Stock trading app Robinhood to launch crypto trading soon
The Robinhood app is a very popular stock trading app with 1-5 million installs on Android. They announced today that they are going to add cryptocurrency trading to their platform as well, starting with Bitcoin and Ethereum.
What's amazing about this is that they will offer no fees for trading and also allow deposits and withdrawals of FIAT, competing versus the giant Coinbase which has been the leading exchange lately. This is good because it's better to not have a single exchange/company have monopoly for the safety of customers and to avoid them from being a major influence to currencies movements by adding only those they want to.
*Google the controversies of Coinbase adding a currency that was deemed dead until the founder of the coin who also worked for the company made sure it was added there - Litecoin.
This is also great news for those wanting to diversify and trade with other commodities such as stocks. As you know many traders in crypto, myself included have never traded until introduced to cryptocurrencies, this will be a good way to get into trading some more stable stocks and not having to rely on the shady USDT (Tether) as a hedge to the volatility of cryptos.
Already having an established userbase of over 3 million that use the app, this is also a great sign for traders that have been wanting to easily get into the cryptocurrency scene.
They have also mentioned that they will be adding more and more different cryptos onto the platform over time with 16 different ones on their watchlist, Bitcoin and Ethereum will be the first two to be added.
You can head on over to their website right now and enter your email to get early access.
There's a lot of good news coming out for cryptocurrencies lately and I am very excited about the rest of the year while this usual January dip is starting to end.
*There are a lot of personal opinions in this post concerning Coinbase, Litecoin and Tether that should not be taken seriously. Own judgement and research is advised.
Hell yeah. This is awesome to hear. Coinbase needs some competition, beyond myself having issues with them in the past that I had to fix on my god damn own, I've heard ridiculous amounts of people having issues with them that go unresolved for months. Lets not even talk about the rape fee's they charge for transactions. Hope that this app takes off in popularity with crypto trading, man. Would be super awesome to see.
Robinhood will be inferior to Coinbase. Despite the moderately priced transaction fees, and the occasional back log of sends, Coinbase works like a charm.
But will robinhood be instant like coinbase is. Also how is robinhood getting access to these coins? Also if robinhood is able to be transparent to these things then coinbase will have some REAL competition
Robinhood is going to store all coins in a cold-storage wallet
I agree I just posted something on that
This is only the beginning. The new decentralized exchange is coming.
Stellar's new Roadmap
Crypto to the Masses!
Bro, the amount of money you can make by daytrading bitcoin is just huge. I'm so happy
Bitcoin is a cancer, mate.
i heard from my business minded friends that this app charged waaaayyyy too much on their fees for investments. any calls on these?
Robinhood? They don't charge any fees mate. That's the beauty of their business model, its to help the everyday man and woman get into the stock market. They charge the clients that sign up for margin trading, that's how they keep the doors open
Will you actually be able to withdraw the crypto you buy from it though? It sounds more like eToro than Coinbase to me...
Mehn this is so good to be true @acidyo but what's more interesting is the fact that they already have a lot of users so there's absolutely nothing to be scared of.
I love is when I see new initiative geared towards the growth and sustainability of cryptos. It goes to show that cryptos ain't going no where, they are here to stay.
Much needed competitor to Coinbase and another onramp for fiat->crypto. Hopefully this prompts CB to lower fees as well...
That is definitely great news - I haven't used Coinbase due to the mixed reviews I have seen. Robinhood also sounds like a pretty cool name hehe - zero fees sounds good to me
I've used their app for over a year to trade stocks and I've saved hundreds of dollars. Coinbase can't handle any more customers, they already aren't responding to my 3 month old support request.
Well then it sounds like a no brainer to me - definitely the better option
Can we use local currency here? I am from India and it becomes really difficult to trade here.
Is this only for android or will an iOS version be produced? I don’t see why not as most major exchanges have iOS versions?
I can’t wait till they add even more cryptos. Robinhood will bring a lot of new investors on board!
Hopefully they get Electroneum (ETN) on the app soon!
You are missing a big part of this story. Robinhood will be a brokerage that matches up your orders with several different exchanges so they will be better able to constantly give you the best price to buy and sell at. The no fee trading is just a bonus on top of that in my opinion. Being able to get the best price from all the exchanges is a huge advancement in the crypto markets to becoming more mature.
I have an article in my blog on steemit that goes more in depth on there coming crypto capabilities.
more interesting and more choice. who gives the best service he will win. !