Zero-fee Crypto Trading on Robinhood Crypto Platform
The application for stock trading Robinhood launched a crypto trading service. Users are able to sell and buy Bitcoin and Ethereum with zero commission.
Trading on Robinhood platform is free. Such priorities are few and far between other crypto exchangers. For example, the Coinbase exchange takes between 1.5% and 4% for its services.
In the Robinhood Crypto section, users are able to transfer up to $ 1,000 from their bank account. After that, the application will independently select the most favorable exchange rates and convert dollars into cryptocurrency, or vice versa. Previously, the customer can set a limit on the acceptable cost of Bitcoin and Ethereum. If the rate does not fit into the limit, then Robinhood will not conduct the operation process. In this way the company plans to reduce the risks of high volatility of the cryptocurrency.
Also, specifically for crypto investors, Robinhood developers added 24-hour tracking of the 14 most popular cryptocurrencies and other news related to crypto market. The service is already available in the application. Online platform Robinhood allows residents of the United States to buy and sell shares of public companies with no fee. For comparison, brokers take an average of $ 7 to $ 10 per transaction.
Representatives of Robinhood do not hide that they launched crypto trading in order to attract new users to their basic services. According to Bloomberg, in the first hours after the announcement, more than 150,000 people joined the Robinhood Crypto system.
At the beginning, the new service is available only for residents of California, Massachusetts, Missouri, Montana and New Hampshire, but eventually the list of states will expand.