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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/...
@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...
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.
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
TAKE OVER COINBASE (please)
ps: love the funny design, not sure how it'll integrate with the rest of the app though.
If you also include holistic, zero-hassle tax documentation for the accounts, you would probably dust Coinbase. Great to see this from Robinhood anyways! 👍
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?
@masoudardestani I just updated my app, and $XRP is available as a quote. So it's probably safe to assume that it will be tradable.
are Y'all working on a decentralized exchange as well - leveraging @0x Protocol or something similar like OmiseGO etc...
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?
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?
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