What are the limitations of day trading on Robinhood for cryptocurrencies?

1 answers

• Dec 18, 2021 · 3 years ago
  As an expert in the field, I can say that day trading cryptocurrencies on Robinhood comes with its own set of limitations. One limitation is the lack of advanced charting and technical analysis tools. If you rely heavily on technical indicators and chart patterns for your trading decisions, you may find Robinhood's charting capabilities to be insufficient. Another limitation is the lack of control over your trades. Robinhood operates as a market maker, which means it executes trades on its own platform rather than routing them to external exchanges. This can result in less favorable execution prices and limited control over order routing. Finally, Robinhood's limited cryptocurrency offerings may not satisfy the needs of more experienced traders who want access to a wider range of cryptocurrencies. Overall, while Robinhood can be a good starting point for beginners, more experienced traders may find its limitations to be restrictive.
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