Cryptocurrency trading without fees launched by robinhood investing app

Cryptocurrency trading without fees

Watch out crypto exchanges as popular stock trading app ‘Robinhood‘ is coming to steal your space in the crypto world. It has absolutely streamlined, no-commission approach. On Thursday, Robinhood announced that by February next month,  it will allow its customers to buy Bitcoin and Ethereum without any added transaction fees. However, for now, customers will be able to track the prices and news. They will also be able to set up alerts for Bitcoin and 15 other cryptocurrencies.

Robinhood is a popular stock trading app within millennials with over 3 million registered users. Their average age is 26. The digital currency trading platform of Robinhood will go live the next month. It will allow users in the states of California, Massachusetts, Missouri, Montana and New Hampshire. There it has received regulatory approvals to acquire digital currencies with no minimum purchase amount.

The popular U.S. exchange ‘Coinbase’ which clocked a billion-dollar revenue last year currently charges its customers about 1.5 to 4 percent fees. There is exponential increase in the number of investors rushing to the crypto exchanges. The price of trading virtual digital currencies have considerably gone high above $20.

Robinhood app currently hosts a day and night theme for the traditional stock markets to indicate the open and close times. Unlike this, the crypto section is styled with the 80s Tron design in order to indicate the 24-hour trading window. Regarding the operations, Robinhood’s co-CEO Baiju Bhatt told Fortune that the company will act like as a broker-dealer. Not an exchange in the cryptocurrency market. For this, Robinhood will partner with other big institutions which would help to acquire cryptos on behalf of customers.