Robinhood the mobile app stock trading provider has formally launched cryptocurrency trading, rolling the new service out to residents of California, Massachusetts, Missouri, Montana and New Hampshire.
When announcing the new offering last month, Robinhood said the move was aimed to bring cryptocurrencies to a wider audience of investors, using a platform which “democratizes” trading by expanding the pool of possible investors through its mobile and web-based apps.
From the company website:
“Together, we reached four million users and well over $100 billion in transaction volume on our brokerage platform, leading to over $1 billion in commissions saved in equity trades. With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”
Coinbase charges a fee of 1.5% to a staggering 4% on Bitcoin and another cryptocurrency trading.
A stock trading app, Robinhood, will let you buy and sell Ethereum and Bitcoin with zero added fees and Robinhood will let all users track the price, news, and set up alerts for top crypto coins including Litecoin and Ripple.
Robinhood stressed that they will operate on a break-even basis to keep growing the 3 million users it already has.
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