Robinhood to the rescue!
The dark world of cryptocurrencies, where Coinbase and other popular crypto exchanges charge 1.5% to 4% per transaction, your Robinhood has arrived to save you from these thugs. Robinhood, a popular no-commission stock trading app that lets you make zero-fee stock trading and tracking has come into play in the new market of cryptocurrencies. Robinhood will enable its users to buy and sell Bitcoin and Ethereum without any added transaction fees from next month.
The company made this announcement through a blog post yesterday. For now, the company has only announced free trading for Bitcoin and Ethereum, but Robinhood has promised that users will be able to track the price of a number of other cryptocurrencies including Ripple and Litecoin.
Initially, the company will roll out Bitcoin and Ethereum trading for customers in California, Massachusetts, Missouri, Montana and New Hampshire in February.
According to Robinhood Crypto’s co-founder Vlad Tenev,
“We’re planning to operate this business on break-even basics and we don’t plan to profit from it for the foreseeable future. The value of Robinhood Crypto is in growing our customer base and better serving our existing customers.”
Tenev believes that cryptocurrencies like Bitcoin are becoming more like investing assets, rather than a means of payment, persuading Robinhood to launch trading services.
Robinhood will have no investment minimums or maximums and no withdrawal limits for cryptocurrency trading. The startup will hold most of the digital coins offline in cold storage. This will prevent hackers from stealing the coins.
Here’s the downlink of Robinhood app that will start free crypto trading next month.