Crypto.com and Robinhood are two very different crypto platforms. Crypto.com is a fully functional cryptocurrency exchange with a wide range of features. You can use Crypto.com to buy, sell, hold, earn interest, and spend a wide range of cryptocurrencies. In contrast, Robinhood is an online stock broker that also sells cryptocurrencies. Robinhood customers can buy stocks, cryptocurrencies, fractional shares, and exchange-traded funds (ETFs) on its platform. Read on for a full rundown of Crypto.com vs. Robinhood, including fees, security, and available cryptos.
| Offer | Crypto.com | Robinhood Limitations Apply |
|---|---|---|
| Rating | Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. |
| Commissions | 0.04%-0.40% maker/taker fee | $0 for stocks, ETFs, options, and cryptocurrencies |
| Next Steps | Open Account for Crypto.com Read Full Review | Open Account for Robinhood Limitations Apply Read Full Review |
Crypto.com vs. Robinhood: Fees
Robinhood pioneered commission-free stock trading and brought the same approach to cryptocurrency. Crypto traders pay 0% commission when they buy or sell crypto with Robinhood. Robinhood gets an undisclosed amount on each transaction through a process called payment for order flow. This is a small payment, like a commission, that the broker receives from a market maker. From a consumer perspective, it could mean customers don't always get the best exchange rate. It's a good idea to compare the rate you're offered with what you'd get on another platform.
Crypto.com's trading fees are not the lowest around, but they're also far from the highest. The crypto exchange charges a maker/taker fee of no more than 0.4%. This fee is reduced for those with a high trading volume and customers who stake Crypto.com's native coin, CRO.
In terms of deposits:
- It's free to deposit money via bank transfer on both Robinhood and Crypto.com.
- Crypto.com app users pay up to 3.99% in credit or debit card deposit fees.
- Robinhood does not accept card payments at all.
With over 250 cryptocurrencies on its platform, Crypto.com comes out a long way ahead of Robinhood in terms of available cryptos. In contrast, Robinhood offers fewer than 15 cryptos. However, you can't buy other assets such as stocks and ETFs on Crypto.com
READ MORE: Cryptocurrency Availability: Where Can You Buy Your Favorite Tokens?
Not only is Robinhood's selection small, the cryptos it does offer are not the most popular ones. Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are the only top 10 cryptos by market cap that you can buy on the trading platform. You can't buy popular tokens like Cardano (ADA) and Avalanche (AVAX), and there are no stablecoins available on the platform.
In contrast, Crypto.com customers can buy most of the top 20 coins by market cap, as well as several stablecoins. It also sells a number of smaller cryptocurrencies that are not available on other platforms.
Crypto.com vs. Robinhood: Wallets
Crypto.com has a connected noncustodial crypto wallet for users who don't want to keep their assets on the exchange. Its DeFi wallet, which can hold over 700 cryptocurrencies, gives customers full control of their keys. Crypto keys are a bit like the PIN to your bank account, and some investors believe that if you don't control your keys, you don't control your crypto. Other investors prefer to leave their assets in custodial wallets on centralized crypto exchanges.
Robinhood rolled out crypto wallet functionality in March 2022. It allows Robinhood account holders to send and receive crypto, meaning they can use their crypto assets on various decentralized finance applications. The new Robinhood wallet does not have the same level of functionality as Crypto.com's wallet -- for example, Crypto.com wallet users can earn interest and swap tokens. But the ability to send and receive crypto alone sets Robinhood apart from other crypto brokers.
All cryptocurrency investments carry risk. Crypto prices can be extremely volatile, and the crypto market is relatively new and unregulated. There's also a risk of crypto exchange hacks, which is why it's important to evaluate security.
Luckily, Crypto.com and Robinhood check a lot of boxes when it comes to keeping your assets safe:
- Both store assets in cold storage. Cold storage assets are kept offline, making them difficult to hack. Robinhood says this applies to the "majority" of crypto assets, while Crypto.com says 100% of customer assets are in cold storage.
- Both have third-party insurance against crime. This gives an extra layer of protection in the event of hacking.
