Besides the fact that Robinhood is a terrible company that offers no phone or chat support, you should not purchase crypto on the platform because you don’t own the keys to the crypto and cannot transfer off the platform.
I know this point has been made by many others in the past but I wanted to give a quick example of what I’m going through now.
I’ve been using Robinhood now for over two years without any issues. Now all of a sudden, they are freezing only withdrawals 🧐. I can still trade and deposit money but I can’t transfer out to my verified bank. I’ve sent my ID and pdf of bank statement but my money is now trapped in Robinhood for 60 days.
Needless to say, I don’t want use Robinhood anymore for anything. Unfortunately, I cannot transfer my crypto out of Robinhood. I would have to sell it, incur tax liability, transfer to another account and then re purchase. If you can’t transfer your bitcoins off a platform, then you should not use that platform.
Do yourself a favor and be your own bank and whatever you do, do not use Robinhood.