How does brokerage cash in robinhood work for buying and selling cryptocurrencies?

3 answers

• Dec 16, 2021 · 3 years ago
  Sure! When it comes to buying and selling cryptocurrencies on Robinhood, the brokerage cash feature allows you to use funds from your account to make these transactions. This means that you don't need to transfer money from your bank account to Robinhood every time you want to buy or sell crypto. Instead, you can use the cash available in your brokerage account. It's a convenient way to manage your crypto investments without the need for additional transfers.
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• Dec 16, 2021 · 3 years ago
  The brokerage cash feature in Robinhood works by utilizing the funds you have in your account. When you sell cryptocurrencies, the proceeds are added to your brokerage cash balance. Similarly, when you buy cryptocurrencies, the cost is deducted from your brokerage cash balance. This way, you can seamlessly trade cryptocurrencies without the need for external transfers. It's a user-friendly feature that simplifies the buying and selling process.
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• Dec 16, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, also offers a similar feature for buying and selling cryptocurrencies. With BYDFi, you can use the funds in your account to make transactions without the need for external transfers. It provides a seamless experience for managing your crypto investments. However, it's important to note that each platform may have its own specific processes and features, so it's always a good idea to familiarize yourself with the details before using any brokerage cash feature.
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