Robinhood Crypto Trading

[Hazeey]

Any new exchange will always be good for crypto, especially one that already has an established user base and offers zero fees. It will be interesting however to see if they are one of those exchanges that claims to offer zero fees but that's because they make up all of their profit by offering very low exchange rates.

It wasn't exactly detailed how they would be making money from crypto. They make it work with stocks by selling order flow to exchanges and using idle money for investment

[colvis]

does this means that people who are from other country are not eligible to participate on the registration..
and is the exchange going to be used by US citizens only?

[A.Delaney]

I already trade with Robinhood and love it. I’m excited for this.

[teejaymuna]

And hopefully, in no distant time, Robinhood will go global. I'm sure that be their vision. Good one for BTC and Altcoins.

[Maveth13]

Any new exchange will always be good for crypto, especially one that already has an established user base and offers zero fees. It will be interesting however to see if they are one of those exchanges that claims to offer zero fees but that's because they make up all of their profit by offering very low exchange rates.

It wasn't exactly detailed how they would be making money from crypto. They make it work with stocks by selling order flow to exchanges and using idle money for investment

They have premium services called Robinhood Gold, I guess they'll make profit from that, don't know exactly how they would implement that to cryptocurrency trading though.

does this means that people who are from other country are not eligible to participate on the registration..
and is the exchange going to be used by US citizens only?

Currently, yes. It's only planned for 5 states at the moment as well.

[Hazeey]

does this means that people who are from other country are not eligible to participate on the registration..
and is the exchange going to be used by US citizens only?

Only US citizens right now. They plan to start moving into other countries in the next few years likely starting with Canada

[mobilazy]

I'm still waiting for verification on cobinhood. Same story as will other exchanges. Takes ages to get verified to lvl 2. Why create another exchange with same frustrated customer experience? It little off-topic, I see. But is it so hard to hire computer vision and ML expert to train AI for verification? Right now it seems like some slow kid doing this job part-time on MOST of the exchanges 

[Hazeey]

I'm still waiting for verification on cobinhood. Same story as will other exchanges. Takes ages to get verified to lvl 2. Why create another exchange with same frustrated customer experience? It little off-topic, I see. But is it so hard to hire computer vision and ML expert to train AI for verification? Right now it seems like some slow kid doing this job part-time on MOST of the exchanges 

This is nothing like cobinhood in any way shape or form. Cobinhood tried to copy Robinhood's business model of offering fee free trading and that is the only relation these two have. Robinhood is a company worth over 1.3 billion dollars in the United States and has been around for 5 years. It is not a "crypto exchange" it is a well established stock trading platform that is expanding into the crypto space for its investors.

[jomz312]

This is a good news.
Because Robinhood will let you buy and sell bitcoin and etherium without any added transaction fees compared to coinbase 1.5 to 4 percent fees in the US.
This company is adding a two factor authentication options including integration with authenticator apps to insure people don't get their wallets stolen and dumped and robinhood also let all users to track the price,news and set up alerts on those top currencies like litecoin and ripple.

[Hazeey]

This is a good news.
Because Robinhood will let you buy and sell bitcoin and etherium without any added transaction fees compared to coinbase 1.5 to 4 percent fees in the US.
This company is adding a two factor authentication options including integration with authenticator apps to insure people don't get their wallets stolen and dumped and robinhood also let all users to track the price,news and set up alerts on those top currencies like litecoin and ripple.

Yep this will be huge for widespread information about Crypto in the United States as well. People in the US are a little less inclined to give away all their information to a place like Coinbase that isn't regulated by the US government. Robinhood has to comply to US rules and regulations which will ensure their clients money. As we have seen with Coinbase, they can just hold your money hostage for weeks/months before even answering a simple support ticket. Hopefully this will also scare these companies like Coinbase and Gemini to get their act together or lose all their US based customers.

[maxxdxx]

I've had a Robinhood account for a while so this would be sweet. Hope they do this. Coinbase makes 2.1 mill in profits daily, probably increasing. They can afford to share. Competition is always good.

[Nivelir]

Wow this is quite interesting news, I honestly never heard of such an exchange or how to properly call it Robin Hood, Strange of course, and why they are not in the announcement section? They did not collect money to create a platform? Verification is carried out there?

[Hazeey]

Wow this is quite interesting news, I honestly never heard of such an exchange or how to properly call it Robin Hood, Strange of course, and why they are not in the announcement section? They did not collect money to create a platform? Verification is carried out there?

