Robinhood and Cryptocurrency Trading

Robinhood has been known for a long time now as the number one stock trading app for all of the millennials who are obsessed with stocks at the moment. However, more recently, Robinhood has also added cryptocurrency trading to its already wide range of investment services which has sent the millennials stir crazy. Unfortunately, this service is only available in 5 states which are California, Massachusetts, Missouri, Montana, and New Hampshire.

The company, which is based in San Francisco, made the announcement in a blog post and it really didn’t take long for people to catch on and become interested in this new form of trading that Robinhood would be putting forth. It is certainly going to be something to keep an eye on and it will certainly be interesting as it unfolds. Let’s take a look at how Robinhood added cryptocurrency trading and how it will affect cryptocurrency in the future.

How will this change the cryptocurrency world?

In essence, it likely won’t have a huge effect, but that all depends on how it performs. Cryptocurrency is a worldwide phenomenon and while this inclusion will definitely see change, it will likely take a lot more than a small investing app to completely impact the cryptocurrency world. The initial trading of cryptocurrency on Robinhood really isn’t expected to be overly large, so the expectations are quite low which is why it hasn’t been released too widely as of yet.

When you look at it compared to Coinbase which is offering the same, if not better services domestically as well as internationally, you can see that it is doing far better because of how inclusive it is. The area that will see the biggest impact with Robinhood is definitely the trading fees because it plans to offer zero-commission trading services, much like its stock trading platform. Many times, cryptocurrency trading services have seen plenty of backlash because of how high their fees (transaction and withdrawal) are compared to others and how expensive investing is becoming.

Robinhood has clearly taken a look around to see what other platforms are doing wrong because they have even worked hard to simplify the interface and systems for trading cryptocurrencies. Even though cryptocurrencies are extremely popular, there are still so many irregularities and problems that they are still trying to iron out many years after the inception of cryptocurrencies. Typical cryptocurrency platforms usually make it very hard to join the crypto game which is why Robinhood is beginning to look acceptable and even attractive for them.

Essentially, there are many great little crypto trading apps out there such as the Bitqt App which you can find on the Bitqt official website. However, it is always good to remember that not all trading apps are made the same, so before choosing one, do your research to make sure it is exactly what you are after in terms of cryptocurrency trading apps. It never hurts to do your research and understand exactly what you’re doing.