Robinhood’s support website reveals that its Robinhood Crypto service connects to cryptocurrency exchanges. However, the company doesn’t specify which exchanges it uses.
“When you place a market order, we display the best available price on Robinhood Crypto, which is based on the exchanges we connect to,” the site explains. “You’ll never get charged a commission or additional trading fee on top of the execution price. Any price difference you see between the estimated price and the execution price is due to market movement and isn’t something that Robinhood profits from.”
Robinhood points out the risks of cryptocurrency trading including market volatility, market manipulation, flash crashes, and cybersecurity threats. “In addition, cryptocurrency markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing,” the Robinhood Crypto site warns.