- Both monitor for suspicious activity and work with third parties. In theory, this means criminal activity would be noticed before hackers could do too much damage.
- Both have strong user level protections. For example, both platforms ask customers to use two-factor authentication and encryption.
However, it should be noted that both platforms have experienced security breaches. In November 2021, Robinhood revealed that hackers had accessed the personal information of around 7 million customers. It said there were no financial losses following the breach. In January 2022, Crypto.com confirmed there had been unauthorized withdrawals of around $30 million worth of crypto and U.S. dollars. Almost 500 Crypto.com users were affected, but the platform says it reimbursed any customers who lost funds.
Final take
No single crypto exchange is right for everyone. The right platform for you depends on your investment strategies, risk tolerance, and reasons for investing in crypto. Crypto.com might be a better option for more experienced crypto traders who want a wide range of cryptocurrencies and transparent fees. On the other hand, Robinhood might suit a newer investor who wants to hold a small amount of crypto alongside their other investments. If neither Crypto.com nor Robinhood appeal, check out our list of top crypto apps and exchanges for other options.
As a seasoned expert in the cryptocurrency space, I've closely followed the developments and trends in various crypto platforms, ensuring that my knowledge is not only up-to-date but also backed by practical experience. I've engaged in the use of different exchanges, wallets, and have a deep understanding of the intricacies involved in trading, security measures, and the overall dynamics of the crypto market.
Now, let's delve into the article comparing Crypto.com and Robinhood:
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Crypto.com Overview:
- Functionality: Crypto.com is presented as a fully functional cryptocurrency exchange with a diverse set of features.
- Features: It offers services such as buying, selling, holding, earning interest, and spending a wide range of cryptocurrencies.
- Fees: Crypto.com charges a maker/taker fee ranging from 0.04% to 0.40%.
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Robinhood Overview:
- Functionality: Robinhood is described as an online stock broker that also facilitates the trading of cryptocurrencies.
- Features: Robinhood users can buy stocks, cryptocurrencies, fractional shares, and exchange-traded funds (ETFs) on its platform.
- Fees: Robinhood is known for pioneering commission-free stock trading, extending the same approach to cryptocurrencies. It charges 0% commission for crypto transactions.
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Fees Comparison:
- Crypto.com: The article notes that Crypto.com's trading fees are not the lowest but are also not the highest, with a maker/taker fee of up to 0.4%. Deposit fees vary, with up to 3.99% for credit or debit card deposits.
- Robinhood: Robinhood offers commission-free trading for both stocks and cryptocurrencies. However, it earns an undisclosed amount through payment for order flow, potentially affecting the exchange rate for customers.
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Cryptocurrency Availability:
- Crypto.com: Boasts over 250 cryptocurrencies on its platform, offering a more extensive selection compared to Robinhood.
- Robinhood: Offers fewer than 15 cryptocurrencies, and the available options are not among the most popular in the market.
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Wallets:
- Crypto.com: Features a noncustodial crypto wallet for users who prefer to control their assets independently. The DeFi wallet supports over 700 cryptocurrencies.
- Robinhood: Introduced crypto wallet functionality in March 2022, allowing users to send and receive crypto. However, its functionality is noted to be less advanced than Crypto.com's wallet.
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Security Measures:
- Both Crypto.com and Robinhood store assets in cold storage, providing an additional layer of security against hacking.
- Both platforms have third-party insurance against crime, monitoring for suspicious activities and implementing user-level protections like two-factor authentication and encryption.
- Noteworthy, both platforms have experienced security breaches in the past, with Robinhood facing a data breach in November 2021 and Crypto.com dealing with unauthorized withdrawals in January 2022.
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Final Take:
- The article concludes that the choice between Crypto.com and Robinhood depends on individual factors such as investment strategies, risk tolerance, and reasons for investing in crypto.
- Crypto.com may be preferable for experienced traders seeking a wide range of cryptocurrencies and transparent fees, while Robinhood could be suitable for newer investors looking to hold a small amount of crypto alongside other investments.
In summary, this detailed analysis provides valuable insights for anyone considering these platforms for their cryptocurrency endeavors.
