Robinhood Crypto Goes Live Today!
Robinhood Crypto Trading is finally here.
In a press release out this morning, Robinhood announced that their Crypto trading app is now being released.
The release can be seen here:
https://blog.robinhood.com/news/2018/2/21/robinhood-crypto-trading-is-here
Robinhood made an announcement that they would be expanding their platform to include select cryptocurrencies a few weeks back.
More on that can be read here:
https://steemit.com/cryptocurrency/@jrcornel/today-crypto-just-became-a-little-more-mainstream
The first set of customers will be allowed to trade in bitcoin and ethereum starting today.
This is an example of what Robinhood crypto traders are seeing currently:
(Source: https://blog.robinhood.com/news/2018/2/21/robinhood-crypto-trading-is-here)
A couple quotes from the release can be seen here:
"Check your inbox, because the first set of Robinhood customers can buy and sell Bitcoin and Ethereum with Robinhood Crypto, starting today. All your investments, commission-free, on one platform"
And then this one:
"We are gradually rolling out access to Robinhood customers residing in California, Massachusetts, Missouri, Montana, and New Hampshire, and look forward to releasing crypto trading functionality in many more states later. In the meantime, all investors on Robinhood can monitor and track market data for 16 cryptocurrencies."
A place to communicate for traders:
"With today’s trading launch, we’re also announcing Robinhood Feed – a brand new way to discuss cryptocurrencies, news, and market swings, in real-time with other investors on Robinhood. Feed is available to a limited number of people on the platform and will evolve based on your, well, feedback."
Awesome!
Some of the key points:
As discussed above, bitcoin and ethereum are the only coins available to trade right now, but others will be added shortly.
The plan is launch crypto trading in 5 states and then gradually expand to other states if things go well.
There is also going to be a place to discuss trading with other crypto traders on the app called "Feed".
By the way, did I mention that Robinhood is doing all of this while offering commission-less trades?
That's right, there will be fee-free trading available on this app!
Coinbase is about to get a run for their money if they don't start lowering their fees and start improving their exchange.
Stay informed my friends.
Follow me: @jrcornel
i love the neon retro-future thing they have going on in their app
You got a 22.73% upvote from @minnowvotes courtesy of @goody3shoes!
Amazing! I can't wait to try it out!
Correct me if I’m wrong but with Robinhood you’re not actually buying coins you could deposit in a wallet. You’re trading alongside the crypto market which makes this a great way to cut back on exposure.
If you read their FAQ you can transfer your coins out of Robinhood. However, you will need to go through KYC checks and it takes a few days.
As a broker don’t they have to do kyc for everyone?
Yes, on signup you do need to provide your personal info. Their current FAQ says that they are planning to allow crypto withdrawals eventually:
https://support.robinhood.com/hc/en-us/articles/360000088663-Crypto-Transfers-Deposits
So we'll see when/if it happens
I was wondering about that myself. It might be more akin to say, open.ETH on OpenLedger, except there, you actually have a wallet.
There is a FAQ here on the Robinhood website:
https://support.robinhood.com/hc/en-us/articles/360000088623-Crypto-Availability
No mention of wallet services there. Not sure exactly how to phrase this, but it looks to me like you're buying an asset pegged to the market, not the coin.
Yea, I believe this is correct. It’s an asset pegged to crypto not crypto itself which means no volume boost. Also it’ll probably hurt adoption as these traders won’t actually be buying/learning about/using any cryptocurrencies.
It's made for traders, for trading. Buying because you want to use the asset is isn't trading so it does make sense. It's a trading app not an exchange.
True
Hmm. Didn't consider the adoption rate as a factor in this ("no volume boost"). I think you're right about the education of traders, too. Knowing how to use a wallet, and manage it, even if it is on an exchange will demonstrate the utility of the coin.
Thanks for confirming the terms to describe the asset.
I’m basing this off what I’ve read I could be wrong but yea I’m not sure if this trading trend is good for us tbh. Hopefully it’ll spark interest and push people into getting wallets, using currencies and contributing to the blockchain.
I hope this isn’t the case. That would be a huge disappointment after the wait. Would feel like a bait and switch.
Unfortunately I think this is what they’re doing. Same as bitcoin futures
The press release seems clear enough with no mention of derivative assets. There could be a nasty backlash if this turns out to be the case.
They don’t allow cryptocurrency deposits or withdrawals(https://support.robinhood.com/hc/en-us/articles/360000088663-Crypto-Transfers-Deposits).
Oh. Less interested now. Ha.
I didn’t realize that. It’s a such a great way for them to generate new accounts.
What 16 currencies do they highlight? Those are probably the next to be added.
Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Qtum, Ethereum Classic, Stellar, NEO, Zcash, Monero, Dash, Bitcoin Gold, Lisk, OmiseGO, Dogecoin
If this or circle is successful watch how fast others enter the market! Story of 2019!
Hope Robinhood brings stability in Cryto market trading ... I also like the fact that Robinhood is an entirely fee-free exchange platform.Can't wait till everyone, everywhere is allowed to get involved into it.
I hope they expand to my state as well, the fees are pretty ridiculous in general to trade cryptos.
@jrcornel, thanks for putting this out, i have to start implementing this.
Thank You
nice :D
wooow interesting position!
please check my profile.
Lol no crypto deposits 🤷🏻♂️
Definitely a big bump for cryptocurrency. I'm curious though how does robinhood make any money when the offer fee-free trading?
They earn interest on your unused cash balances and they also make money when users upgrade to Robinhood Gold, which is essentially a margin account that you pay a monthly fee to have access.
I wasn’t sure how that worked thanks for posting!
This is good for consumers as more choices and platforms to choose from, which will definitely increase the number of people trading and reduce fees.
Thank you @jrcornel I have an account now I need to look at it today and see what the crypto trading means to me.
Let me what you find! Thanks.
Great news! 👍👍👍
I'm interested in this exchange.
I hope they add smartcash in the future. That would be really interesting. Smartcash makes great progress. Their network of Smartnodes is already almost 10,000! This is an interesting cryptocurrency, which should be known more.