How do you trade Cryptocurrency day trading?

Here are a few things to know about investing with Robinhood Crypto!To help against dramatic price moves, we adjust market orders to limit orders collared up to 1% for buys, and 5%

How do you trade Cryptocurrency day trading?

Here are a few things to know about investing with Robinhood Crypto!

To help against dramatic price moves, we adjust market orders to limit orders collared up to 1% for buys, and 5% for sells. This means that your order wont execute if the price of the cryptocurrency moves more than 5% lower than its price at the time you placed a market sell order, or more than 1% higher than its price when you placed a market buy order. Market orders that do not execute after 5 minutes may be automatically canceled.

The market data displayed in this demo is not real time.

crypto market order

A limit order is an order placed to buy or sell a specified amount at a specified price or better.

The market data displayed in this demo is not real time.

crypto limit order

Limit Orders (placed in USD):

  • Buy: Youll never pay more than the USD amount you enter to purchase a specified amount of a cryptocurrency, rounded up to the nearest cent.
  • Sell: Youll never receive less than the amount you enter to sell your specified amount of a cryptocurrency, rounded down to the nearest cent.

Limit Orders (placed in fractional amounts):

  • Buy: Youll always receive the exact amount of cryptocurrency you entered in the order. The limit price for crypto buy orders is the maximum amount in USD you pay for a specified amount of crypto, potentially rounded up to the nearest cent.
  • Sell: Youll always sell the exact amount of cryptocurrency you entered in the order. The limit price for crypto sell orders is the minimum amount in USD youre willing to receive for a specified amount of crypto, potentially rounded down to the nearest cent.

Limit orders arent guaranteed to execute. Your limit buy order will only execute if the cryptocurrency meets or falls below your limit price, and your limit sell order will only execute if the cryptocurrency meets or goes above your limit price.

You can switch between placing trades in fractional amounts of the cryptocurrency and placing trades in dollar amounts by tapping Amount in USD or **Amount in BTC/ETH/LTC/BCH/DOGE/ETC/BSV**on the order screen.

You dont have to buy full coins on Robinhood. You can place an order to buy or sell cryptocurrencies at fractional amounts.

Position limits refer to the maximum amount of a cryptocurrency that you can buy and hold using Robinhood Crypto. You can find the position limits for cryptocurrencies below. Please note, position limits are subject to change at Robinhood Cryptos discretion.

The position limit for Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) is a maximum cost basis of $16,000,000 per cryptocurrency.

The position limit for Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), & Ethereum Classic (ETC) is a maximum cost basis of $5,000,000 per cryptocurrency.

You can buy and hold up to the cost basis limit worth of a specific cryptocurrency. Note that the value of your crypto on Robinhood may exceed your position limits based on market fluctuations affecting cryptocurrency prices.

Adding Cryptocurrencies to Your Watchlist

You can add a cryptocurrency to your Watchlist in your iOS app:

  1. Tap the magnifying glass icon at the bottom of the screen.
  2. Search for the cryptocurrency name or symbol.
  3. Tap + and well add it to your Watchlist.

You can add a cryptocurrency to your Watchlist in your Android app:

  1. Tap the magnifying glass icon at the bottom of the screen.
  2. Search for the cryptocurrency name or symbol.
  3. Tap + and well add it to your Watchlist.

You can also add a cryptocurrency to your Watchlist in your web app:

  1. Click the search bar at the top of your screen.
  2. Type in the cryptocurrency name or symbol.
  3. Click Add to Watchlist on the right panel.

Estimated Buy and Sell Price

You can see the estimated buy or sell price for a cryptocurrency in your mobile app:

  1. Navigate to the Detail page for the cryptocurrency.
  2. Tap Trade.
  3. Tap Buy or Sell.
  4. Tap Est Buy Price or Est Sell Price.

You can also see the estimated buy or sell price for a cryptocurrency in your web app on the order panel.

Why is the estimated buy price different than the estimated sell price?

The difference between the estimated buy and sell price is called the spread. The size of the spread is a measure of the liquidity of the market, or how quickly and easily you can convert between cash and this cryptocurrency. Typically, if more people are trading a cryptocurrency, it'll be easier to find someone willing to trade with you. This is why you may see smaller spreads for better known cryptocurrencies like Bitcoin, and larger spreads for lesser known cryptocurrencies.

You can trade crypto 24/7 on Robinhood Crypto, with some exceptions like scheduled maintenance.

Scheduled maintenance happens at the same time every day, from approximately 5:29 PM  5:40 PM ET and 11:57 PM  12:09 AM ET. We set aside this time to add features, fix bugs, and make Robinhood Crypto easier and faster to use.

During these maintenance windows, you can still place crypto trades but some pending limit orders may not execute until the maintenance window has ended.

We also periodically schedule maintenance windows that may occur at different times, and may affect the placing or executing of orders. For all scheduled maintenance windows, youll be notified in the app beforehand.

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You dont have to worry about day trading limits on cryptocurrencies because theyre not regulated by FINRA or the SEC like stocks and options.

However, if your Robinhood Financial account is flagged for Pattern Day Trading, and the purchase of a cryptocurrency would cause the value of your stocks and cash to dip below $25,000, we may prevent you from placing the trade. For example, if your account value is $25,500 and you want to place a $600 buy order for Bitcoin, well ask you to deposit more funds. This is because placing the order for $600 for bitcoin would drop your account down to $24,900.

Robinhood Crypto and Robinhood Financial

Your cryptocurrency assets arent part of your Robinhood Financial account. Your brokerage account is with Robinhood Financial LLC and allows trading of stocks, ETFs and options, while cryptocurrency trading is done through an account with Robinhood Crypto, LLC. Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services, as well as a number of other state money service business regulators. Robinhood Crypto is not a member of the Financial Industry Regulatory Authority (FINRA) or the Securities Investor Protection Corporation (SIPC). Cryptocurrencies are not stocks and your cryptocurrency investments are not products protected by either FDIC or SIPC. Robinhood Financial, LLC and Robinhood Crypto, LLC are wholly-owned subsidiaries of Robinhood Markets, Inc.

For these reasons, you can trade cryptocurrencies on Robinhood with a Cash, Instant, or Gold account.

If your Robinhood Financial account is restricted for any reason, your Robinhood Crypto account may also be restricted. You will not be able to trade cryptocurrencies until the restriction on your Robinhood Financial account is lifted.

Your cryptocurrency assets are held in your Robinhood Crypto account, not your Robinhood Financial account, so theyre treated as non-marginable, with a maintenance requirement of 100%. This means your cryptocurrencies need to be backed entirely by cash, and cant serve as collateral for equities positions.

Instant Cryptocurrency Settlement

Youll receive the proceeds from your sales to purchase stocks, options, or other cryptocurrencies immediately. However, the ACH settlement period still applies when you withdraw the funds from your Robinhood Crypto account to your bank account. This means you wont be able to withdraw the proceeds from your sales for five business days.

Funds from stock, ETF, and options sales become available for buying crypto within 3 business days. However, limited cash deposits and all proceeds from crypto sales are available to instant accounts immediately.

We calculate cost basis on a First-In-First-Out (FIFO) basis. This means well sell your cryptocurrencies in the order you bought them.

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