Today I'm excited to talk about Robinhoods entry into the cryptocurrency space!
I have been a huge proponent of Robinhood for the last year or so. Robinhood makes stock trading so simple and hassle free! Unlike other stock trading services, that I won't mention here.The fees are low and only apply when you sell a stock and not at the point of purchase, unlike other platforms that charge you at both a buy and a sell. Yes, they don't have other fancy tools like some other platforms but they also don't have the fancy high prices either :P
When I saw my news feed light up with the news that Robinhood will now enter the crypto space I gleamed with excitement. Coinbase will have some competition. The shift in a healthier marketplace has officially started
Point # 1- This only will only help legitimize the cryptocurrency space! I strongly believe that 2018 will be essential for the growth of cryptocurrencies and crypto related platforms.
Point # 2 - Remember all the FUD that been happening over the two weeks or so? I see it as a minor correction and a damn good buying opportunity. some people are worried that crypto is going to crash and burn, trust me it's the complete opposite. What will probably happen in the next month or even 3 this shift will bring other traders that may be new to the crypto marketplace and slowly bring in some mainstream adaptation! (side note I have a feeling other companies will also jump into the cryptocurrency space this year.)
Point # 3- Coinbase, oh Coinbase I have a love-hate relationship with you. I dislike the fees you charge. but love the convenience of loading up my debit card and sending my money over to an exchange of choice. Avoid the fees by using GDEX also owned by Coinbase. The fees are much lower. Now there will be much-needed competition. According to the Robinhood app, they will let you both buy and sell cryptocurrencies commission free! they will also support instant deposits if you have a Robinhood Gold account. They explain pretty well on the app how to cash out, how do the commission-free trades works and also explain what cryptocurrencies are.
SEE, NO COMMISSIONS FEES PURCHASE!
This is really exciting and I can't wait for the launch, hopeful it goes smoothly with very little speed bumps. As we have seen with Coinbase it can be very frustrating trying to buy a crypto and not being able to complete your transaction. things like that can cause a business to lose customers.
Only time will tell what direction Coinbase and Robinhood take!
thank you for reading!
Finally Bitcoin and Ethereum trading on another Platform!