Review on Robinhood by Killer Bean
Attractive but Unreliable wallet
This wallet is a cryptocurrency wallet that I have used for quite a while now. This wallet comes with an entirely different feature, its graphic design plus its web outlook is totally attractive. It offers storage for a range of coins like Bitcoin, Ethereum, Litecoins and a few other coins. I tried out the wallet because it offered storage for my coins of interest( Ethereum and Litecoins). As a new user of this wallet, I found it quite easy to use. From the Dashboard down to the transaction page were all navigable without stress. To effectively protect users funds from any form of theft, users are usually advised to enable the two factor authentication, but I tried doing this it didn't work out, it kept telling me "error". Even with all that verification that it tries to put in place, the fact that it is a hot, software wallet still makes it very susceptible to hacking. The wallet charges no fees for trading of coins but the prices of some coins are abnormally high( this is their own profit making scheme). The support team usually gives accurate response to my request and complaints. Robinhood wallet needs to store more coins so that it might become a wallet of everyone's interest
Pros
- It is a new and recent wallet
- It is a multicurrency wallet
- The user interface us quite appealing
- It allows for fiat based payments and deposits
Cons
- The security features are not optimal enough
- The number of coins supported are not much
- The prices of some coins are quite above normal
- It is custodial wallet and since users funds are left under their car, it is likely to be hacked and stolen. Hence this wallet isnt trustworthy
- The wallet enquires for too much verification for every transaction
- The fee-free trading is all a lie! Because they make profits from the abnormally high prices of some coins
