Robinhood, commission-free brokerage website, offers to buy and sell bitcoin and ethereum with zero transaction fees.
“Check your inbox, because the first set of Robinhood customers can buy and sell Bitcoin and Ethereum with Robinhood Crypto, starting today. All your investments, commission-free, on one platform.” tempts users Robinhood blog post.
Cryptocurrency trading market is known for its outages, high-fees, and long periods of downtown. But Robinhood, valued at $1.3 billion, offers users the chance to trade cryptos without paying any fees. This chance will be available only in 5 states: California, Massachusetts, Missouri, Montana, and New Hampshire.
However, in order to trade cryptocurrency without commissions, you need to get in line. There are over 1,000,000 people in the waitlist. The firm attracted much attention as early as January, when announced commission-free cryptotrading.
Now, when the cryptocurrency features are implementing, this waiting list should start to gradually move up.
Robinhood is one of the first non-crypto companies that tries to break into the cryptocurrency trading market. The firm has been carrying out commission-free stocks trading for 5 years. Expanding its scope the company may become a significant competitor for such popular platform as Coinbase.
But keep in mind: although you won’t pay fees to Robinhood, you will have to pay some fees for cryptocurrency buying (about $37) with the money going to the "miners" who generate the bitcoin in the first place.