Cryptocurrencies in the Robinhood app

Cryptocurrencies in the Robinhood app

Cryptocurrencies in the Robin Hood app

According to a Company representative, RobinHood is already the fastest-growing brokerage. It is also the only stock brokerage platform to democratize stock trading has not only given investors the opportunity to trade on stocks free of any charge but has taken the huge leap of making the trade on cryptocurrencies available on their app. The two- Robin Hood and Cryptocurrency are well aligned as they both seek to democratize investment, money, and capitalism, thus the inclusion of cryptos in the Robin Hood app is a means of furthering the Robin Hood cause.

Why Cryptocurrencies?

Despite the extreme market volatility (price swings and flashes), market manipulations and cybersecurity risks which make cryptocurrencies riskier than any other investment, a lot of investments are still being made in it daily and demand keeps rising. Cryptos have gradually become irresistible in the investment domain.

For some time now, a lot of users have searched for cryptos on the Robin Hood app. A recent study by Swell Investing showed that, given $5,000, 12% of Millennials will put it into crypto over any other investment. A Robin Hood survey also showed that 95% of Robin Hood users will invest in crypto. According to Baiju Bhatt, Co-founder of Robin Hood, “It is obvious that people want to do cryptocurrency. We want to help shape the industry with a better platform and better price.”

Ever since Robinhood was launched, the company has saved its investors over $150 million in fees and commissions. It also inaugurated a premium exchange platform – Robinhood Gold, providing longer trading, bigger instant deposits, and margin accounts.

The purpose Robin Hood ventured into cryptocurrencies is to provide low-cost trading offerings designed for millennials who are on the lookout for diverse virtual products. What you have to realize is that Robin Hood is taking this leap a year after it attained its “unicorn popularity” ultimately turning into the preferred brokerage for millennials.

Crysptocurrencies supported:

Cryptocurrencies supported by the Robin Hood app include:

These two are the only cryptocurrencies that are currently available for trade on the Robin Hood app. However, news, market data, and alerts can be gotten on 14 more cryptocurrencies, which are:

  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Dash (DASH)
  • Dogecoin (DOGE)
  • Ethereum Classic (ETC)
  • Lisk (LSK)
  • Litecoin (LTC)
  • Monero (XMR)
  • NEO (NEO)
  • OmiseGO (OMG)
  • Qtum (QTUM)
  • Ripple (XRP)
  • Stellar (XLM)
  • Zcash (ZEC)

The selection of Bitcoin and Ethereum as the first ones to be available for trade on the Robin Hood app is because they are considered the most mature coins that people trade on. Other cryptocurrencies will be added for trading on the app, but Robin Hood is selective about cryptos.

The features of the Robin Hood Crypto to be enjoyed by users include:

Instant deposits into Robin Hood account –instead of the usual delays in fund transfer experienced with other crypto trading platforms, the Robin Hood app provides instant deposits. Cryptocurrency investors will be able to make instant bank transfers totaling to $1,000 (more if you have a Gold membership). The finances will be made available without delay into the Robin Hood account. Additional finances could be made available through ACH transfer, which could take a few days.

Commission-free – buying and selling may be available at the lowest price and no longer exorbitant fees charged by other cryptocurrency platforms.

Cutting edge security – to ensure that investor’s personal details and assets are kept safe; Robin Hood has (with the help of world-class cyber security experts) put a cutting-edge security measure (which includes a platform blanketed by SSL and 2-factor Authentication) in place.

More so, when you place a buy or sell order, Robin Hood offers you an estimated rate, connects to a slew of trading venues, exchanges, and marketplace facilities to find the lowest charge, and uses its economies of scale to attain better prices.

Robin Hood facilitates the decrease in marketplace volatility associated with cryptocurrencies by setting a “collar” around your trade. This permits you to wait for the price to reach this collar while doing the change. Robin Hood also supports ‘limit orders’ that implies you get to set a price where you could automatically buy or sell.

Though Robin Hood’s focus on crypto is not primarily to make money from Robin Hood Crypto directly, but rather to build and guide investors in their investment journey. Bhatt explained this when he said, “A lot of cryptocurrency brokers are first-time stakeholders, and we see a way to manage it for people who are investing in crypto.” He went on to say that, “it is an entry point to financial services for new investors,” suggesting that Robin Hood Crypto has the potential to “dramatically increase growth rate dramatically.”

Since cryptocurrency is only a side business for Robin Hood, unlike some other crypto trading platforms that deals mainly on crypto, the inclusion of crypto on the Robin Hood app has the potential of significantly increasing the number of the app users, while boosting increasingly boosting tracking and investments in Bitcoin (BTC) and Ethereum (ETH).

The provision of market data on the other 14 cryptocurrencies will also boost investors’ interest in them. Very importantly, the combination of crypto, ETF, traditional stock market and options trading on the same platform provides an all-in-one look at investment for investors rather than monitoring investments on different platforms. It will also provide a mutually beneficial opportunity for growth of investments and the Robin Hood app.

Over the years, various trading platforms have appeared and disappeared, but for 5 years, despite running on zero commission, Robin Hood has stood the test of stock trading market and time. With the addition of cryptocurrency to the app and the many features and upgrades being made to make the user experience better, I must say the future is very bright for Robin Hood app users. There is so much more the Robin Hood app will offer in the near future to further democratize stock trading and capitalism.

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