Robinhood is offering the following features to its app:
Instant deposits: ACH bank transfers will be immediately available in your account for trading.
Commission-free trading: Just like the stocks on Robinhood, cryptocurrency trading will be free.
Secure and Established Trading Platform: Robinhood has been around for 5 years already and has become widely used among newer investors and small-order traders.
The new features will roll out over February, but starting January 25, 2018, users will be able to add 16 cryptos to their watch list market data, read cryptocurrencies news, and create custom price alerts.
Supported Coins:
Bitcoin
Ethereum
Bitcoin Cash
Litecoin
Ripple
Ethereum Classic
Zcash
Monero
Dash
Stellar
Qtum
Bitcoin Gold
OmiseGo
NEO
Lisk
Dogecoin
Starting in February commission-free trading will commence with Bitcoin (BTC) and Ethereum (ETH) and then more coins will be added at a later date. This trading will be rolled out on a state-by-state basis according to their
website blog: “Trading functionality for BTC and ETH will be released gradually in waves to Robinhood residents in California, Massachusetts, Missouri, Montana, and New Hampshire. Robinhood Crypto will be available in more states soon.” While it appears to be a gradual rollout, Robinhood will be able to provide an easy way to trade with crypto for free via an app.
The coming months will prove to be exciting as Robinhood enters the crypto market in a big way. Robinhood will be able to provide more access to the market and allow a new demographic to access altcoins which were previously difficult to buy for newcomers who only used Coinbase and not the other exchanges. Furthermore, Robinhood will become a primary competitor to Coinbase by offering commission-free trading and 16 coins.
While Robinhood does not have the 11.9 million users Coinbase does, it will draw many to open accounts with Robinhood to avoid fees and trade in other coins not offered by Coinbase. Let’s hope that Robinhood is ready with a strong customer support base as the new users start to pour in. This is a major advantage to traders.