Popular commission-free stock trading platform Robinhood has only recently launched a cryptocurrency-trading service, which started in select states. Now, the platform is slowly expanding to other states. The newest on the list is the state of Georgia, whose residents can now invest in digital currencies directly via the platform, with zero commission on trades.
Users Can Now Trade in Five Cryptocurrencies
Georgia residents who are looking for low-cost ways to invest in cryptocurrencies can now shift to Robinhood. In a tweet on August 2, the platform noted:
Robinhood Crypto is coming to Georgia, and we’re feelin’ peachy! Trade cryptocurrencies, commission-free. pic.twitter.com/8eX57gv8sw
— Robinhood (@RobinhoodApp) August 2, 2018
The cryptocurrencies available for trading include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dogecoin. Live market data are also available for several other prominent cryptos like Bitcoin Gold, Dash, Neo, OmiseGO, Qtum, Ripple, Stellar Lumens, Zcash, Lisk, Monero, among others.
Users do not have to download a separate app or change settings. The service will be available automatically.
Robinhood Rolls Out the App Slowly
The company has been treading very slowly in the cryptocurrency markets. Though its service has been met with huge investor interest, the platform has been working in a step-by-step manner. The app has to work with regulators in different states to make their crypto-trading services available.
However, as new states are being added consistently, it is clear that the company is doing something right. Its crypto services are now available to residents in 18 states, including Michigan, Colorado, Florida, Arizona, Massachusetts, Missouri, Iowa, California, Pennsylvania, New Mexico, Virginia, Texas, and more.
Currently, the company acts as a custodian for digital currencies, which means users do not have access to their private keys. Also, the app does not have a wallet on its platform yet. Sending or receiving coins within the app is not possible as of now. Only buying, selling and holding cryptocurrencies is possible at the moment. Users also cannot bring their existing crypto assets from outside of the platform to sell on Robinhood.
Despite these shortcomings, the service currently has more than four million users, and Robinhood could become one of the biggest crypto-trading platforms, especially because of the commission-free business model that made it insanely popular in the equity trading sector as well.
BTC, BCH, ETH, LTC, and DOGE Trading on the Robinhood Platform Now Available in the State of Georgia was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.