Cryptocurrency investing has steadily grown in popularity since the pioneer bitcoin became available in 2009. Today, one in ten people buy crypto. Trading platforms such as Robinhood make it easy to trade cryptocurrency through their app anytime. If you want to learn how to use the Robinhood app to invest in play money, read on to learn more.
In this article, we will show you how to buy crypto as a âmarket orderâ at its current market value. This offers the possibility of buying it at the best possible price. Also, you can set a âlimit orderâ where you can set the price the crypto should reach before the app will automatically execute your purchase.
How to Buy Crypto with Robinhood in the iPhone App
Before buying crypto in Robinhood, you will need to transfer funds to your Robinhood account. Once you've linked your bank account to Robinhood, here's what you need to do to initiate a manual transfer:
- Open the Robinhood app.
- At the bottom right, tap the âAccountâ tab.
- Tap on âTransfersâ then âTransfer to Robinhoodâ.
- Select the account from which you will transfer funds.
- Enter the amount.
- Check the amount, then "Send".
Place a market order
A âmarket orderâ means you will pay for the crypto at its current market price. To place a market order:
- Find the crypto you want to buy by tapping the search icon at the bottom.
- From the browse screen, in the search at the top, enter the name of the crypto you want to buy. Or under "Trend
Listsâ tap on âCryptoâ then choose from the cryptos listed. - At the bottom, tap on âBuyâ.
- From the âMarket Orderâ screen, you have the option to buy a fraction of a coin. In "Amount in USD", enter the amount you want to spend.
- The âIs (crypto name)â section will display the percentage of coins your money will earn you.
- Review your order, then swipe up to submit.
Place a limit order
A âlimit orderâ means that your order will be executed when/if the crypto reaches the market value you specified. To set up a limit order:
- Locate the crypto to buy by tapping the search icon at the bottom.
- Via the browse screen, enter a search for the name of the crypto you want to buy. Or under "Trend Lists", tap "Crypto", then select crypto.
- Tap "Buy" at the bottom.
- At the top right of the "Market Order" screen, click the drop-down arrow.
- Select âLimit Orderâ from the options.
- Tap 'Limit', then 'Limit price', enter your limit price.
- Press "Continue".
- In âAmount in USDâ, enter the amount of cash you wish to invest at your limit price.
- Confirm your order, then swipe up to validate.
How to buy crypto with Robinhood in the Android app
Before you can buy crypto, you will need funds in your Robinhood account. Once your account is linked to Robinhood, initiate a manual transfer by:
- Opening the Robinhood app.
- Tap the menu icon in the top right.
- Select âTransfersâ then âTransfer to Robinhoodâ.
- Choose the bank to transfer funds from.
- Enter the transfer amount.
- Check your transfer then âSendâ.
Place a market order
With a âmarket orderâ, you will pay for the crypto at its current market price. To place a market order:
- Find the crypto you want to buy by selecting the search icon at the bottom.
- On the browse screen, in the search at the top, enter the name of the crypto you want to buy. Alternatively, under 'Trend Lists', tap 'Crypto', then choose crypto.
- Tap "Buy" at the bottom.
- From the âMarket Orderâ screen, you will have the option to buy a fraction of a coin. In "Amount in USD", enter the amount you want to spend.
- The âIs (crypto name)â section will display the percentage of a coin your money will earn you.
- Confirm your order, then swipe up to validate.
Place a limit order
A âlimit orderâ will be executed when the market value of the crypto you specified materializes. To set up a limit order:
- Find the crypto by tapping the search icon at the bottom.
- From the browse screen, enter a search for the cipher name. Or under 'Trend Lists', tap 'Crypto', then choose crypto.
- At the bottom, tap "Redeem".
- On the "Market Order" screen, top left, click the drop-down arrow.
- Tap âLimit Orderâ.
- Tap on âLimitâ, then on âLimit priceâ enter your price.
- Press "Continue".
- In âAmount in USDâ, enter the amount you wish to invest at your limit price.
- Check that you're happy with your order, then swipe up to check out.
How to buy crypto with Robinhood on a PC
Before you can buy crypto, you will need funds in your Robinhood account. First, link your account to Robinhood, then initiate a manual transfer:
- Opening the Robinhood app.
- In the menu at the top right, click on âCashâ.
- Go to the "Funds Deposit" widget on the right.
- Click the arrows in the "From" field to select your bank account.
- By default, "Robinhood" will be displayed in the "To" field.
- In the âAmountâ text field, enter the amount you wish to transfer.
- Click on âReview transferâ then âSendâ.
Place a market order
âMarket ordersâ allow you to pay for crypto at its current market price. To set up a market order, follow these steps:
- Find the crypto you want to buy by entering a search in the search box at the top and then selecting it from the search results or clicking on it in your âwatch listâ.
- The cryptographic details will be displayed on the main screen. Go to the command window on the right.
- You will have the option of purchasing a fraction of a coin. In "Amount in USD", enter the amount you want to spend.
- The âEast (crypto name)â section will display how many coins your money will earn you.
- Click 'Review Order' then confirm once you are happy to place your order.
Place a limit order
âLimit ordersâ are only processed when the market value of the crypto reaches the limit price you specified.
To set up a limit order:
- Enter a search at the top of the screen to find the crypto you want to buy or select it from your âWatchlistâ on the right.
- The main screen will display the crypto details with a command window on the right.
- At the top of the order window, click the drop-down arrow next to âBuy (crypto name)â.
- Select âOrder limitâ.
- In "Limit Price", enter the amount the crypto must reach before your order is fulfilled.
- In âAmount in USDâ, enter the amount you wish to invest at your limit price.
- Click "Review Order" and confirm.
Buying crypto is not 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 âmarket orderâ to buy the crypto at its current price, or a âlimit orderâ to decide what price the crypto must hit before buying. Both methods offer a chance for the best returns.
What cryptocurrencies are you interested in? Which do you think are a good investment?
Let us know in the comments section below.