Stock trading app Robinhood to launch crypto trading soon

in robinhood •  8 months ago


The Robinhood app is a very popular stock trading app with 1-5 million installs on Android. They announced today that they are going to add cryptocurrency trading to their platform as well, starting with Bitcoin and Ethereum.

What's amazing about this is that they will offer no fees for trading and also allow deposits and withdrawals of FIAT, competing versus the giant Coinbase which has been the leading exchange lately. This is good because it's better to not have a single exchange/company have monopoly for the safety of customers and to avoid them from being a major influence to currencies movements by adding only those they want to.

*Google the controversies of Coinbase adding a currency that was deemed dead until the founder of the coin who also worked for the company made sure it was added there - Litecoin.

This is also great news for those wanting to diversify and trade with other commodities such as stocks. As you know many traders in crypto, myself included have never traded until introduced to cryptocurrencies, this will be a good way to get into trading some more stable stocks and not having to rely on the shady USDT (Tether) as a hedge to the volatility of cryptos.

Already having an established userbase of over 3 million that use the app, this is also a great sign for traders that have been wanting to easily get into the cryptocurrency scene.

They have also mentioned that they will be adding more and more different cryptos onto the platform over time with 16 different ones on their watchlist, Bitcoin and Ethereum will be the first two to be added.

You can head on over to their website right now and enter your email to get early access.

There's a lot of good news coming out for cryptocurrencies lately and I am very excited about the rest of the year while this usual January dip is starting to end.

*There are a lot of personal opinions in this post concerning Coinbase, Litecoin and Tether that should not be taken seriously. Own judgement and research is advised.


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Hell yeah. This is awesome to hear. Coinbase needs some competition, beyond myself having issues with them in the past that I had to fix on my god damn own, I've heard ridiculous amounts of people having issues with them that go unresolved for months. Lets not even talk about the rape fee's they charge for transactions. Hope that this app takes off in popularity with crypto trading, man. Would be super awesome to see.

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Bro, the amount of money you can make by daytrading bitcoin is just huge. I'm so happy

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Robinhood will be inferior to Coinbase. Despite the moderately priced transaction fees, and the occasional back log of sends, Coinbase works like a charm.

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I agree I just posted something on that

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This is only the beginning. The new decentralized exchange is coming.
Stellar's new Roadmap

Crypto to the Masses!

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But will robinhood be instant like coinbase is. Also how is robinhood getting access to these coins? Also if robinhood is able to be transparent to these things then coinbase will have some REAL competition

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Robinhood is going to store all coins in a cold-storage wallet

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i heard from my business minded friends that this app charged waaaayyyy too much on their fees for investments. any calls on these?

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Robinhood? They don't charge any fees mate. That's the beauty of their business model, its to help the everyday man and woman get into the stock market. They charge the clients that sign up for margin trading, that's how they keep the doors open

Will you actually be able to withdraw the crypto you buy from it though? It sounds more like eToro than Coinbase to me...

Already having an established userbase of over 3 million that use the app, this is also a great sign for traders that have been wanting to easily get into the cryptocurrency scene.

Mehn this is so good to be true @acidyo but what's more interesting is the fact that they already have a lot of users so there's absolutely nothing to be scared of.

I love is when I see new initiative geared towards the growth and sustainability of cryptos. It goes to show that cryptos ain't going no where, they are here to stay.

Much needed competitor to Coinbase and another onramp for fiat->crypto. Hopefully this prompts CB to lower fees as well...

That is definitely great news - I haven't used Coinbase due to the mixed reviews I have seen. Robinhood also sounds like a pretty cool name hehe - zero fees sounds good to me

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I've used their app for over a year to trade stocks and I've saved hundreds of dollars. Coinbase can't handle any more customers, they already aren't responding to my 3 month old support request.

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Well then it sounds like a no brainer to me - definitely the better option

Can we use local currency here? I am from India and it becomes really difficult to trade here.

Is this only for android or will an iOS version be produced? I don’t see why not as most major exchanges have iOS versions?

I can’t wait till they add even more cryptos. Robinhood will bring a lot of new investors on board!

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Hopefully they get Electroneum (ETN) on the app soon!

You are missing a big part of this story. Robinhood will be a brokerage that matches up your orders with several different exchanges so they will be better able to constantly give you the best price to buy and sell at. The no fee trading is just a bonus on top of that in my opinion. Being able to get the best price from all the exchanges is a huge advancement in the crypto markets to becoming more mature.

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I have an article in my blog on steemit that goes more in depth on there coming crypto capabilities.

more interesting and more choice. who gives the best service he will win. !

