Coinbase Finally Has Competition: Robinhood is Entering Crypto

4년 전

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Robinhood is a pretty popular trading app for stocks. My first exposure to investing and trading stocks was through Robinhood actually, even though I quickly graduated to cryptocurrencies, it’s good to see this platform finally expand it’s trading abilities to include Bitcoin and Ethereum.

It will be available in February for those who have joined the waiting list.

You can join this waitlist by going to crypto.robinhood.com and checking out that link at the bottom. If you’re really hyped about this one and want to move up your position in the line, you can invite your friends to join the app and also get a chance to win some free stock yourself. I’m one of those “pretty hyped” people so if you’d like, you can use my invite link. It will also be posted down below.

The kicker here is that Robinhood is offering commission free crypto trades.

Although my first instinct was that commission free means poor price offerings. That’s probably from my experience with scammy foreign exchange offices throughout my travels.
But after doing a bit of reading it looks like the Robinhood team sees the advantage of offering this to not only expand their own user base, but to also provide more for their existing users.

I’ll be interested to learn which exchanges they’ll be partnering with or if they ever release that information. But if all seems legit then I’d say it seems the team behind Robinhood realizes the long term value by providing this new trading ability.

If you’re interested in learning more about their crypto trading options, check out the help tab, they explain how they will organize the trades and what your options will be.
Some things that are important to note is that initially, the only states available for this new addition are: California, Massachusetts, Missouri, Montana, and New Hampshire.
Also, you will not be able to participate in ICOs with this platform… yet.

Also if you’re interested to learn more about trading cryptocurrencies and how the best way to get started, I’m gonna have to strongly suggest that you keep an eye out for my next post.

Reason being that I’m going to be interviewing a pretty well-known trader who is an administrator for a popular cryptocurrency trading group on Facebook.
I’ll be asking him about his own strategies, best practices, and why the markets are behaving the way they are these days.
It’s going to be very informative so if that’s something your interested in learning more about be sure to check that one out.

Additional Reading/Sources:

Join Robinhood
Robinhood Crypto (Waitlist)
Robinhood Crypto Help
TechCrunch Article on Robinhood Creators

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Could you transfer bitcoin in and out, is it an actual wallet, or can you just purchase Bitcoin within the app. This is the question

Oh that's good. So no more any monopoly of Coinbase and even they were not expanding to other countries so now they have a competition.

Hi @heiditravels thank for share!! Good to know!

Seems like it is a very nice morning in Nazaré!! Ahahah!! Cheers from Baleal, Peniche.

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I love Baleal! That's where I surf :) How are the waves today??

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Today Baleal in one word: Windy!!

Robinhood is trying to catch up with all that money they could have made.
The App looks like you are playing a game, money will be flying in and out. Just wait for them to add more cryptocurrencies.

See you soon @cryptotradingfr

Robinhood is Entering Crypto

Wow thanks for this.
On your last post you talked about them considering going into cryptocurrecncy apart from stocks and I'm happy they've finally made the decision.


It's always good for competition in the market to prevent monopoly. Hopefully, this will spell good for the entire market and even Coinbase needs to sit up too.

I've joined the waitlist and I hope I'll be selected

Thank you once more @heiditravels for sharing this.

Happy Steeming

Lower the floodgates baby! Current holders warmly welcome healthy competition, fresh capital and the social network effect that results from these types of events.

will Robinhood only be availabel for the US citizens?

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Looks like they are also expanding to Australia.
Link: https://about.robinhood.com/?region=global

You have a very nice smile :)

You transmit a very good vibe, Regards @heiditravels

It's amazing I have been trying to get my dad into crypto for almost a year now and he wouldn't budge. Now all of a sudden he hears Robinhood is offering cryptos and he is all aboard to start investing... I guess has the mindset of a lot of older people that need some major names to throw themselves being the crypto space before they are willing to trust it enough to invest. I think this tend is only going to grow exponentially from here on out, which means the crypto space is likely in for some fairly massive moves later this year as more major names attach themselves to cryptos in various ways (Starbucks... Amazon... Facebook... Google...). Exciting times!

That's an amazing news and in my opinion more amazing things to come in the Crypto Market because Cryptocurrency market and Blockchain Technology is expanding day by day so more competitions will increase and it would be beneficial for the end users. Thanks for sharing.

Have a great day and stay blessed.

I think this has to be a good thing, the more options and competition the better. Shame they are only available in the US, would be great to have a decent alternative to Coinbase in the UK.

