Why Can’t I Buy Crypto on Robinhood? Here’s Fix
Are you facing a problem trying to buy cryptocurrency assets inside Robinhood?
You are not alone. Maybe there’s a new trending crypto on the rise, or perhaps you want to trade your funds to get a quick profit directly into your digital wallet.
It doesn’t really matter what your motives are - we need to get Robinhood Crypto working normally in your account.
Fortunately, understanding the reasons behind the limitations on your Robinhood crypto account will help us to find a solution right away.
Keep on reading this new blog post to get all the precise information you need about the following topics:
- Why can’t I buy crypto on Robinhood?;
- Things you need to about about Robinhood Financial, Crypto, and more;
- How to fix problems while buying cryptocurrency on Robinhood.
Robinhood Crypto Account vs. Crypto Exchanges
Although Robinhood isn’t entirely a crypto exchange, it is safe to say that many new investors and traders want to trade crypto without paying commissions.
You can purchase stocks, trade stocks, and hold assets inside Robinhood, but we all know that isn’t the only option out there.
In fact, when we compare other cryptocurrency exchanges with Robinhood Crypto, we realize that there are noticeable limitations regarding crypto holdings and available coins.
Trading Bitcoin, Dogecoin, Ethereum, Bitcoin SV, and Litecoin in Robinhood is possible using their mobile apps, but there aren’t many options besides those.
Besides, we must mention that Robinhood Securities, Robinhood Crypto, and Robinhood Financial are three different but wholly owned subsidiaries from the company.
Robinhood Securities and Robinhood Financial are regulated by the laws of Securities Investor Protection Corporation and Financial Industry Regulatory Authority, while Robinhood Crypto isn’t.
Read Also: Is your Robinhood Account Restricted from Purchasing stocks as well?
For example, if you want to trade, exchange or liquidate stocks, but your Robinhood Financial account is not working as it should, then it’s imperative to find a solution. Read our related post to learn more.
Why Can’t I Buy Crypto on Robinhood: Reasons and Fixes
Imagine that you want to place market orders for Bitcoin, Bitcoin Cash, or Litecoin, but you tap “Trade,” and it doesn’t seem to work.
There are some rules for buying and selling crypto that all users must comply with.
Robinhood provides market data of the buy and sell price of cryptos, but if this isn’t working for you, then try the following fixes that we are about to show you.
1. Not Enough Buying Power
Cryptocurrencies are not counted as collateral in Robinhood.
That being said, you might be facing a limitation related to your buying power on the platform.
On your account’s detail page, you will see that Robinhood asks you to add more funds if you want to continue a trade process.
Nonetheless, adding more funds through selling cryptocurrencies won’t help you increase your set buying power.
This issue also happens in a Robinhood financial account, so keep this in mind.
Pro Tip: Okay, so if you sell cryptocurrencies, these funds won’t be counted as collateral.
In that case, learn how to solve the Robinhood Not Enough Buying Power error by checking out our related guide.
2. You Have Been Flagged with a PDT Crypto Trades Limitation
If you use your cash to buy cryptocurrencies, positions, or stocks consistently within less than 5 business days, then you might as well be flagged as a Pattern Day Trader.
You can Remove the Pattern Day Trader Status in Robinhood by complying with the rules and regulations present on the app.
For example, you can’t keep trading on the app if the value of your stocks or holds is below a certain value when the day finishes.
Check out our related guide to learn how to remove this cryptocurrency trading limitation on your account.
3. Your Robinhood Financial or Crypto Account Has Been Restricted
There are plenty of reasons why your account has been limited for trading.
Perhaps your information is now outdated, or maybe your account experienced a cash reversal.
Whatever the problem is, the platform will make sure to email you about it.
Trading and using your cash in this app is imperative, so learn how to Reactivate Robinhood Account by reading the guide we have written for you.
4. Problems on Robinhood’s System
The Robinhood platform might be failing without further notice.
This hardly happens, but it’s not impossible.
If you cannot check trading features nor the sell price of a specific cryptocurrency on your account, first make sure that there isn’t an outage going on.
You can verify if the problem is related to your account or the platform’s servers by checking out the Robinhood Status website.
5. Other Limitations On Robinhood’s Investment Platform
Let’s say that you tried everything in this guide but your account remains limited for buying cryptocurrency.
In this scenario, there’s probably something else going on your account.
Contact Robinhood Support Team and tell them that you can’t purchase cryptocurrency.
They should get back to you as soon as they have a chance.
That’s all you need to know about cryptocurrency purchases on Robinhood!
If you want to increase your Robinhood’s knowledge base, keep checking our articles and financial news here, at GrowFollowing!
Can’t Buy Crypto on Robinhood FAQ
Is Buying Crypto on Robinhood Possible without a Bank Account?
Yes. Although you can indeed buy cryptocurrency without setting up your bank details, withdrawing and managing these cryptocurrency funds might get a little tricky.
Learn how to Add Money to Robinhood Without Bank Account by reading our blog post.
What Are Limit Orders in Robinhood Crypto?
Limit orders allow you to set how much value you want to invest in, for example, Bitcoin, ETH, Bitcoin Cash, or another cryptocurrency.
Setting up a limit order is fundamental for investors that want to protect their funds on the Robinhood app.
Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.
Oliver is GrowFollowing founder and covers topics ranging from fintech to Internet.