PSA: If you hold significant amounts of crypto on Robinhood, you're insane. There is no FDIC insurance on it and if RH goes under or even just pulls an "oopsie

PSA: If you hold significant amounts of crypto on Robinhood, you're insane. There is no FDIC insurance on it and if RH goes under or even just pulls an "oopsie, we lost your crypto", you are out of luck and will be wiped out. You can't withdraw to your own wallet, so the only way to withdraw is to convert to fiat and pay federal and state taxes on it to the tune of 15%-30%. There's a good chance crypto on RH is 0% backed by actual crypto, so another scenario is crypto moons hard and RH just says "we told you this wasn't real crypto (in some small print somewhere) and you invested in it anyway, and now we're insolvent (in crypto only), so you now have nothing".