Robinhood to start trading Bitcoin and Ethereum
Yes it is Robinhood. I have not mistaken it for Cobinhood :-). Robinhood is going to venture into Cryptocurrency space starting Feb 2018.
Robinhood is well known stock trading app famous for its no-commission trading. And looks like they are going to keep it that way for the Cryptocurrencies too. It just means you can buy and sell Bitcoin or Ethereum without any added transaction fees. This is a great news for everyone but not for Coinbase. Robinhood is going to be one hell of a competitor for Coinbase for the following reasons
Robinhood Crypto will initially be available to customers in California, Massachusetts, Missouri, Montana, and New Hampshire. Which makes sense because people are definitely going to leave Coinbase for Robinhood who wants simple UI and not wanting to pay high fees and hence there will be an exponential increase in the Robinhood's userbase.
Also if you refer a friend in Robinhood, you can get a free stock like Apple, Ford or Sprint. https://share.robinhood.com/rameshn19 is my referral link for Robinhood which will get us both a free stock. Please note that the free stock is selected at random and the value of share could be anywhere between $2.50 to $200.
I have not looked much into it but I am wondering where is actually the profit for these guys.
that is a good question @santana33 . Unfortunately i dont have an accurate answer for it. I guess they will make it up in the bank deposit fees or by using fluctuated rates like coinbase.
It could be but is like the phrase "if it is too good to be true, it is." Could be a marketing bait for new traders.
quite possible.. but they are spending so much in marketting... free stocks for joining and no transaction fees for trading... it is too good to be true :-)
This is fantastic news for crypto @ramsteem! 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!
Thank you @geoffreydemars. I got groupon as a free stock which was worth about the same as yours. I'm eagerly waiting for their launch in Feb. I'm not sure if they will do a similar free cryto promotion. I guess they are going to stick to the free traditional non-crypto stocks. But who knows, they may come up anything :-)
dam was hoping my state would be included :(
im from Connecticut and mine is not in the list too :-(