There is a growing need for more competition in the world of cryptocurrency exchanges. More specifically, there are too many companies charging high fees. Robinhood may aim to change all of that in the near future. The company is exploring the option of trading different cryptocurrencies. Ethereum and Bitcoin will be supported at first, followed by other altcoins in the future. It is an interesting development for the company.
Some people may be familiar with the Robinhood platform already. Although its name suggests something else, it’s not a company in Sherwood Forest. Instead, we are talking about a very powerful trading platform focusing on different markets. The company combines stocks, ETFs and options Moving forward, Robinhood will also enable Bitcoin and Ethereum trading moving forward. It is a surprising yet positive development.
Robinhood is a Welcome Addition
More specifically, users will be able to trade cryptocurrencies without fees. That in itself is rather uncommon in the cryptocurrency world. Other than Asian exchanges, a zero-fee structure is almost unknown in the Western world. Investing in Bitcoin and Ethereum without a commission will certainly attract a lot of users. Moreover, the different markets offered by the company will be of great interest to users as well. It combines the popular financial markets all into one package.
There are some other facts about Robinhood as well. More specifically, bank transfers up to $1,000 will be instantly available. Additional funding will be received through the ACH system. Even though Bitcoin and Ethereum are the only supported currencies, the list will expand. A total of 16 currencies can be added to one’s watch list. This seems to confirm integration of all these currencies at some point in the future. It would be interesting if the company decided to pursue that exact option.
On the watch list are the likes of Bitcoin Cash, Monero, Dash, XRP, and Litecoin. All of these coins are of great value to cryptocurrency users all over the world. For now, the service is available in just five US states. More states will be added in the near future, which is a positive sign. February will seemingly be a big month for the company. It will be interesting to see what the future holds in this regard. Robinhood certainly looks like an appealing trading platform.
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