If you’ve been investing in cryptocurrency using Robinhood and are now looking to cash out or adjust your portfolio, you’re probably asking: how do I sell crypto on Robinhood? Whether you’re taking profits how to sell crypto on robinhood, minimizing losses, or reallocating your assets, selling crypto on Robinhood is a simple process. In this guide, we’ll walk you through everything you need to know.
Why Sell Crypto on Robinhood?
Robinhood offers a beginner-friendly platform for trading cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and others. It allows commission-free trades and an intuitive interface, making it easy for first-time investors to manage their crypto holdings.
Step-by-Step: How to Sell Crypto on Robinhood
Follow these steps to sell your crypto through the Robinhood mobile app or website:
1. Open the Robinhood App or Website
Log in to your account using your credentials. Ensure you’re using the latest version of the app for the best experience.
2. Go to Your Crypto Holdings
- Tap the “Portfolio” icon at the bottom of the app.
- Scroll down to see your list of assets.
- Select the cryptocurrency you want to sell (e.g., Bitcoin or Ethereum).
3. Tap on “Trade”
Once you’re on the cryptocurrency’s page, tap the “Trade” button.
4. Select “Sell”
You’ll see two options: “Buy” and “Sell.” Choose “Sell” to proceed.
5. Enter the Amount You Want to Sell
You can choose to enter a dollar amount (e.g., $100) or sell your entire crypto balance by tapping “Sell All.”
6. Review and Confirm
Double-check the transaction details, including the price and fees (though Robinhood doesn’t charge a direct fee, there is a spread built into the price). When ready, swipe up or tap “Submit” to complete the sale.
7. Check Your Balance
After the sale is processed, the USD equivalent of your crypto will appear in your buying power, which you can withdraw to your bank account or use to purchase other assets.
Things to Keep in Mind
- Taxes: Selling crypto can trigger capital gains taxes. Keep track of your transactions for tax season.
- Withdrawal Wait Time: After selling, there may be a short waiting period before you can withdraw funds to your bank.
- Trading Hours: Crypto trading on Robinhood is available 24/7.
Final Thoughts
Selling crypto on Robinhood is quick and easy thanks to its user-friendly design. Whether you’re an experienced trader or just starting out, following these simple steps will help you manage your investments with confidence.
Still unsure about your crypto strategy? Take some time to evaluate your financial goals and consult with a professional if needed.
