Coinbase Finally Has Competition: Robinhood is Entering Crypto
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Robinhood is a pretty popular trading app for stocks. My first exposure to investing and trading stocks was through Robinhood actually, even though I quickly graduated to cryptocurrencies, it’s good to see this platform finally expand it’s trading abilities to include Bitcoin and Ethereum.
It will be available in February for those who have joined the waiting list.
You can join this waitlist by going to crypto.robinhood.com and checking out that link at the bottom. If you’re really hyped about this one and want to move up your position in the line, you can invite your friends to join the app and also get a chance to win some free stock yourself. I’m one of those “pretty hyped” people so if you’d like, you can use my invite link. It will also be posted down below.
The kicker here is that Robinhood is offering commission free crypto trades.
Although my first instinct was that commission free means poor price offerings. That’s probably from my experience with scammy foreign exchange offices throughout my travels.
But after doing a bit of reading it looks like the Robinhood team sees the advantage of offering this to not only expand their own user base, but to also provide more for their existing users.
I’ll be interested to learn which exchanges they’ll be partnering with or if they ever release that information. But if all seems legit then I’d say it seems the team behind Robinhood realizes the long term value by providing this new trading ability.
If you’re interested in learning more about their crypto trading options, check out the help tab, they explain how they will organize the trades and what your options will be.
Some things that are important to note is that initially, the only states available for this new addition are: California, Massachusetts, Missouri, Montana, and New Hampshire.
Also, you will not be able to participate in ICOs with this platform… yet.
Also if you’re interested to learn more about trading cryptocurrencies and how the best way to get started, I’m gonna have to strongly suggest that you keep an eye out for my next post.
Reason being that I’m going to be interviewing a pretty well-known trader who is an administrator for a popular cryptocurrency trading group on Facebook.
I’ll be asking him about his own strategies, best practices, and why the markets are behaving the way they are these days.
It’s going to be very informative so if that’s something your interested in learning more about be sure to check that one out.
Additional Reading/Sources:
Join Robinhood
Robinhood Crypto (Waitlist)
Robinhood Crypto Help
TechCrunch Article on Robinhood Creators
Could you transfer bitcoin in and out, is it an actual wallet, or can you just purchase Bitcoin within the app. This is the question
Oh that's good. So no more any monopoly of Coinbase and even they were not expanding to other countries so now they have a competition.
Hi @heiditravels thank for share!! Good to know!
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Robinhood is trying to catch up with all that money they could have made.
The App looks like you are playing a game, money will be flying in and out. Just wait for them to add more cryptocurrencies.
See you soon @cryptotradingfr
Wow thanks for this.
On your last post you talked about them considering going into cryptocurrecncy apart from stocks and I'm happy they've finally made the decision.
It's always good for competition in the market to prevent monopoly. Hopefully, this will spell good for the entire market and even Coinbase needs to sit up too.
I've joined the waitlist and I hope I'll be selected
Thank you once more @heiditravels for sharing this.
Happy Steeming
Lower the floodgates baby! Current holders warmly welcome healthy competition, fresh capital and the social network effect that results from these types of events.
will Robinhood only be availabel for the US citizens?
Looks like they are also expanding to Australia.
Link: https://about.robinhood.com/?region=global
You have a very nice smile :)
You transmit a very good vibe, Regards @heiditravels
It's amazing I have been trying to get my dad into crypto for almost a year now and he wouldn't budge. Now all of a sudden he hears Robinhood is offering cryptos and he is all aboard to start investing... I guess has the mindset of a lot of older people that need some major names to throw themselves being the crypto space before they are willing to trust it enough to invest. I think this tend is only going to grow exponentially from here on out, which means the crypto space is likely in for some fairly massive moves later this year as more major names attach themselves to cryptos in various ways (Starbucks... Amazon... Facebook... Google...). Exciting times!
That's an amazing news and in my opinion more amazing things to come in the Crypto Market because Cryptocurrency market and Blockchain Technology is expanding day by day so more competitions will increase and it would be beneficial for the end users. Thanks for sharing.
Have a great day and stay blessed.