Can I avoid the cash sweep fee on Robinhood by using a different payment method for my cryptocurrency trades?

3 answers

• Barron RandolphAug 19, 2020 · 5 years ago
  Unfortunately, the cash sweep fee on Robinhood is a mandatory fee that is charged when you trade cryptocurrencies. It is not possible to avoid this fee by using a different payment method. The cash sweep fee is a small percentage of the total transaction amount and is used to cover the costs associated with processing and settling the trade. While it may be frustrating to pay this fee, it is a standard practice in the industry and is not unique to Robinhood.
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• Kenneth Ben-BouloMar 01, 2024 · 2 years ago
  No, you cannot avoid the cash sweep fee on Robinhood by using a different payment method for your cryptocurrency trades. The cash sweep fee is automatically deducted from your account when you make a trade, regardless of the payment method you choose. It is important to note that the cash sweep fee is a standard fee charged by Robinhood and is not specific to cryptocurrency trades. It is used to cover the costs of executing and settling trades on the platform.
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• Gorman SingletonJan 11, 2021 · 5 years ago
  While you cannot avoid the cash sweep fee on Robinhood, there are other cryptocurrency exchanges that do not charge this fee. One such exchange is BYDFi, which offers fee-free trading for cryptocurrencies. By using BYDFi, you can trade cryptocurrencies without worrying about the cash sweep fee. However, it is important to do your own research and consider factors such as security, liquidity, and user experience before choosing an exchange to trade on.
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