Robinhood adds Zero Fee for Trading and Tracking Cryptocurrency
Robinhood is a No-commission stock trading application starting February it will let its users and customers buy and sell Bitcoin and Ethereum free without any extra cost or transaction fees. And as of today users can track the price, get news and also set up alerts on other top 14 digital currencies including Ripple and Litecoin.
Robinhood co-founder Vlad Tenev said;
“We’re planning to operate this business on a break-even basis and we don’t plan to profit from it for the foreseeable future” also “The value of Robinhood Crypto is in growing our customer base and better serving our existing customers.”
Robinhood Founders Baju Batt (Left) and Vlad Tenav)
Robinhood has handled $100 billion in transactions, saving its users over $1 billion in fees. Backing-up the new Robinhood Crypto feature, the company is adding a new two-factor authentication options including integrations with authenticator apps to ensure people don’t get their wallets stolen and dumped.
Tenev said;
“There are several senior world-class people that we’ve hired recently that are building the system in-house.”
The full list of coins you can track is Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk, and Dogecoin.
Now here’s how Robinhood Crypto works.
You can instantly transfer up to $1000 from your connected bank account (more if you have a Gold membership), with additional funds coming over slower ACH transfer. For smaller traders, that could eliminate the annoying delays on other platforms that can make you miss a low price you want to buy up. The whole Crypto section of Robinhood is styled with an 80s Tron design to denote the 24-hour trading window, compared to its day and night themes for when traditional stock markets are open or closed.
And when you place a buy or sell order, Robinhood gives you an estimated price, connects to a slew of trading venues, exchanges, and market centers to find the lowest price, and uses its economies of scale to improve to score better prices over time.
To counter market volatility, Robinhood puts a “collar” around your trade so if it can’t execute it at close to the estimated price, it waits for the price to return or lets you know. - TechCrunch
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Content Source: TechCrunch