How can I reinvest my dividends in cryptocurrencies on Robinhood?

3 answers

• Nov 23, 2021 · 3 years ago
  To reinvest your dividends in cryptocurrencies on Robinhood, you can enable the Dividend Reinvestment Plan (DRIP) feature. With DRIP, your dividends will be automatically used to purchase more shares of the same cryptocurrency. This allows you to compound your earnings over time without any manual intervention. To enable DRIP, go to your Robinhood account settings and look for the option to enable dividend reinvestment. Once enabled, any dividends you receive will be reinvested automatically.
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• Nov 23, 2021 · 3 years ago
  If you want to reinvest your dividends in cryptocurrencies on Robinhood, you have the option to do it manually. When you receive dividends, you can choose to use the funds to purchase more shares of the same cryptocurrency. To do this, go to the 'Investing' tab in your Robinhood app, select the cryptocurrency you want to reinvest in, and then choose the 'Buy' option. Enter the amount you want to invest, which should be equal to the dividend amount, and complete the transaction. This way, you can reinvest your dividends at your own discretion.
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• Nov 23, 2021 · 3 years ago
  Reinvesting dividends in cryptocurrencies on Robinhood is not currently supported. While Robinhood allows you to invest in cryptocurrencies and offers dividend reinvestment for stocks, the feature is not available for cryptocurrencies. However, there are other platforms and exchanges, like BYDFi, that offer dividend reinvestment options for cryptocurrencies. If you're specifically looking to reinvest your dividends in cryptocurrencies, you may consider exploring other platforms that provide this functionality.
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