Review on Robinhood by Temitope Babatunde
Robinhood, Only For USA Users
The company Robinhood has been in existence before coming into Crypto arena in 2018 when it launched an application that can be use as wallet as well as an exchange. The wallet gives the users the opportunity of doing so many things within it. Located in US, the wallet targets only the user from some US states for now.
The wallet support very few cryptocurrencies, but it accept fiat to crypto trading making it newbie friendly. Using the wallet is free of charge, deposit or withdraw is limited to 50,000 dollars per day. It must be noted however that if you are withdrawing through bank it may have some delay and if you are sending your coins into another wallet outside robinhood, further verification may be requested.
In terms of security the wallet is not yet reliable. The customer care service is also is said to be average.
Pros
- It has inbuilt exchange
- Free to use, no fees.
- Other financial assets can be traded in it like ETF, stocks etc.
- Fiat can be deposit and trade through bank
- The wallet is easy to set up, so it a beginners friendly.
- It has 2Factors authentication, and other customized security features
Cons
- Users fund are not insured
- Available only in US, even there also it is not in all states.
- You don't own year private keys and seed.
- Withdrawing through bank use to take many days.
