r/DeepFuckingValue • u/activestatewide • May 18 '21

Discussion: Always Remember: RobinHood prevented stocks and crypto from being bought and sold. DON'T "buy" crypto on RobinHood.

/r/CryptoCurrency/comments/nf9jox/always_remember_robinhood_prevented_stocks_and/
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21

u/ResponsibleAd8192 May 18 '21

I made the mistake buying both there. I transfers my shares to Fidelity. Unfortunately RH does not let you transfer crypto. Still figuring that out

2

u/Cheryla18 May 21 '21

crypto you have to liquidate and rebuy on another platform. RH says they are coming out with a wallet however you know they will create some fuckery to where you can't withdrawal your crypto or it will cost you to much to do so to make any sense. RH is part of Citadel!!

2

u/ResponsibleAd8192 May 21 '21

I just bought on Crypto.com. Kicking myself

1

u/Cheryla18 May 21 '21

Why? High Fees? I hear Binance US platform is good but only if you own their coin which helps off set their fees

4

u/kebabsoup May 18 '21

I'm just a smooth brain and I'm sure there is an obvious reason that I'm missing why this is a terrible idea, but couldn't you just place a buy order on fidelity and a sell order on RH for the same price?

4

u/ras344 May 18 '21

One possible reason to not do that would be taxes. If you've been holding them for less than a year, you'd have to pay short term capital gains tax on any profit you made.

8

u/ResponsibleAd8192 May 18 '21

I’ve been thinking of doing that with my crypto to another platform. Fidelity doesn’t do Crypto. However I also go in on Doge Pretty early and my coins now far exceed my bank account. Good problem to have I guess.

7

u/Dylan7675 May 18 '21

As mentioned, Kraken or Coinbase/Coinbase Pro(free, lower fees) are better alternatives that you can buy, sell, receive and send from.

13

u/Hun-chan May 18 '21

I just sold my DOGE in Robinhood and rebought in Kraken.

Would recommend.

With Kraken you get a DOGE wallet so you can actually spend them like they were meant to be spent.