Robinhood Market or simply known as Robinhood announced on January 25th that they are coming up with Commission-free crypt trades. The microfinance Giant will now offer cryptocurrency trading on its stock trading app for masses. They plan to make it commission-free exchange that will make crypto trading much simpler and easy.
Robinhood Market Inc.
Robinhood Market is a US-based financial services company which offers Robinhood smartphone mobile app. It allows individuals to invest in publicly traded companies and exchange-traded funds listed on U.S. stock exchanges. And the masses don’t have to pay additional commission for these transactions. The company makes money from interest earned on customers’ cash balances and margin lending.
Cryptocurrency for Masses
As stated in their official announcement, they intend to build a better experience to trade cryptocurrencies. A platform where one can invest commission free in cryptocurrencies alongside stocks. Apart from investing, one can also track different coins and read on time market news. They want to build an all-inclusive platform for stocks and cryptocurrencies to track and invest in. Another very important objective is to make instant deposits of up to 1000$ on an exchange. But the best part of its platform is that it is going to be commission free trading.
At present, the platform is offering to track and monitor 16 major coins like BTC, XRP, and ETH. One can read cryptocurrency news, monitor market data and create custom prices on the platform. Starting from next month, commission free trading will be available for BTC and ETH. Trading will be limited to Bitcoin (BTC) and Ethereum (ETH), with more coins tradable later. Initially, trading will be available only in California, Massachusetts, Missouri, Montana, and New Hampshire. Robinhood Crypto will be available in more states soon. In conclusion, this is great news for US based crypto investors.