When trading bitcoin at robinhood, do I watch BTCUSD or BTCUSDT?

[dAppsSolutely]

Hey guys, I apologize again if this is a really dumb question.  But, not only have I searched on it and got nothing useful. But, I've even asked a similar question here and I still don't get this. I hope asking in a more focused way will help.

I've read about how BTCUSDT is some kind of token tied to the dollar, instead of being actual dollars. So, following BTCUSD seems to make sense to a newbie like me.  But, then I keep seeing youtubers watching BTCUSDT in their tradingview screens. 

Am I okay watching BTCUSD for trading a little bitcoin in robinhood as a total noob?  Thanks

[jackg]

Imo btcusd is the better trading pair. I don't know why somewhere would have both.

USDT is a currency pegged to the dollar (supposedly) but isn't backed by anything and will therefore be more volatile than the dollar (and is).

[BitMaxz]

Since you are trading with BTC-USD pair then only watch BTC-USD pair with Tradingview like the above said USDT is much volatile compared to USD.

The only problem Tradingview doesn't have Robinhood exchange.

[hosseinimr93]

I've read about how BTCUSDT is some kind of token tied to the dollar

BTCUSDT isn't a token. USDT is a token (that is claimed to be) pegged to dollar.
BTCUSDT means bitcoin price / USDT price rate.
Assuming each USDT token is worth 1 dollar, BTCUSDT means bitcoin price in dollars.

So, following BTCUSD seems to make sense to a newbie like me.  But, then I keep seeing youtubers watching BTCUSDT in their tradingview screens.  

No problem. There shouldn't be a big difference.
Note that even if you look at BTCUSD at two different exchanges, you will see that the price isn't exactly the same.

Am I okay watching BTCUSD for trading a little bitcoin in robinhood as a total noob?  Thanks

If you only want to see the price, yes. It's OK.
There shouldn't be a big difference between the price shown there and other exchanges.

If you want to buy bitcoin from robinhood, you should notice their commissions too, especially if you want to buy a low amount of bitcoin.

[dAppsSolutely]

If you want to buy bitcoin from robinhood, you should notice their commissions too, especially if you want to buy a low amount of bitcoin.

Wha, whaaaat?  I keep hearing there are no fees whatsoever and even no limit on "day trading" crypto!   Is this no longer the case? 

[hosseinimr93]

Wha, whaaaat?  I keep hearing there are no fees whatsoever and even no limit on "day trading" crypto!   Is this no longer the case? 

Robinhood or any other centralized exchange charge you for the service they provide.
How can they earn money if they don't charge any commission?

Users usually have to pay trading fee and withdrawal fee when using exchanges.
Some exchanges earn money using the difference between buy and sell prices.

[Maus0728]

Wha, whaaaat?  I keep hearing there are no fees whatsoever and even no limit on "day trading" crypto!   Is this no longer the case? 

I'm also confused. In their article, buying and selling crypto is commission free.

Buy and sell cryptocurrencies commission-free on Robinhood Crypto. Other crypto exchanges charge up to 4% just to buy and sell crypto. We charge 0%.

Or, if I'm wrong, robinhood makes money by selling their customers trading information^[1] to big players.

[1] https://www.forbes.com/sites/jeffkauflin/2020/08/19/the-inside-story-of-robinhoods-billionaire-founders-option-kid-cowboys-and-the-wall-street-sharks-that-feed-on-them/?utm_source=pocket-newtab&sh=34c782af268d

[adaseb]

The price between BTCUSD and BTCUSDT is almost the same. Sometimes one is a few dollars higher or lower. However if you look at the charts and compare them you can see they are identical.

BTCUSDT on Binance is a chart a follow mostly because it has large volume. And another one is BTCUSD on Coinbase. And I just trade on whichever exchange I am using. There might be some differences on the 1M charts however the market makers keep prices pretty close.

[jackg]

Wha, whaaaat?  I keep hearing there are no fees whatsoever and even no limit on "day trading" crypto!   Is this no longer the case? 

I'm also confused. In their article, buying and selling crypto is commission free.

I found this too: https://robinhood.com/us/en/support/articles/trading-fees-on-robinhood/

Saying they have to charge fees from regulators.

[Ararbermas]

Just focus which pair do you prefer to use when it comes trading mate. Actually usd and usdt is completely the same because both stable and very reliable to store especially if it's bearish, so no need to worry.. And i think usdt is the common pair of every crypto traders wherein usd is common at stocks.

[mk4]

There is no such thing as "right" trading pair to watch, but in most cases, you'd want to watch the trading pair with the most trading volume. And since Robinhood doesn't have a public API for CoinMarketCap/CoinGecko to scrape data from, I'm not sure which is the "better" trading pair. In the end though, both trading pairs are fairly liquid, so you'd most likely be fine with either.

[passwordnow]

If you want to buy bitcoin from robinhood, you should notice their commissions too, especially if you want to buy a low amount of bitcoin.

Wha, whaaaat?  I keep hearing there are no fees whatsoever and even no limit on "day trading" crypto!   Is this no longer the case? 

They have a commission for each successful trade we make and that's how they're making a lot of money. Think of millions of users that are trading at the same time and even the fee could just be centavos, that's still a lot of money for them. It may not look that much but combining all of those amounts will give them a big share. Decentralized or centralized exchanges, all have fees.

[Husires]

BTC/USDT is a trading pair that you can find on platforms that focus on trading bitcoin with altcoins.
Its goal is to stabilize your profits at a value close to the dollar.

BTC/USD is a trading pair between Bitcoin and fiat money and is suitable when you want to sell your currencies for cash or transfer them to a bank account.

• When you want to transfer to the bank or use robinhood, BTC/USD is better
• When you want to trade altcoin or use binance/coinbase, then BTC/USDT is best.

[dAppsSolutely]

BTC/USDT is a trading pair that you can find on platforms that focus on trading bitcoin with altcoins.
Its goal is to stabilize your profits at a value close to the dollar.

BTC/USD is a trading pair between Bitcoin and fiat money and is suitable when you want to sell your currencies for cash or transfer them to a bank account.

• When you want to transfer to the bank or use robinhood, BTC/USD is better
• When you want to trade altcoin or use binance/coinbase, then BTC/USDT is best.

Thank you everyone. But, this one really clarified it for me.  Thank you!

[barbara44]

following BTCUSD seems to make sense to a newbie like me.  But, then I keep seeing youtubers watching BTCUSDT in their tradingview screens.  

You may go for anyone based on which is having higher volume. When a trading pair is having higher volume then there would be lesser manipulations by whales. As of now, USD and USDT can be treated same in this crypto space but in future USDT may not remain as it is today hence you need to make sure that there is no major news is going about USDT before start watching it.

USDT is token to represent dollars in crypto space and issued by Bitfinex securities Ltd (just another centralized corporate hence you cannot rely on it on long term).

The only problem Tradingview doesn't have Robinhood exchange.

Robinhood is an exchange? Never heard about. Not sure why people do think that basics of trading changes with different exchanges.

[tbct_mt2]

It is almost the same but with USDT or other stable coins, you will be able to move your capital faster. It's magic use case from blockchain technology.

You can pick other stable coins to use as well: BUSD, DAI, etc. rather than totally rely on USDT. I don't use Robinhood so I don't know all about it but it's my general advice for you. Check it yourself and try to separate your fund into different stable coins.

https://coinmarketcap.com/view/stablecoin/
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

Not your keys not your coins. Don't forget it and don't store all your capital on any exchange.