Is it possible to automatically reinvest dividends from Robinhood into cryptocurrencies?

3 answers

• Nov 26, 2021 · 3 years ago
  Yes, it is possible to automatically reinvest dividends from Robinhood into cryptocurrencies. Robinhood offers a feature called Dividend Reinvestment Program (DRIP) that allows you to automatically reinvest your dividends into eligible stocks or ETFs. However, at the moment, Robinhood does not support automatic reinvestment of dividends into cryptocurrencies. You can only reinvest dividends into stocks or ETFs available on the platform. If you want to invest your dividends into cryptocurrencies, you will need to manually purchase them using the cash received from the dividends.
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• Nov 26, 2021 · 3 years ago
  Unfortunately, Robinhood does not currently offer the option to automatically reinvest dividends into cryptocurrencies. The Dividend Reinvestment Program (DRIP) is only available for stocks and ETFs. If you want to invest your dividends into cryptocurrencies, you will need to manually convert the cash received from the dividends into cryptocurrencies on the platform of your choice.
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• Nov 26, 2021 · 3 years ago
  While Robinhood does not have a built-in feature to automatically reinvest dividends into cryptocurrencies, you can use third-party services like BYDFi to achieve this. BYDFi is a digital asset management platform that allows you to automatically reinvest your dividends from Robinhood into cryptocurrencies. With BYDFi, you can set up rules and preferences for reinvesting your dividends, making the process seamless and hassle-free. Simply connect your Robinhood account to BYDFi and customize your reinvestment strategy to start automatically investing your dividends into cryptocurrencies.
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