Are you tired of staring at those plunging portfolio balances? Itching to salvage what’s left of your crypto investment before the next crash? We get it – knowing when to sell is just as important as when to buy. But for Robinhood users, cashing out your coins can be a confusing process. Today we’re going to show you exactly how to sell crypto on Robinhood.
Users can start trading crypto on Robinhood with as little as $1!
With cryptocurrencies, the difference between profit and loss often comes down to split-second timing. Thankfully, this guide will teach you how to master the art of selling crypto on Robinhood so you can lock in gains and minimize losses. We’ll walk through the entire process from start to finish – no stone left unturned.
Whether you’re looking to sell off your Bitcoin at opportune highs or cut losses on tanking altcoins, we’ve got you covered. Learn how to place sell orders like a pro, withdraw funds seamlessly, and implement proven trading techniques. Don’t leave your financial future up to chance. The power lies in your hands. Take control of your crypto destiny and master “How to Sell Crypto on Robinhood” right now!
TLDR; How to Sell Crypto on Robinhood
- Sign up for a Robinhood account to access crypto trading features
- Deposit funds from your bank to trade currencies like BTC and ETH
- Place buy orders to purchase coins through Robinhood’s app
- Monitor portfolio and set price alerts to identify optimal times to sell
- Use market and limit sell orders to cash out your crypto at profit
- Withdraw funds seamlessly back to your bank account
Signing Up for a Robinhood Account
The first step in learning how to sell crypto on Robinhood is signing up for an account. Robinhood makes it easy to get started by offering free signup on both its website and mobile app.
To create your account, simply provide some basic personal information like your name, email address, and date of birth. Robinhood will also ask you to create login credentials. Make sure to choose a strong password for account security.
Once your profile is created, take a moment to thoroughly link your bank account. Connecting your bank enables instant transfers via Robinhood Instant and allows you to deposit/withdraw funds needed to trade cryptocurrencies.
Robinhood utilizes state-of-the-art encryption and security measures to protect your information and money. You can confidently provide your bank details knowing Robinhood is a reputable platform.
Lastly, you’ll need to verify your identity by providing additional personal info. This includes your Social Security number, home address, and an image of your driver’s license. Verifying your ID is standard practice for financial services and keeps your Robinhood account secure.
With your account created, bank linked, and identity confirmed, you’ll have full access to begin buying and selling cryptocurrency on Robinhood. Signing up is fast and simple – the perfect first step to mastering “How to Sell Crypto on Robinhood”.
Deposit Funds to Trade Crypto
Once your Robinhood account is open, you’ll need to deposit money in order to begin trading cryptocurrency. Robinhood makes funding your account a breeze.
The easiest way is linking your bank account and transferring funds via ACH. While bank transfers take 4-5 days to settle, you can immediately trade up to $1000 with Robinhood Instant. This acts as a line of credit while the ACH processes.
Any crypto trades beyond your Robinhood Instant balance will only become available once the bank transfer fully completes. So be aware larger purchases over $1000 will have a brief settlement period.
There are a few other ways to get money into your Robinhood account to trade cryptocurrencies:
- Selling stocks or crypto and keeping the funds as buying power
- Receiving ACH deposits from an outside bank transfer
- Getting paid commissions for referring friends to Robinhood
Robinhood does not charge fees or commissions for standard ACH bank transfers. You can deposit any amount above $10 to fund your crypto purchases. It’s fast, easy, and free to move money into your account.
With your Robinhood account funded, you’ll be ready to buy Bitcoin, Ethereum, Dogecoin, and other cryptos available on the platform. The next step is navigating the easy purchase process to acquire coins you’ll later be able to sell.
Buying Cryptocurrency on Robinhood
Once your Robinhood account is funded, it’s time to buy cryptocurrency. Robinhood makes investing in top cryptos like Bitcoin and Ethereum accessible for beginners.
Getting started is as easy as entering the name or ticker of your desired coin and placing a buy order. For example, search for “Bitcoin” or “BTC” to pull up the purchase page.
Robinhood allows you to buy popular cryptos like:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- Bitcoin SV (BSV)
Study historical charts and prices before purchasing to find an attractive entry point. For the quickest order execution, place a market buy order. You can also set limit orders if seeking a specific price.
