03-11-2021, 08:06 PM
To those thinking of buying Crypto from Robinhood or Wealthsimple, DON'T!!!
<!-- SC_OFF --><div class="md"><p>I can't speak for Robinhood but I can for Wealthsimple. </p> <p>WS is a great and simple platform. It really is. Have had no issues buying or selling Bitcoin and Ethereum on it. </p> <p>Having said that the coins on WS don't belong to you. You can't withdraw the coins to a wallet. Your only option is to sell the coins and cash out. </p> <p>Initially I thought I was fine with it because I had plan on holding them long term. But as time went on, I realized the value of actually holding your own coins in your own wallet. You can trade/buy/sell them any time. And in the near future, most businesses would allow you to buy things with crypto.</p> <p>So a lesson learned. If you want to buy crypto, buy them through an exchange and store them on your own wallet. Preferably a hardware wallet such as Ledger and Trezor.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/snapekilledyomomma"> /u/snapekilledyomomma </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/m2fvpa/to_those_thinking_of_buying_crypto_from_robinhood/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/m2fvpa/to_those_thinking_of_buying_crypto_from_robinhood/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>I can't speak for Robinhood but I can for Wealthsimple. </p> <p>WS is a great and simple platform. It really is. Have had no issues buying or selling Bitcoin and Ethereum on it. </p> <p>Having said that the coins on WS don't belong to you. You can't withdraw the coins to a wallet. Your only option is to sell the coins and cash out. </p> <p>Initially I thought I was fine with it because I had plan on holding them long term. But as time went on, I realized the value of actually holding your own coins in your own wallet. You can trade/buy/sell them any time. And in the near future, most businesses would allow you to buy things with crypto.</p> <p>So a lesson learned. If you want to buy crypto, buy them through an exchange and store them on your own wallet. Preferably a hardware wallet such as Ledger and Trezor.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/snapekilledyomomma"> /u/snapekilledyomomma </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/m2fvpa/to_those_thinking_of_buying_crypto_from_robinhood/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/m2fvpa/to_those_thinking_of_buying_crypto_from_robinhood/">[comments]</a></span>Kind Regards R