Robinhood rolling out crypto trading
As part of the launch, the trading app also revealed Robinhood Feed — a crypto trading discussion forum.
Trading app Robinhood has launched commission-free cryptocurrency trading for residents in five US states.
Robinhood Crypto has rolled out its service to the first set of customers in California, Massachusetts, Missouri, Montana, and New Hampshire. Eligible candidates would have received a notice that trading is now available.
In a blog post the company said it plans to expand its crypto trading functionality “in many more states later”.
As part of the launch, the stock brokerage also revealed Robinhood Feed — an online social discussion forum where customers can interact with other traders on the platform and talk news, updates and market swings. Currently, this service is only available to a limited number of people.
As reported late last month, 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 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.
As part of the announcement, Robinhood said it has reached four million users and well over $100 billion in transaction volume on its brokerage platform, leading to over $1 billion in commissions saved in equity trades.
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.
The median transaction fee for bitcoin trades has fallen to a 10-month low of $0.52 this week, after peaking at an all-time high of $34.09 in late December last year, according to the latest cryptocurrency fees charts.
Additionally, a price calculation error at a Japanese cryptocurrency exchange late last week allowed a few traders to buy bitcoin at a value of zero yen. However, all illegitimate transactions were reversed soon after.
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.
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Picture: Robinhood