I signed up this afternoon for early access. Great insight @acidyo, because I never considered this arrangement being so friendly to traditional stocks that are more stable. I can finally pick up that Tesla stock I’ve always wanted! ;P

Great news indeed! More players or platform the better it is for us crypto enthusiasts as we will find more options how to use or make profits with other cryptos...

Thank you @acidyo now I have more choices than just Coinbase. It is always smart in my opinion to have many accounts set up in advance with the different Exchanges also for Crytpo...........

I am looong forward to checking this out. I think this might give us a boost in the market too

Good post

They sent me this in an email yesterday....
Screenshot_2018-01-26-00-03-13.png

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Please don't ref link in my post.

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Sorry, just wanted people that havent used it to get free stuff... Will remove it

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That sounds like a sustainable business model, or one without any catches! I'm sure their service is top-notch, and they give you great routing on your trades, with small bid spreads and reliable data feeds!

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I've been trading with them for over a year and it's solid! I still can't believe its free!

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I was being... sarcastic, sorry. I'm glad you've had a good experience with them though!

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I see that you're new here, I appreciate your votes, but steemit is not like other social media sites, and they changed voting power rules so basically you only get 10 votes a day, as they recharge once every 2.4 hours. There are lots of guides to read and steemit has a learning curve, for now I will just say that as a new user you can continue to vote for people you interact with if you're just a nice guy, but just commenting is enough to show that you care for now until you hit 500 SP when you can start splitting your votes up. I say this because as a fellow new user I want us all to have a shot at growing our SP and stuff, and you're better self-served by voting on blogs that are new or hot that don't have too many whales already voting on them and are around the 30 minute mark. There's a science to curating, but I hope at least that much info is helpful for now. I guess with our 15 sp it doesn't really matter that much for now, but yeah, take care man.

This will give more people the option to trade fiat for crypto. Hopefully even so cryptos that aren’t on Coinbase. #XLM

Hint hint.

gud have always love trading

Finally a competition to Coinbase I suppose! Anticipating an end to the crazy fees 🙄🙄

My mates suggested this a while ago, I haven't yet but I should get onto their waiting list soon. Trading fees are always a pain when doing smaller margins making it tougher to get good profit, at times anyway.

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At that point the speed at which the transaction completes and the routing of the trade itself matters a lot. And free services aren't exactly known for their ability to deliver high performance specs to customers.

I never know this, gotta check it out

Wow, another great news to start with today

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Can you withdraw?

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Anytime you like baby 😜

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Is it in Oz Pal - Australia or just USA?

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I'm in line baby:))) 85,000 people in front of me..

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ye, now i unrestood it. my wrong

This is valuable post to reading. Now we can do everything in one place. Robinhood the stock trading mobile app aimed at millennials is growing up. Robinhood has best features of margin trading, extended trading hours, and instant deposits with higher dollar amount limits. Also best feature of they will offer no fees for trading.

Wow it would be really useful. I am using this app long time ago. This crypto trading feature is need of the hour. Thank you @acidyo for update.

That app sounds so amazing because they offer no fees for trading and they allow deposits and withdrawals of FIAT.

This will be extremely useful for when I really get into the cryptocurrency world. I do really hope it suceeds!

I look everywhere these days and a lot of countries, apps and businesses are reckoning with crypto at a very fast and rapid rate.
If the Robinhood app has done this, then it's more like another steeping stone for the growth of crypto.
Amazing news I've heard so far

Nice app buddy. I want to use it. Thank you for the information

I am really happy Robin Hood is coming into crypto! Adding competition to coinbase which is always a good thing!

Google the controversies of Coinbase adding a currency that was deemed dead until the founder of the coin who also worked for the company made sure it was added there - Litecoin.

This is quite interesting to know, now I get.
It's a great service they are offering expecially in the USA decentralising the exchange which really good for user security as you mentioned.

Awesome, I have Robinhood Stock App and it's amazing. Awaiting for its release, it gonna be huge and Coinbase should get ready for a real competition.

robinhood app is very good to use.
for android users it was an amazing app.
great post upvoted and resteemed.

This will cause trading stability and many newbies can use the app as a guide dor their trading. This is awesome. Thank you for the post.

yes, this seems to be the key news of the day. luckily i heard about it earlier today and got an account before the rush. i've been wanting to buy into some pot stocks in canada and this seems l ike the perfect opp to merge crypto/pot! hail 2018 as the year we humans evolved in crypto and pot! thank you ser robinhood :D!

Thanks for the info, man. Will definitely be checking it out!

This is really great news. More and more cryptocurrencies are spreading around the world every day.

Let's hope these are just the first two of many others to add little by little.

Thanks for the info @acidyo greetings :)

I need time to learn from this.

Zero trading fees alone make this something to consider! Thanks for the info, man. Will definitely be checking it out!

