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Robinhood Crypto — Zero-fee cryptocurrency trading from Robinhood 💸
Robinhood Crypto is a new, fee-free cryptocurrency exchange from Robinhood.
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@rrhoover *rubs hands together* yesssss Robinhood tell us what other coins you're supporting 🤑
@rrhoover "We will connect to many exchanges, up to a dozen or more, over the next several months," Tenev said. "We want to break even on this business, not to profit from it. We view this as an opportunity to expand our customer base and give our customers more access to functionality." - https://www.cnbc.com/2018/01/25/...
Can you clarify the "zero-fee" statement? This was a clear part of your initial positioning, where you competed with budget brokerages that charged a ~$10 service fee per transaction. With some cryptocurrencies, such as Bitcoin, the fee is somewhat integral to how the currency works. Are you covering the cost of the Bitcoin transaction fee, or are you saying that you don't charge a service fee on top of the transaction fee. This might be misleading.
Either way - pretty dope to see Robinhood getting into crypto. Don't mean to just rain hate down on y'all!
@robinsongreig I assume they won't charge any additional fees. Why would they cover the fees of the network ?
@tsnkff Yeah, agreed. If that's the case, it's a bit misleading to say "Zero-fee".
@robinsongreig @tsnkff Fair concern, but there are actually very small SEC fees associated with stock sales, which are deducted from proceeds on Robinhood (and probably every other discount broker). The same logic should apply on crypto sales.
@robinsongreig When they say "zero-fee" I'm sure they are refereeing to transaction fees when purchasing or selling the currency. Coinbase charges 1.49% and GDAX 0.25% for market orders. Robinhood will charge 0%. I don't see any indication that they are going to allow people to transfer BTC & ETH for "zero-fee" - what you are referring to. That being said GDAX does allow for fee-less transfer of both BTC & ETH. They are probably able to offer this due to making so much money on transaction fees.
Why BTC and ETH only? They are completely different and unrelated. One’s a payment dapp asset, and the other is a dapp platform asset, the latter which is guaranteed to be worthless lest better dapps are built and they figure out their broken business model.
@2neeraj @vladtenev @bond_alexander @thejgr @bprafulkumar I've been waiting to see whether Robinhood would roll out a crypto product/add crypto. Is this going to be available in the app/on the web?
how many lists do I have to sign up for (web, options, crypto) until you actually release one?! Nobody likes a tease
My question is: will you have control over your own wallet? Like once you buy bitcoin is it stuck on Robinhood for trading purposes only, or will you be able to send it to external wallets and vice versa?
@kenseals “The whole Crypto section of Robinhood is styled with an 80s Tron design to denote the 24-hour trading window, compared to its day and night themes for when traditional stock markets are open or closed.” https://techcrunch.com/2018/01/2...
TAKE OVER COINBASE (please)
ps: love the funny design, not sure how it'll integrate with the rest of the app though.
Extremely excited about this. Coinbase shutdown my account because they think I live in Hawaii and it has been over a month with still no solution. Holding my account and funds hostage is not okay. I hope Robinhood massively eats into their marketshare.
are Y'all working on a decentralized exchange as well - leveraging @0x Protocol or something similar like OmiseGO etc...
This is amazing! Put Ripple and ADA aswell.
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I'll recommend it once I can actually use it. It appears that the waitlist only keeps increasing, and I've got no way of knowing whether that means I'm #10 or #947,361.
Pros:Not applicable
Cons:Not applicable
Can't wait for it to roll out to all states as well as on Robinhood web! That would be a great competition for GDAX (If RH can put in some TA tools on web)
Very knowledgeable team and backup by very strong angel investors.
Pros:Good team of developers, strong platform, long term commitment
Cons:both trading stocks and cryptocurrencies under the same umbrella probably it's quite confusing
Robinhood is rolling out trading in bitcoin and ethereum for customers in California, Massachusetts, Missouri, Montana and New Hampshire in February. - CNBC. Whats the point of waitlist if that's the case?
I don't think it's as zero-sum as people play it out to be. GDAX is also fee-free and has a decent mobile web experience. I think it will put pressure on Coinbase to support additional currencies at more rapid pace, which is good for every "informed" citizen of the investing world. My guess is that it will be good for the top 20 mktcap currencies in due time. And I'm glad they're doing their diligence on coins to avoid pump and dump schemes 😏.
As Apple continues to increase its list of approved cryptocurrencies for the App Store, so will the opportunity for the predominantly web-based exchanges to enter the mobile arena. Others, like Binance, have unverified apps that many have already downloaded 🤷♂️.
This is interesting for existing Robinhood customers, particularly if we will be able to move in and out of stock and crypto positions quickly instead of having to wait for trade clearance and fiat deposits/withdrawals. Is this going to be the case, or, for example, would stock sale proceeds be subject to a multi-day clearance period before using them to purchase crypto?
Imagine a world where you can buy global stocks, crypto currencies, crypto securities, tokenized assets....all with fiat or crypto....from one fantastic mobile interface with great UX, customer support, and financial reporting. I expect that to become a reality from Robinhood within the next 5 years. Go Robinhood!
If you also include holistic, zero-hassle tax documentation for the accounts, you would probably dust Coinbase. Great to see this from Robinhood anyways! 👍
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