Fintech startup Robinhood is increasing its cryptocurrency buying and selling product with two new token listings. Customers in chosen states can now commerce Litecoin and Bitcoin Money from the app.
Robinhood is at the moment offering one of many best methods to get began with cryptocurrencies. You possibly can obtain the app, add some cash and purchase tokens in only a few minutes.
However there are just a few caveats. First, Robinhood is just obtainable within the U.S. if you wish to commerce shares, ETFs and choices. And in the event you’re attention-grabbing Robinhood Crypto extra particularly, it’s only obtainable in 17 states.
Robinhood additionally claims that there’s no charge on cryptocurrency buying and selling. Given the liquidity of cryptocurrency exchanges, there’s all the time some unfold. It signifies that in the event you purchase one bitcoin and in the event you promote one bitcoin, there can be a tiny hole between these two costs due to the tiny order e-book. Saying that there’s no charge is deceptive.
The startup doesn’t function an trade itself. It acts as a dealer with different exchanges. That’s why it doesn’t make sense to say that Robinhood goes to kill Coinbase. Robinhood is most probably partnering with Coinbase behind the scene as considered one of its exchanges as an example. On a person expertise stage, Robinhood Crypto competes with Coinbase’s principal product and Circle Make investments.
The corporate has created a second firm that doesn’t adjust to the identical regulatory framework as a result of it’s not a dealer seller. You possibly can at the moment commerce Bitcoin, Ethereum, Litecoin, and Bitcoin Money.
Sadly, Robinhood doesn’t allow you to handle your pockets addresses. It means that you may’t ship or obtain tokens from one other pockets. It’s a must to convert to fiat foreign money first. However it’s nonetheless a lifeless easy option to get began on this market.