Coinbase doomed? Robinhood commission-free Crypto buys now available in Florida!
Hello my fellow Steemians and Crypto Investors,
I’m writing this post with plenty of excitement since I just received a notification email from the mobile finance app Robinhood Crypto telling me that Bitcoin & Ethereum commission-free Crypto buys are now available for Florida users!
I have been waiting for a long time for this, not only because it’s very good news for the Crypto investment world in general, but also because I don’t appreciate Coinbase fees that much. Now I have a way to buy Bitcoin and Ethereum, the main gateway cryptocurrencies, without commission fees!
Over a million people have signed on to use Robinhood’s Crypto Service.
Does this mean Coinbase is doomed?
Robinhood Crypto is slowly advancing, US State by US State, in bringing their commission-free Crypto currency buys to American users. However, Coinbase is already an established, global mega corporation with a loyal user base around the world.
Email from Robinhood to Florida users. It's alive!
Also, there are still plenty of new users to bring into crypto. According to a survey by the personal finance website Finder.com, only about 8% of Americans currently own cryptocurrencies so there’s plenty of room to grow for all companies involved.
This will bring much needed competition to the space and will likely make Coinbase rethink their fee strategy, diversify and improve their services to stay competitive. I don’t think it will make a big dent in their current user base.
Robinhood Crypto is currently available to customers in the following states:
• California
• Colorado
• Florida
• Massachusetts
• Mississippi
• Missouri
• Montana
• New Mexico
• Wisconsin
They plan to add support for more states soon!
Join Robinhood through this registration link and we'll both get a stock like Apple, Ford, or Sprint for free, plus you'll enjoy commission free crypto currency buying!
Latest update
I just bought my first $50 dollars at Robinhood. The process of linking up a bank account was seamless and pretty easy. I got the Bitcoin in my account right away.
Something I'm not liking: I haven't found a way (yet) of transfering the BTC to a hardware wallet.
My advise until such feature is implemented: Don't buy any large amounts there yet. Only test the waters with small amounts. You don't want to be a victim of another MT. Gox situation in a centralized exchange.
This is what they say in their FAQs:
Can I withdraw my coins?
At this time we don’t support coin withdrawals, however, we plan to do so in the near future.
Are you currently on the list to buy Crypto Currencies from Robinhood?
Do you think this is bad news for Coinbase?
Feel free to share your thoughts on this post with the Steemit community in the comments below!
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64.48
i used to trade stocks in robinhood and its pretty good up, they have also an exceptional tea working behind robinhood. And i’m excited to go back to pensacola and do some shorting. Lol
Thanks for the heads up.
I will try it.
So it is one way traffic so far so Coinbase still the king with GDAX.
Keep on steemin'
I am really happy to see more competition coming into the game to challenge coinbase.
I personally am not a fan of coinbase thankfully there are now numerous alternatives to that terrible platform. We don't have access to robin hood in my home town just yet but we will soon
Coinbase is probably doomed for lot of reasons but i dont think robinhood is one
Since you can't withdraw your coins from Robinhood, Coinbase shouldn't lose much
UPVOTED | RESTEEMED | FOLLOWED | THANK YOU
Coinbase is not going anywhere for a while.
Coinbase is diversifying into other businesses because it know it can’t stay in the lead forever. It’s not just Robinhood here, there’s immense global competition. Plus the major exchanges will enter soon.
Robinhood in Colorado! Upvoted and resteemed!
Aren't fees a part of the bid/ask spread? Or isnt the bid ask prices on robin hood always higher than the price on exchanges?
Sorry don't live in the US so will never access robin hood.
I wish you a happy day and a better life
LOL so they let you buy crypto but wont let you withdraw it... hrmmmm.....