Robinhood Crypto launches in sixth US state
The US app popular with millennials, has brought commission-free cryptocurrency trading to Colorado.
Robinhood, which allows everyday Americans to trade stocks and cryptocurrencies commission-free, revealed that its Robinhood Crypto service has rolled out to customers in the western state of Colorado.
Previously these services were only available to residents of California, Massachusetts, Missouri, Montana, and New Hampshire. Colorado has a population of over 5.5 million people and has a penchant for accepting new and innovative ideas and products. For example, recreational marijuana use has been legal since 2012.
Robinhood Crypto is coming to a Rocky Mountain near you! Commission-free Bitcoin (BTC) and Ethereum (ETH) trading is now rolled out and available to investors in Colorado. pic.twitter.com/nGfZKrcvj4
— Robinhood (@RobinhoodApp) April 20, 2018
Robinhood launched commission-free cryptocurrency trading in mid-February 2018.
In a blog post the company said it plans to expand its crypto trading functionality “in many more states later”.
As reported in late January, the app will also offer real-time market information, tracking the values of 16 digital coins and providing market news and updates, plus the ability to create customized crypto price alerts.
Robinhood will track bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), Ethereum Classic (ETC), Zcash (ZEC), Monero (XMR), Dash (DASH), Stellar (XLM), Qtum (QTUM), Bitcoin Gold (BTG), OmiseGo (OMG), NEO (NEO), Lisk (LSK) and Dogecoin (XDG).
Bank transfers up to $1,000 will be instantly available in customers’ accounts to trade cryptocurrencies. Any additional funds transferred will be deposited via the regular automated clearing house transfer system.
More than one million people signed up to receive early access to trading via the official website.
Robinhood Financial is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000.
New data released this week shows cryptocurrency funds have suffered a significant fall from grace since the beginning of the year, highlighting the extremely speculative and volatile nature of these unseasoned assets.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.