Coinbase Has Competition With Robinhood, Or Do They?

Over the past couple of days YouTube has exploded with vloggers talking about how this new exchange is going to hurt Coinbase.

This new exchange that I speak of really isn't a new exchange at all. They are just integrating cryptocurrency into their already successful platform. This all new exchange that has the crypto world excited is the one and only, Robinhood.

Robinhood is an exchange that has actually been around for a while. It's been used over the time for trading stocks. It was only a matter of time before these guys jumped into the crypto game.

Robinhood is like all exchanges with its pluses and negatives.

Signup was fast and easy with Robinhood but then again when I signed up for Coinbase it was very simple as well. From what I hear now days it is a pain to signup with Coinbase so Robinhood may be better for new users that are just now getting into the crypto market.

The big plus is that there are not any fees like Coinbase kills customers with. There's not a crazy wait time when you make a purchase as well.

The downside the Robinhood is that you can only use it on a mobile device at this time. When it comes to crypto I prefer using my laptop just for security purposes. That's where Coinbase has the edge since you can use them on either device.

Here's the issue with both exchanges. Neither one of them allow PayPal and they both only allow banking accounts with certain routing numbers.

Since Coinbase took PayPal down it has upset a number of users including myself. It has made things more difficult withdrawing back to usable USD since PayPal is missing. They should at least let people put the money back on the credit cards used to make purchases but they don't even do that.

Another major downside to Coinbase are their wait times. Sometimes you have to wait to get your identification authorized. Then it's a wait to get accounts and funds transferred. Then it's a wait to even be able to use the cryptocurrency you purchase if the networks are backed up.

At times with Coinbase it's a hurry up and wait type of exchange. I'm looking for a hurry up and trade exchange. With that being said, Robinhood is the way to go. Let's see how long it takes for Robinhood takes to give to this poor guy.