I'd like to know why these states were chosen. California, Massachusetts, Missouri, Montana, and New Hampshire. I wonder if these states have easier regulations or Robinhood has concerned about other states that may greatly delay or prevent a larger roll out.

Hopefully it will be available in Puerto Rico soon, tired of Coinbase.

Thanks for the info.. you are very attractive by the way.

Thank you @heiditravels for such an informative post. Hope to see more from you.

excellent post in my personal opinion I follow you and support friend

I registered on the waiting list a few days ago. I like robinhood and have used it to trade stocks in the past as well. I think coinbase needs the competition and can't wait to use robinhood for crypto trades.

Although my first instinct was that commission free means poor price offerings. That’s probably from my experience with scammy foreign exchange offices throughout my travels.

Yep: that's true in the bond market too. You either pay the commission or you pay through a wider spread.

Even if CryptoRobinHood doesn't attract professional market makers, the spread are likely to be wide because there won't be that many amateur market makers. Money does attract the money-minded.

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I think the spreads will be wide, that's an issue that already exists with Robinhood, but it will be interesting to see a legit app try to go against all the other fake trade exchanges, lol. That order book is going to look odd in comparison.

Thanks for the update

I'm glad to see alternative exchanges popping up. When everyone who are new to crypto stores all their currency on the same exchange, the exchange gets too much power in my opinion. They basically become a bank and can sell more currency than they can actually account for. I'm sure there are some regulatory mechanisms to prevent this, but still, to me, it reduces the point of cryptocurrencies.

fiat exchange?

I wish Robinhood was available in Canada! It would be a better option than Coinbase.

Robinhood looks like a nice platform, but not available here in South Africa yet.

Great information. Hopefully they expand to more states soon

I've already tried to sign up but apparently"Germany" is not a US state that I could select... ;)

It's great to see Robinhood expand from stocks into cryptocurrencies. More competition is always good, and even though I'm using Coinbase now, I'll definitely look into Robinhood. My only concern now is that I'm not located in one of the 5 U.S. states where it will be possible to trade cryptocurrencies with Robinhood. (as i understand, Robinhood will test first in 5 states, and then try to expand nationally?) Thanks for your informative post!

Robinhood is huge and i really thing it could be a main competitor, but when i was trying to register the other day, i think it was giving me options to choose only for USA citizens. Is it USA only for now or i didnt saw something good ?

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Seems that way, and only available in a few states in the US for now actually.

awesome news! thank you so much for sharing :) il be happy to use your link! you know, you really have valuable information that helps.. this should not be taken lightly. you rock gurl!

Finally, I hate that large fees at Coinbasee . Iwas looking for the new platform and sure will check this one :)) Thank you for this

BITCOINHOOD!

Wao first time m hearing of this. Thanks will look it up

Ohhh this is nice

Hey @heiditravels! I love your posts especially with the Youtube videos. It's definitely legit. I'll fully support you. Back to your article, competition is always welcome when you have Coinbase leading the mainstream investors in North America. Let's see what Robinhood's price offering will really be when they launch in February. Thanks for the post!

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Thanks for your support, it's very much appreciated :) Yes, we'll all have to keep an eye out for the terms they set in Feb.

I hope they add LTC soon!

Any idea when it will be available in NYstate ?

But this item not avelable in india

Great! Unfortunately Robinhood is available only for US citizens . Let's hope for international expansion.

Good to see more services for crypto.. Now we just wait for the masses to come in!!

competition is always good I will be checking into this thanks for the info

I just want to share with everyone that I have the issue with my Chase Visa card. In this month's credit card statement, I see that they change the “name” from “Coinbase Cheapside” to “cash advance”. I paid a $10 fee on my $100 purchase for Bitcoin. Unfortunately, VISA and MC companies are bullying us with these extra fees. It's a form of price gouging. And Coinbase was not aware or doing anything to fight this off protecting our crypto community. Well, time into look to Robin Hood for trading crypto and I welcome this competition.

a lot of imformation and amazing post....
thanks for sharing
upvote

Robinhood is currently in a very good position and its popularity is increasing. We all hope that everything from Robinhood.

I just heard about Robinhood very recently. Thank you for the information. It looks like this is one to watch. I am finding many of your posts to be helpful as I am new to all of this. I will be following.

Upvoted, thanks Heidi!

interesting, informative, thanks for sharing @heiditravels .. I've upvoted your post:)