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You get what you pay for, and if what I've read and heard about their equities trading is any indication...

and no, me saying that Robinhood hasn't exactly been the best app doesn't mean I'm telling you to go to the other USDT-backed exchanges either, or that Coinbase is flawless.

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Thanks for the info, man. Yeah, I hear ya. Nothing is as perfect as it sounds and you just gotta set the right expectations when it comes to these things. Thanks again :)

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Yeah it's probably a fun app to use after throwing a few pennies on it and pressing buttons at random to see if any coins pay out after millions of trades a day lol.

Mobile apps are always a big help. Especially when Android is included!

Nice app post... God job @acidyo. You always make interesting things, thanks for the information

Just waiting for my account. Registered for the early access :)

nice post it's informative too

Robinhood is perfect for investors like myself with relatively low amounts of capital to invest, unless the commission-free aspect leads to "impulse" investing. Personally, I do just as much research with the stocks I have in Robinhood. I love being able to purchase small amounts at a time, even if it's only one share.

If you feel that you will not have as much discipline with the app, then I would just stay away from it, and use what you are most comfortable with. @acidyo

Sounds good .. I heard of them before, but didn’t take an action due to the reason there are so manydecentralized exchanges are coming up ! I should look for more info about them ( which would be nicer if have been included into your post) ... like:

  • is cobinhood decentralized ? Or based in a certain country?
  • do they allow cold wallets ? Or you keep your assets into your wallet and just use when trading?
  • do they give the staking interests ? e.g Gas for Neo, etc.
  • do they have their own coin / token?

Thanks
F2BE9E0F-4B07-47F3-A458-79863C099586.jpeg

Wow! I love to trade with crypto coins, though I am new for it.This apps is very helpful for me. Thanks @acidyo for sharing the valuable post. You are a good supporter.

Jesus christ I already use robinhood. This is so exciting I am actually freaking out rightnow!!!!!!!!!! AMAZING NEWS! Thank you for letting me know this acidyo I am resteeming this for sure.

Thank you for informative sharing. I will try this application.

lol, it says that the app isn't available in my country!

You got my upvote and resteem buddy. Thanks, I’ll check it out, looks pretty cool. 🤙

Oneday, bitcoin is populating between the crypto trading and stock trading, exactly. That time, we should need to understand it. This application will help to us for one day.

Finally some good competition for Coinbase. Will need to take a look ;)

Thanks for your information!!!!!

"""Great news...great news...great news..""'
Not bad... That is definitely great news - I am not entereting for Coinbase process cause it not working well. I have seen many times. But where Robinhood sounds are pretty good. Cool name but Zero Fees. This sound is so much good for me.
Now I'm totaly fresh.

@acidyo this is good. Crypto just gat better.
But my dip is in my post tho😑😑.
Lol

this is great news. I don’t plan on hedging unless the market really tanks worse than we just saw, but this is great as it may ease the suffering that the market will feel when tether finally falls flat.

Genuinely necessary contender to Coinbase and another onramp for fiat->crypto. Ideally this prompts CB to bring down charges also...

Is this on Android?

Holy smokes. I have a feeling this will be a big year for ETH

I can try this apps, thnaks for infomation @acidyo

This is big news for us all,sadly its starting only iñ the US. One day africa will be supported hopefully.

Unfortunately, It will only be available in 5 states:

California, Massachusetts, Missouri, Montana and New Hampshire

good information, thank you
upvote and Follow me

This is nice for cryptos but I use mt4 for forex and cryptos. It’s more advanced and has a lot of tools. Still Unsure about this robin hood app, I’ll have to test it out before I can be sure this is for someone like me.

Personally I’m a bit of skeptic, so it’s sometimes hard for me trust based on pre orders and reviews.

Cool Android will hit the Asian Market..$$

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Why would you comment and self-vote this?

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He clearly lacks the power of the Steemit.

The above has to be seen as good news. Personally, and aside from the shocking buy/sell fees, Coinbase has served me well, but there's nothing like a bit of competition to help get your arse into gear.

I have a few friends who are still uncertain about trading crypto, and ask many question about the trading platforms as if they are completely different to the stock interfaces - which they aren't really.

This should provide more encouragement and less fear to those looking into either crypto trading or stocks.

And hopefully, the minimal fees may force Coinbase to think about their prices - recent results show they have considerable room to move on this!

Cheers!

Edit: the biggest news relating to this topic will be when my tax free ISA platform adopts cryptocurrency. This news will send the market into orbit and beyond I suspect!

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I take a self-upvote because I want to get the upper position of the comment section . But I reset my self-vote . sorry all of you for my behivour . Thank

Glad I didn't uninstall Robinhood from my phone. This will make trading (at least for the coins they add) so much easier, and cost free to boot! Good move Robinhood!

