robinhood does not offer a digital wallet for its uses.
- On the Robinhood platform, you can also not purchase currency by using a debit card or credit card.
- On the platform of Robinhood, users are not allowed to move their coins from their accounts unless they are sold in exchange for cash, instead, users can use their coins to buy exchange traded funds or EFTs.
- This platform accepts limit orders whereas users will have to set up an account on Coinbase Pro to avail of limit orders.
In this article, we kept both the platforms, Coinbase and Robinhood side-by-side and analyzed both of them. Each of the platforms has its unique features and functionalities. But as Coinbase offers more features and supports a huge variety of cryptocurrencies, people prefer it more.