Where NOT to buy Crypto: Robinhood & PayPal to Begin With.
There are a lot of new “investors” entering the market recently because of word-of-mouth suggestions and an increase in the price of Dogecoin – so I think this needs to be said again.
Many people within the crypto space are very aware that you must hold your own keys for true ownership and access. This is exactly what stock exchanges and payment processors that have begun offering crypto trading are preventing.
YOU DO NOT own any Crypto Currency that you buy on Robinhood or PayPal, you can not withdraw (Send to someone else) any cryptocurrency you buy on those platforms and it defeats the whole purpose of cryptocurrency.
Robinhood has shown in the past that it is willing to halt the trading of securities and certain cryptocurrencies which has caused users to lose thousands of dollars.
If you have purchased coins on these platforms sell them, and after that, you can start thinking about buying cryptocurrencies from several popular exchanges/platforms such as Voyager, BlockFi, Binance, KuCoin, or Coinbase.
You can then either choose to keep your coins on the exchange or the preferable option to create your own wallet (I like Exodus) and transfer your cryptos there. See: Understanding Custodial vs. Non-Custodial Crypto Wallets
You should note that there will often be a transaction or a ‘gas fee’ when moving most cryptos off of an exchange and into your wallet which – depending on how much crypto you own – might not make it worth it to move off an exchange.
Read more in my Beginner Guide to Crypto Series (A Work in Progress)
Hey Visitors – Comment below on where else NOT to buy Crypto.
EDIT: A lot of people said to stay away from REVOLUT, WEBULL, and ETORO as well.
Cheers!
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