Robinhood already has four million investors, and new customers attracted to lure of quick profits promised by cryptocurrency traders might diversify into equity trading later. Robinhood founders Baiju Bhatt left and Vladamir Tenev right. Demand for the product was clear, though. Detailed disclosures can be found here.
Welcome to Finextra. We use cookies to help us to deliver our services. We’ll assume you’re ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. No-commission stock trading app Robinhood is set to start letting some users buy and sell Bitcion and Ethereum.
The Robinhood app, offering zero-fee crypto trading services, has now officially opened up for the state of Michigan, after offering commission-free Bitcoin and Ethereum trading to residents of California, Montana, Missouri, and Massachusetts. However, the biggest gainer in the States was reportedly Coinbase, which has been a popular choice due to lack of competition, particularly when it comes to fiat-crypto gateways. January this year, popular online brokerage service Robinhood entered the crypto space with an announcement, offering its users a slice of this volatile pie, starting February:. Another factor working in favor of Robinhood is its existing user base, which can be capitalized on to claim a larger market share. A user on Reddit also confirmed the development:.
Robinhood, the California brokerage known for popularizing free stock trading, is diving into the world of cryptocurrencies with Robinhood Crypto. Customers can currently track 16 cryptocurrencies including bitcoin, ethereum, litecoin, and Dash.
Robinhood free bitcoin trading Bhatt, the cofounder of Robinhood, told Business Insider that cryptocurrencies are something he and his cofounder Vlad Tenev have been thinking about for a. Robinhood, which has been a darling of younger and inexperienced traders, has been expanding its offerings over the course of the last year.
The company rolled out margin trading via Robinhood Gold, and late last year it launched a web platform and started offering free options trading. The new cryptocurrency offering, according to Bhatt, is tied to Robinhood’s ethos of democratizing financial services and toppling the old guard of Wall Street. Robinhood would be one of the first non-crypto companies to try to break into the cryptocurrency trading market which is known for outages, high-fees, and long periods of downtown.
Bhatt said the company is prepared to onboard new clients and handle volumes. We see millions of trades a day. In our brokerage industry there is not excuse for down time.
We plan on bringing that mind-set to the crypto space. We don’t view any of that stuff as acceptable. Square, the online payments company founded by Twitter’s Jack Dorsey, has been running a trial that allows users of its Cash App to buy and sell bitcoin. From a business standpoint, Bhatt said the move is a customer acquisition play. The firm has already racked up over 3 million users. Bhatt sees cryptocurrency bringing that number to new heights. The firm has declined to comment on its profitability.
Search icon A magnifying glass. It indicates, «Click to perform a search». Close icon Two crossed lines that form an ‘X’. It indicates a way to close an interaction, or dismiss a notification. Frank Chaparro. This story requires our BI Prime membership. Robinhood, the free stock trading app, is going to offer free bitcoin and ethereum trading in February. The company says the services will provide users a robinhood free bitcoin trading experience to existing cryptocurrency trading platforms.
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Why I won’t buy Bitcoin with Robinhood
The two trading worlds could cross-pollinate, dragging even more people into the crypto scene. Compare Investment Accounts. Popular Courses. Partner Links. Bitcoin How to Buy Bitcoin. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Your Money. Bktcoin has simplified stock trading for millennials and newcomers to equity markets.
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