Crypto order routing
When you buy or sell crypto through your Robinhood Crypto account, we send your order to third-party liquidity providers for execution. If you trade in the app, you can choose to have your orders routed to non-exchange liquidity providers (“market makers”) or through exchange liquidity providers (“partner exchanges”). If you trade on Robinhood Legend, your orders will be routed via smart exchange routing. If you trade using web classic, only market maker routing is available.
Market maker routing is the default setting for orders placed in the app and on web classic. With market maker routing, we send your order to multiple market makers, which compete with each other for execution. We receive volume rebates from those market makers. As of December 18th, 2024, for every $100 of notional crypto order volume executed through market maker routing, Robinhood receives $0.60 in rebates from its market maker.
Robinhood doesn't disclose the names of partner market makers.
When you trade using the mobile app, you can choose instead to have your orders (for supported coins) routed with smart exchange routing to our partner exchanges. Pricing may vary across routing settings. Neither market marker routing nor smart exchange routing guarantees better pricing execution.
Robinhood’s smart exchange routing evaluates multiple partner exchanges and seeks to route your order to the one offering the best available price for your order. Robinhood doesn’t receive a rebate from its partner exchanges. Instead, on these orders, you will be charged a flat percentage fee. Review our FAQ and the Fee schedule for more information.
To select smart exchange routing in the app, toggle Smart exchange routing when you select your order type. Smart exchange routing is only available for certain crypto. Check out coin availability for more information. Smart exchange routing is the only routing setting on Robinhood Legend. It isn’t supported for recurring investments or on web classic.
You can turn smart exchange routing on and off each time you place an order in the app for supported crypto. Once the setting is on, it will remain on for future in-app orders until you toggle it off.
If smart exchange routing is unavailable, your order will be routed to market makers.
Smart exchange routing is currently unavailable for residents of North Carolina.
The crypto supported with smart exchange routing are: Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), Dogecoin (DOGE), and Litecoin (LTC). Review Coin availability for the full list of crypto that are currently available.
For orders placed in the mobile app, you can choose between market maker routing and smart exchange routing for supported crypto. You can’t change the routing type for a given order after the order has been placed, but you can toggle it on and off between orders. Smart exchange routing is the only routing supported on Legend. Market maker routing is the only routing setting supported on web classic.
For every smart exchange-routed order, you’ll be charged a 0.63% fee ($0.01 minimum) on the dollar value of the executed amount—0.61% to Robinhood and 0.02% to the exchange. Review the Fee schedule for more information.
For buy orders, the total cost is equal to the notional value of the order (i.e., the dollar value of the coin amount) plus the fee. For sell orders, the total credit is equal to the notional value of the order minus the fee.