Thanks for sharing. I'm interested in learning more about the app. I'm curious to know whether or not you'll be able to transfer your crypto coins out of their platform to another exchange or wallet. Most stock platforms that I've seen that implement crypto currency do not allow this.

Damn. Finally something new except the coinbase with their stupid fees.
This app should grow big, because it has amazing potential.
Please cryptogod give us a good and not expensive app for trading crypto.

I saw an article on this earlier, I hadn't heard of it before but it sounds like fantastic news for Crypto, obviously BTC and and ETH most notably. Hopefully they will swiftly expand to at least a few more of the top 10, the liquidity should be there to facilitate this so I can't see why they wouldn't expand this out when BTC and ETH trades inevitably rocket through their platform!

Thanks for sharing this blog.. carry one

This is not huge volume wise but will open the door for a bunch of new people to this world and the good news is that it will allow the exchange of more alts which will hopefully force coinbase into adding more as well

Wow..thats a very good news. Will not only give it a try but will use it. Will give you update soon.

This app looks decent. Gonna go sign up for a robinhood asap! Thanks for sharing

it's awesome, i think it is good for crypto trading too?

Competition of stock applications increasingly in demand

This is awesome. I've been wanting to move some crypto gains into stocks for some time. Hopefully, when this opens up they'll have something set-up for taxes here in the US to make it easier for us to make sure we're doing the right thing.

Robinhood's popularity is increasing, because its future is very good. It's more active than before, so we're going through a good time.

This is fantastic news @acidyo! I actually signed up for Robinhood 2 weeks ago for stocks and when you sign up they give you a free stock. I got Sirius (SIRI). Only worth about $5, but still cool nonetheless! I wonder if they'll do any type of similar promotion for Crypto!

...They seem like a very progressive company with the user in mind first and making efforts to grow!

well regardless of some of the mixed views I'm going stay open minded on this one especially if they have so many users already. i know of someone thats developing a bot for trading but to be honest I have never seen one on the past that works but this is guy smart so will wait and see. I am assuming this app lets you simulate trades until you feel up to trading right? Competition is always healthy so yeah I will check this out thanks :)

i'll wait for the news. Thanks for sharing

This may be the closest to a decentralized exchange we get. Thanks a lot for sharing. It looks like Robinhood is just about to score in Sherwood forest. In just one click you are on the list.

Before I traded crypto currencies I used to trade stocks in the Robinhood app and I am glad to see them staying up to date with what is going on in the world.

@acidyo Good advice bro.
That's exactly what I told my brother nearly 2 years ago now.
Get 1 BTC and hold onto it so you have skin in the game. Luckily he listened and bought quite a few along with $10 ETH. He's happy now and will even happier by the end of 2018.
I feel for those who bought in for the first time in December but they'll get their money back and some. It's those who panicked and sold at a loss that will be sorry.

Robinhood adding this is going to be big. We'll see a spike in BTC and ETH trade volume due to the new money coming in. But what will be interesting is the UI. Hopefully they make it as easy to use. This will help with educational purposes. Also i wonder where exactly you'll be buying from. Will they partner with an exchange like coinbase, binance, etc or do they someone have their own reserve that they've been accumulating and building?

This is a really good news... I think cryptos are getting more exposure day by day and many more companies are getting interested in cryptos, crypto trading and business in crypto currencies...

Thanks for upvotiby my post @acidyo that’s how I found you🙏🏻 Great article and thanks for the heads up about the new app. Any competition for Coinbase is definitely a good thing. Monopoly is always prone to corruption. I been trading crypto actively for 2 years but stocks for longer and even in that sector a 10x banger is not uncommon. Lemme know if you want a tip in junior mining sector. I have one that I’ve been heavily invested in and that I’m confident about to share since I know the company well. Naturally I’m following you now 😊

I am so old school. Most of my Bitcoin is on paper wallets. Just hodling, haven’t even tried extract BCH or BTG yet.

Hi acidyo, follow me please and engage with my content! I am starting my blog where I'll post cool articles and information I find on all things crypto related. I believe the only way to thrive in crypto is to stay informed! Join my followers and stay updated! Hopefully, you find my content as a cool way to stay informed on crypto! Let me know what you think about my postings. Upvoted and Followed!

You guys heard of cobinhood... it’s an actual crypto exchange with zero fees. Robinhood will only be interacting with crypto exchanges. If you like Robinhood and you like crypto check it out..

You guys heard of Cobinhood. It’s an actual crypto exchange offering zero fees. If you like Robinhood and crypto you should check it out!
https://cobinhood.com/home

Cryptocurrencies have taken over. Absolutely no doubts

Looks promising.