The Crypto trading app Robinhood is taking its place in U.S. states. In October, the platform developed its services in three more states. Good news for residents in Rhode Island, Tennessee and Arkansas. Now, they are able to do zero-commission transactions in certain leading Cryptocurrencies.
The Trading app increasing its availability.
Robinhood is a popular trading platform. It is offering free service for several trading options, such as stocks, options, exchange-traded funds (ETFs), and crypto assets.
From the beginning of October 2018, the platform is also available in Rhode Island, Tennessee and Arkansas. The company announcement on social media sites of Robinhood. Moreover, with the current expansion, the app is now available in a total of 37 states. “Hot-springing into Arkansas… rockin’ & rollin’ in Tennessee… anchored in Rhode Island,”
For all the three new release states, they made separated Facebook posts on their page.
The trading startup integrated the crypto-trading platform to its own ecosystem in February. One of the biggest benefit for users is the zero-commission trading system.
At the beginning, in early 2018, the company started its activity in only four states. The full list now is:
- New Jersey,
- New Mexico,
- Rhode Island,
Trade with the main crypto-currencies
Moreover, Robinhood is also working to give a wider range of cryptos to its customers. Firstly, in February, they had only two options: bitcoin (BTC) and ethereum (ETH). However, in July, they added bitcoin cash (BCH), litecoin (LTC) and dogecoin (DOGE), that was the next step. And the last expansion were in August, when they added ethereum classic (ETC).
Because Robinhood is not collecting any commission from customer transactions, they had to find another way to produce profit. Therefore, the platform is collecting interests on funds. They are held in user accounts and selling the customer orders to exchanges that needs liquidity. Furthermore, they are offering Robinhood Gold subscription. To be able to do margin trading, the customers can choose different packages up to 200$.
On another hand, we can find several news about the first problem of the startup. In fact, Robinhood was accused for some operations. For example accepting payment for order flow to keep away small-young investors, and give the best deals for big Wall Street traders. Also we can read about some order sells for approximately ten times more than other platforms. The company defended itself, that a broker should comply with the rules that buyer orders should be made at the best available price regardless of state.
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