April 14, 2024

How to sell Crypto on Robinhood

How to sell Crypto on Robinhood

How to sell Crypto on Robinhood

You can easily sell crypto on Robinhood simply by accessing the Robinhood application. In this step-by-step guideline, we are going to show you how to sell cryptocurrency in your Robinhood wallet. We provide you the various sell order kinds and how to use them. We will discuss the selling costs, tax consequences, and what you may do after selling your cryptocurrency on Robinhood.

Process to sell Crypto

  • Start the Robinhood application and sign in to your account.
  • Navigate to the digital currencies you would like to sell from your portfolio.
  • Hit the Sell Option
  • Put in the sum that you want to sell. If you wish to sell everything, tap the Sell All option.
  • Leave the standard configuration of Once
  • Hit on verify and double-check the details.
  • Slide up to send in your order.

The purchase of your online belongings will happen very immediately. And the following notice will inform you when the order has been finished. For any queries call Robinhood Customer Service.

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When you look at what you purchase power. You should notice that it has gone up by exactly the same price that you sell your cryptocurrency for.

Different forms of sell orders

Robinhood allows you to place three different sorts of sales orders.

1. Orders placed in the market

Market orders are the default sell option. This means you will receive whatever the current market price is.

2. Order Limits

The other option is to put in a limit order. A sell limit request enables you to specify the amount under which you refuse to sell.

Limit orders give you greater influence on the selling price that could not be executed instantly.

For example, suppose that the cost of ETH is $500. You might consider selling just if it exceeds $600 in order to you are able to secure in a 20% profit.

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So you can place a sell limitation order at a price of $600. This order will not execute till the cost of ETH rises above $600, at which point it will begin to execute as soon as the value remains above $600. 

A sell limit request may never be executed if the investment does not reach the price goal, or it may be filled partly if the cost reaches the threshold and then drops back again. Robinhood Customer Service helps to get clarity.

How to set up a Sell Order with Limits on Robinhood

At the purchase confirmation screen, click “USD” or “the marketplace order” in the upper right.

Choose “Limit” from the list of available options.

Enter the particular ceiling cost for which you wish to sell your coin.

Click the “Review” option to make sure all of the details are right.

Tap up to enter a limit sell order.

3. Halt Orders

An additional vital Robinhood type of order is the stop order, often called as an order to stop a loss. A stop order protects you from possible price drops by instantly selling your bitcoin at an amount that is lower than the present market price.

This order type is useful if you wish to reduce your risk or protect profits by placing an order to sell when the price falls below a predefined level.

To create a limit order on Robinhood, take these steps:

  • On the purchase confirmation screen, click on “market order” in the upper right.
  • Pick “Stop Loss” from the options that are present.
  • Enter the particular limit value at which you wish your sell order to be triggered.
  • Check the order information to check they are correct.
  • Tap up for your purchase to pass through.

To learn more, see How to Transfer Crypto from Robinhood?

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