Once your purchase order is filled, the cryptocurrency will show in your Robinhood portfolio. Now you simply monitor the price and wait for the ideal timing before deciding how to sell your crypto on Robinhood.
Monitor Your Cryptocurrency Portfolio
After buying cryptocurrency on Robinhood, it’s essential to monitor your portfolio to identify ideal times to sell for profit.
Conveniently, Robinhood compiles all your crypto holdings into a dashboard overview. You can quickly check up on your collection of coins and their real-time value.
Watching the prices and percent change of your cryptos helps determine when the market has hit a peak. For example, you may decide to sell Bitcoin when it has increased by 10% from your purchase price.
Setting personalized price alerts is also recommended. You can get notified when a crypto hits or drops below a specified threshold. This allows reacting fast to buy and sell at optimal levels.
Studying historical charts on Robinhood provides useful context on price trends and volatility. Use the 1D, 1W, 1M, 3M, and 1Y views to analyze long-term performance.
Staying on top of your cryptocurrency portfolio enables selling at the right moment to maximize returns when the time comes.
Decide When to Sell Your Cryptocurrency
Knowing when to sell is critical to succeeding with crypto. Selling at the wrong time could mean missing out on bigger gains or realizing preventable losses.
Keep a target profit in mind and sell when your crypto appreciates to that price level. Be greedy when others are fearful and sell when euphoria hits.
Alternatively, you may choose to cut losses if a crypto investment drops 20-30% below your purchase price. Limiting downside through disciplined selling preserves capital.
Dollar cost averaging is another useful strategy where you sell a set portion of the asset at preset price milestones to gradually lock in gains.
Technical analysis can also help forecast upward and downward trends. Indicators like the Relative Strength Index (RSI) quantify buying/selling momentum.
Avoid reacting emotionally when markets spike or crash. Stick to your crypto trading plan and investment thesis when deciding when to sell. Mastering timing is key for learning how to sell crypto on Robinhood effectively.
Place a Sell Order on Robinhood
Once you’ve decided it’s time to sell your crypto, placing the order on Robinhood is straightforward. Just navigate to the cryptocurrency and tap “Trade” then “Sell”.
First, enter the quantity of coins or dollar amount you wish to sell. You can sell your full balance or a portion.
Next, select the order type. A market order sells immediately at the current market price while a limit locks in a minimum sale price.
For market orders, execution is nearly instant. But occasionally volatility may result in a slightly different fill price than the quote you initially previewed.
Before finalizing the sale, thoroughly review the overview of how many coins you’re selling and the expected dollar value. Double check you are comfortable with all parameters.
To complete the transaction, tap “Submit Sell Order” on mobile or “Place Sell Order” on web. The coins will be deducted from your account and converted into cash funds.
Selling discipline is vital in cryptocurrency trading. Use Robinhood’s straightforward tools to place sell orders only when indicators align for taking profits or cutting losses.
Withdraw Funds From Robinhood
Once you sell cryptocurrency on Robinhood and want to withdraw the funds, the process is quick and free. Unlike other platforms, there are no fees for withdrawals.
First, tap the account icon in Robinhood and select “Transfers”. You can then choose to transfer some or all of your balance back to your connected bank account.
Robinhood utilizes ACH bank transfers for moving funds in and out. Unfortunately, this means it takes 2-3 business days for the money to show up in your bank account.
While not instant, ACH transfers are reliable and convenient. The delay is simply due to how long standard bank transfers between institutions take to settle.
You can withdraw any amount above $10 from Robinhood back to your bank. There are no limits or caps on withdrawal size or frequency.
Withdrawing proceeds from selling cryptocurrencies on Robinhood is secure and straightforward. The only requirement is having the patience to wait 2-3 business days as is standard with ACH transfers.
Key Takeaways: How to Sell Crypto on Robinhood
Selling your crypto on Robinhood should now be an effortless process for you. We’ve equipped you with the knowledge to place profitable sell orders, withdraw funds seamlessly, and avoid common mistakes. Now is the time to take action.
Don’t watch idly as the market swings – take control. Implement the strategies outlined here to master “How to Sell Crypto on Robinhood” and unlock your trading potential. Shift from confused novice to savvy pro.
The doors to financial freedom have been unlocked. The value of your cryptocurrency lies in your hands alone. Sell confidently, trade intelligently, and seize your crypto destiny today. Let your newfound skills propel you to financial success. The future is yours for the taking!