How to Buy Crypto with RobinHood

Cryptocurrency investments have steadily grown in popularity since pioneer Bitcoin became available in 2009. Today, one–in–ten people buy crypto. Trading platforms such as Robinhood make trading cryptocurrency via their app at any time a breeze. If you want to learn how to use the Robinhood app to invest in virtual money, read on to find out more.

In this article, we’ll show you how to buy crypto as a “market order” at its current market value. This offers the chance to purchase it at the best possible price. Also, you can set a “limit order” where you get to set the price the crypto should get to before the app automatically executes your purchase.

How to Buy Crypto With Robinhood in the iPhone App

Before purchasing crypto in Robinhood you’ll need to transfer funds into your Robinhood account. Once you’ve linked your bank account to Robinhood, here’s what you need to do to initiate a manual transfer:

1. Open the Robinhood app.
2. From the bottom right, tap the “Account” tab.
3. Tap “Transfers” then “Transfer to Robinhood.”
4. Select the account you’ll be transferring funds from.
5. Enter the amount.
6. Review the amount then “Submit.”

Make a Market Order

A “Market Order” means that you’ll pay for crypto at its current market price. To make a market order:

1. Find the crypto you want to purchase by tapping on the search icon at the bottom.
   
2. From the browse screen, in the search at the top, enter the name of the crypto you wish to buy. Or under “Trending
   Lists” tap on “Crypto” then choose from the listed cryptos.
   
3. At the bottom, tap on “Buy.”
   
4. From the “Market Order” screen, you have the option to purchase a fraction of a coin. At “Amount in USD” enter the amount you wish to spend.
   
5. The “Est (crypto name)” section will display how much coin percentage your money will get you.
6. Verify your order then swipe up to submit it.

Make a Limit Order

A “Limit Order” means that your order will be fulfilled when/if the crypto hits the market value you’ve specified. To set up a limit order:

1. Locate crypto to purchase by tapping on the search icon at the bottom.
   
2. Via the browse screen, enter a search for the name of the crypto you wish to buy. Or under “Trending Lists” tap on “Crypto” then select crypto.
   
3. Tap “Buy” at the bottom.
   
4. At the top right of the “Market Order” screen, click on the drop-down arrow.
5. Select “Limit Order” from the options.
   
6. Tap “Limit,” then at “Limit Price” enter your limit price.
   
7. Tap “Continue.”
   
8. At “Amount in USD” enter the amount of cash you wish to invest at your limit price.
   
9. Confirm your order then swipe up to submit.
   

How to Buy Crypto With Robinhood in the Android App

Before you can buy crypto, you’ll need funds in your Robinhood account. Once your account is linked to Robinhood initiate a manual transfer by:

1. Opening the Robinhood app.
2. Tap the menu icon at the top right.
3. Select “Transfers” then “Transfer to Robinhood.”
4. Choose the bank from which to transfer funds.
5. Enter the transfer amount.
6. Review your transfer then “Submit.”

Make a Market Order

With a “Market Order,” you’ll pay for crypto at its present market price. To make a market order:

1. Find the crypto you want to buy by selecting the search icon at the bottom.
2. On the browse screen, in the search at the top, enter the name of the crypto you want to buy. Alternatively, under “Trending Lists,” tap on “Crypto” then choose crypto.
3. Tap on “Buy” at the bottom.
4. From the “Market Order” screen, you’ll have the option to purchase a fraction of a coin. At “Amount in USD” enter the amount you wish to spend.
5. The “Est (crypto name)” section will display the percentage of a coin your money will get you.
6. Confirm your order then swipe up to submit.

Make a Limit Order

A “Limit Order” will be fulfilled when the crypto market value you’ve specified materializes. To set up a limit order:

1. Find crypto by tapping on the search icon at the bottom.
   
2. From the browse screen, enter a search for the crypto name. Or beneath “Trending Lists,” tap on “Crypto” then choose crypto.
   
3. At the bottom, tap “Trade.”
   
4. On the “Market Order” screen, at the top left, click on the pull-down arrow.
5. Tap “Limit Order.”
   
6. Tap “Limit,” then at “Limit Price” enter your price.
   
7. Hit “Continue.”
   
8. At “Amount in USD” enter the amount you wish to invest at your limit price.
   
9. Check that you’re happy with your order then swipe up to submit.
   

How to Buy Crypto With Robinhood on a PC

Before you can buy crypto, you’ll need funds in your Robinhood account. First, link your account to Robinhood, then to initiate a manual transfer:

1. Opening the Robinhood app.
2. From the menu at the top right, click “Cash.”
3. Go to the “Deposit Funds” widget on the right.
4. Click on the arrows at the “From” field to select your bank account.
5. By default, “Robinhood” will be displayed in the “To” field.
6. In the “Amount” text field, enter how much you’d like to transfer.
7. Click “Review Transfer” then “Submit.”

Make a Market Order

“Market Orders” allow you to pay for crypto at its current market price. To set up a market order, do as follows:

1. Find the crypto you wish to buy by either entering a search into the search field at the top then selecting it from the search results or clicking on it from your “Watchlist.”
2. The crypto details will display on the main screen. Go to the order window on the right.
3. You’ll have the option to purchase a fraction of a coin. At “Amount in USD” enter the amount you want to spend.
4. The “Est (crypto name)” section will display how much of the coin your money will get you.
5. Click “Review Order” then confirm once you’re happy to place your order.

Make a Limit Order

“Limit Orders” are only processed once the crypto market value reaches the limit price you’ve specified.

To set up a limit order:

1. Enter a search at the top of the screen to find the crypto you wish to buy or select it from your “Watchlist” on the right.
2. The main screen will display the crypto details with an order window on the right.
   
3. At the top of the order window, click on the pull-down arrow beside “Buy (crypto name).”
   
4. Select “Limit Order.”
   
5. At “Limit Price,” enter the amount the crypto needs to reach before executing your order.
   
6. At “Amount in USD” enter the amount you wish to invest at your limit price.
7. Click “Review Order” then confirm.
   

Buying Crypto Isn’t Cryptic Using the Robinhood App

With Robinhood, you can invest in any cryptocurrency at any time. The app’s simple user interface makes the process painless. You can set up your purchase as a “market order” to buy crypto at its current price, or a “limit order” to decide the price the crypto should reach before purchasing. Both methods offer a chance for the best returns.

What cryptocurrencies are you interested in? Which ones do you think make a good investment?

Let us know in the comments section below.