Robinhood, a $1.3B Stock Trading Startup Will Finally Bring Some Competition for Coinbase
Hey everyone! I'm so excited about this news that I had to share it with all of you! Coinbase is finally getting some much-needed competition when it comes to trading cryptocurrencies, especially in the United States.
I haven't particularly had any major issues with Coinbase before, but the fees and wait times are preposterous. This is crypto and the mission of crypto is not to be slow and have big fees, that's the mission of big finance.
I'm really excited about Robinhood entering the crypto space because their mission aligns directly with crypto and firmly against big finance - they want to put the power back into the hands of the people and they want to do it efficiently and with scale. Robinhood already offers fee-less stock market trading, which is revolutionary in-and-of-itself. I actually use Robinhood for some of my stock market holdings.
Robinhood's addition of crypto trading will bring a TON of new money to the crypto market! It's also going to provide Coinbase customers (like myself) with an amazing alternative platform for trading. With Robinhood, I'll be able to buy fiat to crypto without waiting 7 days and making Coinbase rich with a 1.5-4% fee.
If you haven't yet used Robinhood, I highly recommend checking it out for the stock market as well as the upcoming release of crypto trading in February. You can sign up for Robinhood by clicking here. (Full Disclaimer, this is my referral link 😊 and we both get a free stock if you sign up)
Here's a non-referral link: https://signup.robinhood.com/
A Few Details About Robinhood Crypto:
- Instantly transfer up to $1000 from your bank account (or more if you have a gold membership)
- When Robinhood Crypto is first released (in February), Ethereum and Bitcoin will be the only tradable cryptos
- Robinhood already added tracking capabilities for the following cryptos: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Ethereum Classic, Zcash, Monero, Dash, Stellar, Qtum, Bitcoin Gold, OmiseGo, NEO, Lisk, and Dogecoin
- Robinhood will only be available in the following states in February (though more will be added soon): California, Massachusetts, Missouri, Montana, and New Hampshire
Here's the Question of The Day, don't forget to post your answers in the comments!
QOTD: What excites you most about Robinhood's entry into the crypto space?
Thanks for reading! Don't forget to leave your thoughts below and I look forward to seeing you in the comments!
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I was reading about this earlier, sounds like the closest thing to a coinbase killer yet. I think eidoo has a lot of potential too if you haven't heard of them. Nice wallet setup.
I think I've heard of eidoo, but haven't looked into it yet, I'll have to check it out. We desperately need competition for Coinbase's monopoly on the market... I'm so glad that Robinhood is getting into the game!
My question right now is whether or not they'll actually allow you to buy and withdrawal the BTC or ETH....
Something tells me they won't... it will just be 'exposure' opportunity for the Robinhood account holders.
If not, the obvious next question is 'What crypto are people actually buying, then? Will it just be paper buy/sell based on spot price? Does Robinhood actually buy/sell the crypto as a proxy?'
All of these I would love to know.
I found a techcrunch article that answers your question:
The article also mentions that wallet security and in-house funds were being worked on by the Robinhood team:
I hope that helps! Thanks for reading and sharing your questions @blakemiles84!!
Ya, they definitely need to get that handled, but sounds like they're working on it
We are going to get more and more of these exchanges, then we will see some market shattering decentralized exchanges...will take years but this is just another step towards whats coming
Thanks for sharing your thoughts!!! I agree completely. The progression actually makes a lot of sense:
I'm really excited about Robinhood and the progress that they'll bring to the trading of crypto, but I'm even more excited about the future of Decentralized Exchanges!!
That's great news.
Robinhood has the right point. A few whales make a killing and anyone else that gets into crypto or trades a coin pays a fee. Righting the right exhange has been a killer for me.
I saw another exchange similar to Robinhood but not sure about it: https://www.kucoin.com They are called the coin exchange for the people and have no fees.
I looked around a little but haven't used it yet.
Does anyone here know about kucoin?
I agree Robinhood is right on the ball. Their mission statement even for stock trading aligns well with the general idea of cryptos - to take power from the institutions and distribute it back to the masses.
I've also heard of kucoin, but don't know much about it. Would love to hear the experience of others as well!
Thanks. I found other posts here about Robin Hood. Actually I am on the waiting list when they open. That's the main point.
Robinhood will only be available in the following states in February (though more will be added soon): California, Massachusetts, Missouri, Montana, and New Hampshire
I am very new to the crypto world, does this in any way imply that people outside these states cant own an account?
Yes -- since their KYC/AML check is rigorous, they know what state people are from and if you're outside of the allowed states, they simply won't give you access.
But... you're being protected. It's for your own good ;)
Lol I love it 🙏🏽
Haha so funny...
;) lol
Google play store told me the application is allowed in my country but since it is for my own protection am ok with that.
It's just nice that they actually have plans to allow trading of multiple currencies, even if they are only starting with ETH and BTC. Plus, always good to have more ways of adding fiat, I think this will bring some newcomers to crypto
I agree! I think there will be a huge influx of new and less "techie" investors into the crypto space. The addition of future coins and no fees will definitely change the game in terms of Coinbase and fiat to crypto. I'm so excited!! 🤩
Definitely a new set of investors will get interested!
I agree, it will be really interesting to see what comes of it!
It will indeed be very interesting!
I saw this news earlier today and got excited because Robinhood is a fantastic app and agree it will bring in a lot of money once they start trading cryptos. I have been using Robinhood for a few months now and it’s an amazing, user friendly app.
Although on Coinbase you are able to buy a small portion of bitcoin if you want so not sure if you will get the same option in Robinhood?
This is fantastic news! I actually signed up for Robinhood 2 weeks ago for stocks and when you sign up they give you a free stock. I got Sirius (SIRI). Only about $5, but still cool nonetheless!
I'm super excited! Glad to see that you are as well! Robinhood is an amazing platform! How has your experience been in the past 2 weeks @geoffreydemars?
Wow that's cool to hear about those experiences... Bittrex has gotten better recently
Bittrex and binance have both been getting better!
@khaleelkazi its been super easy, much more so than the typical brokerage accounts I'm used to (ie. Schwab). Bittrex took a minute for me to figure out, but I'm guessing the RobinHood crypto app will be super easy as well if I had to bet on it. I'd certainly recommend RobinHood, especially to novice traders but I'd say its good for anyone!
I seen this on Facebook earlier. Definitely a game changer. It's only a matter of time before they add more coins. Nice post following
Agreed! I'm super excited about them adding new coins in the future! Thanks for reading!
New coins will be great. Still looking forward to RB
New coins would be fantastic!
Hopefully it becomes available in Canada. I am excited about no fees and the ability to off ramp to Fiat more quickly. You are right about it being insane to wait for crypto exchanges. It doesn't make sense! Great news!