I am not a big fan of fees. You are not a big fan of fees. It seems that everyone is trying to put their hands in your piggy bank and take a cut of your hard earned crypto. Low cryptocurrency fees are always a hot topic & luckily there is a new hero in town ready to free us from the shackles of trading fees! The infamy of "Robinhood" lives on in the spirit of the Robinhood app & the launch of their new Robinhood Crypto trading platform.
The Lucky 'Stache Gets The Early Access
When they launched this news a HUGE waiting list piled up (over 1,000,000 users signed up in a few days) to start using Robinhood Crypto. In a recent blog post the company announced they had started rolling Bitcoin & Ethereum buying on the Robinhood app for select customers in California, Massachusetts, Missouri, Montana, and New Hampshire. The 'Stache was one of the lucky few to get early access! Take a look at this sneak peak inside look at the Robinhood Crypto app and how to buy Bitcoin & Ethereum with zero trading fees.
What Is Robinhood Crypto?
Robinhood Crypto is the new cryptocurrency division of the Robinhood investing app. They are all about making stock investing easy & now they are applying that same mission to cryptocurrency. I think they really say it best here;
"...we reached four million users and well over $100 billion in transaction volume on our brokerage platform, leading to over $1 billion in commissions saved in equity trades. With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy."
Much like the Robinhood of myth the team at Robinhood crypto are out to work for the little guys.
So what's the big deal then?
The real deal here is that there are very few places online where you can...READ THE FULL STORY ON MY WEBSITE: https://www.cryptostache.com/2018/03/05/sneak-peak-buy-bitcoin-zero-trading-fees-robinhood-crypto/
Robinhood is going to completely change the way exchanges give their customers trading fees. It will make all exchanges lower the fees in an attempt to beat their competitors which is great for us investors. Thank you for the interesting post!
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I completely agree. The app is awesome and I find myself using it so much more than Coinbase so far.
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Hey quick question for you, from what I've heard about this, your not actually allowed to transfer your crypto onto Robinhood or off of Robinhood so you essentially have an IOU for crypto but don't actually own or hold it, is this true?
I guess in a sense that's no different from Coinbase while your money is sitting on the exchange but at least there I can move it off.
The other criticism I've heard is they aren't actually creating their own marketplace they are just doing everything through GDAX.
I do think its good for crypto and cool to get a lot of millenial investors interested and involved in crypto but for those of us more experienced may not be the best option
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Right now they are just rolling out their initial demo offering to a select few, so yes I think many of your points are valid right now. I don't think they are going to keep this mode of operating and will probably branch out into their own services with growth.
Yes it is more of a "basic" purchasing platform in contrast to like Binance or Bitfinex, but that is why I am actually excited about it. This app is so damn simple that my grandma could buy crypto! That is really what we need to for this to go mainstream.
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Sounds intersting, I think the more competition we have in the marketplace the better it is for all of us so it's a good thing regardless of how it functions, make Coinbase get off their butts and not be able to relax as the top dog just because they are the only player in the game
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right?! Give CB a run for their money.
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Worth to try, with access that offer hopefully can provide convenience for customers who want to transact.
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