Waiting List for Robinhood Zero Commission Trading Platform Grows to 1.5 million
February 26 2018 - 12:12PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
February 26, 2018 -- ADVFN Crypto NewsWire -- Robinhood Markets
Inc.’s commission-free "Robinhood Crypto" Bitcoin and Ethereum
trading platform is now live for trading at https://crypto.robinhood.com. The tagline "All your
investments, commission-free, on one platform," highlights the fact
that Robinhood Crypto allows customers to explore traditional
investment products like stocks alongside Bitcoin and
Ethereum.
Only residents of California, Massachusetts, Missouri, Montana,
and New Hampshire can legally trade on the smart-phone-only
Robinhood Crypto platform. Robinhood says that it will onboard
customers from other states at a rate at which it can support
them, and that by mid-2018 it will be available in the U.S.
nationwide. There are 1.5 million hopeful participants in other
states on Robinhood Crypto’s growing waitlist.
Robinhood said in a statement, touting the success of its
existing stock trading platform as an indicator of where it will go
with its crypto platform, "Over the past few weeks, we’ve been
overwhelmed by the enthusiasm towards Robinhood Crypto and are
excited to contribute to the cryptocurrency community in a
meaningful way. 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. With today’s trading launch, we’re also announcing
Robinhood Feed – a brand new way to discuss cryptocurrencies, news,
and market swings, in real-time with other investors on
Robinhood."
Electronic trading firms like Robinhood pay effectively nothing
to execute trades. They make money from interest earned on
customers' cash balances and margin lending. But Robinhood is
further able to float its free platform profitably by using cost
saving tactics like not having offices, maintaining only a small
support staff, and not advertising.
The launch of Robinhood Crypto will pressure Coinbase to lower
fees. Robinhood also brings a sense of legitimacy to cryptocurrency
trading since it is a member of the Financial Industry Regulatory
Authority (FINRA) and the Securities Investor Protection
Corporation (SIPC). Robinhood Crypto may catch up or even overtake
Coinbase, though an unknown percentage of traders will still prefer
Coinbase where the fees are upfront and known vs. buried and hidden
as in the case of Robinhood.
By: BGN Editorial Staff
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