Robinhood Crypto launches in sixth US state

Posted: 23 April 2018 11:00 am
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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 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).

Initially, trades will be limited to bitcoin and Ethereum, with more tradeable coins to be added later.

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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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