Is it safe to buy crypto on Robinhood?

The trading app has kickstarted the beta phase of its bitcoin wallet feature, enabling a subset of users to self-custody their coins. Some users can now withdraw their bitcoin from Robinhood . The feature is rolling out in phases to those on the waitlist.

Appeared in the January 13, 2022, print edition as ‘Robinhood Platform Doesn’t Plan to Put Big Investments in Crypto . ‘

Although the coins are yours after you purchase them on the exchange , you will not have access to your private keys unless you transfer your crypto assets into an independent wallet or hardware wallet.

Robinhood Crypto supports buying, selling, and real-time market data for:

We hold the majority of your coins in cold storage, entirely disconnected from the internet . This gives you an additional layer of protection. We also carry crime insurance that protects a portion of the assets held across our storage systems against losses from theft, including cybersecurity breaches.