 In this video, I will tell you why I would never, never buy cryptocurrency on Robinhood. You guys keep asking me the same question about where I trade my cryptocurrency. I personally trade on Binance, and no, that's not a brain deal. By the way, Binance, if you're listening, I would love to support. But anyways, I'm trading on Binance for different reasons. I think the most important factor for me is that if I bought cryptocurrency on Robinhood that I do not own the coins. I would merely issue IOUs, which basically stands for IOU a specific coin. And that's also the reason why you can trade cryptocurrency for free on there. Well, no fees sounds interesting, doesn't it? It does sound interesting, but at the same time, it's not compelling enough for me to put $100,000 into Bitcoin and then just leave it in Robinhood because I can't do anything else but sell. I want to be in control over my Bitcoin. I want to be able to move it anywhere I want. I want to sell it. I want to get interest on it. Whenever I decide, I want to be able to do it within a second. I want to be the master of my Bitcoin. And on Robinhood, I can't do that. And for that reason, I'm out. So imagine you bought Bitcoin or any other cryptocurrency on Robinhood and then you realize, oh my God, there's a company out there that pays interest on my crypto holdings. So now how can I get the interest on my Bitcoin? Here's what you have to do. Number one, you have to sell your cryptocurrency within Robinhood and if there's a capital gain, you have to pay taxes on that. Now you have the money in your Robinhood account. Now you have to withdraw that money, put it in your bank account. Now you make a new account with either Binance, Coinbase, whatever you decide to work with. Then deposit the money into your new account, purchase new Bitcoin, new cryptocurrency, create another account with the company that pays your interest and then because you have a wallet here and a wallet there, you send that Bitcoin or that cryptocurrency into your new wallet and then you get interest. Now I hope you understand why I personally do not buy cryptocurrency on Robinhood. But what if I'm a day trader and I don't want to move my cryptocurrency? Well, I would still not use Robinhood for a very specific reason. Another issue that I have with Robinhood is that sometimes it just don't let you sell your cryptocurrency because of a technical issue, because of an outage, because too many people want to sell or buy, something crashes. Now I'm not saying that other companies are completely immune to technical issues or outages, but I've been using other platforms for over four years now and I've never had an issue moving my Bitcoin anywhere or selling it within a couple of minutes. With Robinhood, I've heard horror stories though. Let me share this beautiful story of a friend of mine. So a friend of mine, who by the way is way smarter when it comes to identifying new trends within the crypto market, bought Dogecoin and had within a couple of hours a 300% gain. He was very happy about that, was like, oh my God, I'm a genius, I'm gonna sell that. He placed his sell order on Robinhood and I think millions of other people wanted to do the same thing and then the app crashed. So his sell order did not go through. So obviously he got nervous because he wanted to sell his coins, but the app crashed and he wasn't able to see anything, which is the black screen. After five minutes, he was able to log into his account again and check Dogecoin. Now you might be like, five minutes, that's very fast for like a huge app. Yeah, but Dogecoin didn't care about those five minutes. So within five minutes, he lost 120% of his 300% gain. So he was still left with 180%, which was great. So I understand it's huge, 180% in a couple of hours. There'll be a crybaby, take the profit, celebrate yourself, be happy. But if you see a 300% gain and then because of an outage, you can sell, that hurts. When I see the Doge millionaire holding all of his investment within Robinhood, I have very mixed feelings about that. He looks like a really cool dude. And I hope, I pray for him that whenever he decides to sell his Doge, $1.250, whatever he decides, I hope for him and pray for him that not 99% of the Robinhood users who also hold Dogecoin want to sell at the same time because that would just create a massive crash again and he might lose some money. But back to the day trading. I have another issue with Robinhood. The charts, they only allow five indicators if you want to day trade in there. Again, I understand I'm not a professional trader, but that's exactly the reason why I need my indicators that I understand. I need every single indicator that might help me make a better move within the crypto market. So that's the reason why I use Binance over Robinhood. If you want to see what indicators I use, click up here, I made a video about it. Yeah, on Robinhood I can't do that and that's another reason why I'm out. By the way, this might be a surprise for a lot of you guys, but I am not a financial advisor. I'm a random dude on YouTube who makes videos about cryptocurrency because he loves it a lot. This video is for entertainment purposes only, please. Before you invest your own money, do your own research and don't trust anybody. I said anybody on this platform with your money. Do your own research every single time. If you've made it this far in the video, thank you. If you want to get more insights into my financial moves, make sure to join my Patreon. I post my day trades in cryptocurrency, my dividend investment portfolio, my growth portfolio, and my weekly options trading. Everything in there, I'll be basically naked, financially naked for you. Also, if you liked this video, please help me out with the YouTube algorithm. You know how it goes. Comment, like, and subscribe. Thank you so much. I'll see you next time.