Just like the infamous English outlaw bearing the same name, the Robinhood crypto platform was without a doubt meant to draw investors who love themselves a nice underdog success story.
With a promise not to charge users any commission fees on the sales and purchase of crypto assets, Robinhood wanted to create the impression it was all for giving crypto enthusiasts without a lot of resources an equal chance at participating in the market.
And while Robinhood crypto has definitely made some noise in the crypto space, has it successfully offered users all the benefits it promised? Well, that question can only be answered accurately by those who bought into Robinhood’s crypto investment dream and used the platform.
The following are some of the top 5 Reddit reviews on the Robinhood crypto platform and whether anyone should use it at all:
Finally got all my crypto off Robinhood. You should too. ASAP. Sounds more like an alarm bell than a bland expression of sentiment, right? Well, crypto investments are very dynamic and so profitability is wholly dependent on making the right moves in response to market motions.
And for you to make profits, investment platforms like Robinhood crypto should allow you to execute moves when it’s in your best interest, right? Well, that’s not exactly what happens.
Apparently, Robinhood's crypto platform has interests too. And those interests must be achieved even if it means restricting trades, manufacturing “technical difficulties,” or locking your“buy” button when convenient. Wow. Incredulous.
Again, it is obvious why the founders would choose to name their crypto platform Robinhood. Basically, they wanted everyone to feel like they would get a fair share; from the rich to the poor, right?
Well, unfortunately, many users have experienced quite the opposite. According to one user: Please nobody use Robinhood. They’re a big fan of stealing from the poor and giving to the rich. What irony! Did good ‘olRobin approve the change regarding crypto returns?
Financial matters are critical matters that matter a lot. People want to invest in crypto platforms they can trust to keep their crypto assets safe and return the yields of those assets faithfully too. But that doesn’t exactly seem to be Robinhood’s crypto modus operandi.
One user says: "I truly don’t trust Robinhood, as they have gotten their hands dirty with trading in the past, it just isn’t really logical to me to use recurring purchases through an exchange with a $1 fee… that would mean 1/7 of my investment is purely fees, which is certainly not a good ratio.” Well, that sounds a little bit harsh Robinhood, don’t you think?
The rancor with which some of the users who trade Bitcoin (BTC), Ethereum (ETH), and other crypto assets scathe Robinhood crypto is worrying. But like we said, Robinhood got famous for a reason. And it seems like one of those reasons is Robinhood crypto’s skillful application of technological makeup.
One user lauds Robinhood’s crypto user interface—effectively saying the crypto platform’s interface is a charming Jerusalem wall you simply can’t help but keep your eyes transfixed on.
But? Unfortunately, Robinhood’s crypto UI has kept me around much longer than it should have. If another trading brokerage could put together an app that was as user friendly and aesthetically pleasing as Robinhood, I’d switch yesterday. Wow, that took a wrong turn and escalated really fast, don’t you think?
Sometimes the severity of the problem is not gauged by the number of complaints to that effect, but by the number of sad faces. And one swipe down Reddit’s colorful, crypto commentary walls will betray several faces and voices filled with nothing but ire and exasperation.
One voice yells “Waiting to move mine out. Only 747,000 people in front of me on the list.”
Another replies: Can’t wait to finally transfer my coins somewhere that’ll actually pay me a little interest. However, a wearier user closes out: Eager to leave.” You would ask why many are eager to jump ship, but you already know why, don’t you?