Published on : Jan 30, 2018
Robinhood, the stock trading app is planning to launch its cyrptocurrency trading feature from February onwards. This feature will not be charging any additional transaction based fees, as compared to rivals like Coincase, who charge about 1.5 to 4 percent additional fees in the United States. Robinhood has also started to let users get updates about price values, market fluctuations and other news about the most prominent cryptocurrencies such as Ripple and Litecoin.
More about Robinhood’s Cryptocurrency Trading
According to the co-founder of Robinhood, Vlad Tenev, the company would be focusing more on increasing their customer base and improving their services provided to the customers instead of increasing their commissions and profits. Robinhood had managed to raise at least US$176 million from leading investors such as Andressen Horowitz, NEA, and Indeed, who rather have their valuations for the company set at more than US$1.3 billion. The company intends to make its long-term benefits spread across the masses by paying for Robinhood Gold Premium tier that ranges from US$6 to US$200 a month. Through this premium segment, the company lets a user deal with about US$1000 to US$50000, in a month.
A user can immediately transfer up to US$1000 from his/her bank accounted, which needs to be linked to the Robinhood app. For those who have the Gold premium membership, higher amounts can also be transferred. The entire section that deals with the cryptocurrency transaction transitions depicts a Tron styled interface with a 24 hour long trading window.
After a user buys or sells using Robinhood, the company provides an approximate estimated price and connects that can help the user get in touch with numerous trading venues, exchange platforms and other market centers for finding the lowest prices. Robinhood also helps the user put a virtual limitation around his/her trade, so that if the trades cannot be executed around the estimated price, the platform waits to see if the price has returned has per expectations and drops an alert.