This isn't a new crypto exchange. This is an established company in the United States that has been in business for the past 5 years. They are a brokerage firm that is expanding into the crypto field.

Think of Robinhood as a competitor with places like Coinbase, Gemini, etc. It is also US only for registration so it's probably not as widely known around here but it is valued at over 1.3 billion dollars here in the United States as a company

[sylance]

Any competition to Coinbase is a good thing.  If they can stand true to their promise of fee-less transaction then it'll put Coinbase on notice.  Right now, to get fiat into a trading platform can cost upwards to 10% (after purchase and transfer fee.)

[G14tz87]

You can place an order to buy or sell cryptocurrency with USD amount (above $ 0.10 USD for BTC, and above $ 0.01 USD for ETH), or in the amount of fractional cryptocurrency (above 0.00001 BTC, or 0.001 ETH) .
You do not have enough purchasing power to trade. Cryptocurrencies can not be transferred and can not be counted as collateral, so you must have enough money in your account to place an order.
You do not have enough equity to reach your minimum margin. If you have a Gold account, you will not be able to place a crypto order in your Robinhood Crypto account if it causes you to fall below the maintenance of margin or minimum balance in your Gold account. Also, in a Robinhood or Gold account, you can not place a trade that will cause you to fall below the minimum trading equity of your day pattern. You can find more information about this scenario in our article buying gold.

[Gandalphlegrand]

The popular US based stock trading app, Robinhood, is planning to launch a fee-free crypto trading platform in February of this year for a select few states in the US and will expand to other states over time. I believe they are only offering BTC and ETH at this time. This could be a real game changer in the crypto world for people in the US once Robinhood gets this going.

Here is a link to get on the waitlist https://crypto.robinhood.com/

Consider signing up through my referral (dm me) or someone else you know so that you can get a free share of a stock worth $5 to $190

If not using a referral link for free stock then the main website homepage is here https://www.robinhood.com/


*Reminder* This is US only. You must be a US citizen to create an account with Robinhood. Also as a side note this is NOT anything like a crypto exchange in the traditional sense many of you are used to. This is a US based stock trading brokerage that is expanding into the crypto world after being established for 5 years as a company in the United States. They are worth 1.3 billion dollars here in the US and have millions of users. If you were to use any type of crypto comparison to them the only ones that even come close are Coinbase and Gemini.

THIS might be interesting idk

[Littledragons]

This is going to be a massive regulatory nightmare - granted I like the company and the fact that they are all about crypto and such - it was only a matter of time, but can you imagine the headache these people have coming?

Its probably got to do with a partnership with someone like coinbase or something - they must have finagled a way to use some existing system, thats one of the only ways this could be cost effective

[sandy14352]

It's a very good news to the crypto industry because big players comming inside crypto world boosts the wall Street guys into crypto ecosystem

[Hazeey]

This is going to be a massive regulatory nightmare - granted I like the company and the fact that they are all about crypto and such - it was only a matter of time, but can you imagine the headache these people have coming?

Its probably got to do with a partnership with someone like coinbase or something - they must have finagled a way to use some existing system, thats one of the only ways this could be cost effective

Yeah, I'm not exactly sure where they are planning to get their initial supply of coins for people to purchase. I'd imagine they won't start it out as peer to peer type buy/sell until they are able to expand across the whole US. It will be interesting to watch how this unfolds. They've been making it work with stocks for the last 5 years so I'm sure they have a ton of ideas up their sleeves that are within US rules and regulations to make profits from crypto as well.

I'd also think that the US government would actually be happy about this because Robinhood is required to send out tax forms on an annual basis and report capital gains to the IRS. The government will be able to track crypto buys/sells much easier now here in the US through a company that is required to comply with the government.

[Neo.op2]

Well they are not really an exchange.
https://techcrunch.com/2018/01/25/free-cryptocurrency-trading-app/

says:

When you place a buy or sell order, Robinhood gives you an estimated price, connects to a slew of trading venues, exchanges, and market centers to find the lowest price, and uses its economies of scale to improve to score better prices over time. To counter market volatility, Robinhood puts a “collar” around your trade so if it can’t execute it at close to the estimated price, it waits for the price to return or lets you know.

Anyone knows what these exchanges might be? they are also showing prices for other currencies. Any ideas on how those prices are being derived.