Robinhood rolls out zero-commission trading for Bitcoin and Ethereum
The Palo Alto based financial Brokerage firm Robinhood has rolled out commission-free trading for Bitcoin and Ethereum. Investors can now trade bitcoin and Ethereum for free in a handful of US states. The states include California, Massachusetts, Missouri and Montana, the company said on Twitter. Users will still be responsible for fees charged by the underlying exchanges. But you can’t beat the quick access to funds.
The launch is still in its beta stage and some of the users won’t be able to see the changes. Moreover, some people from the Twitter community have also reported that the Crypto part of the app is buggy, while stocks and ETF trading works like a charm.
Commission-free Bitcoin (BTC) and Ethereum (ETH) trading is now rolled out and available to investors in California, Massachusetts, Missouri, and Montana. Stay tuned for more updates!
— Robinhood (@RobinhoodApp) April 2, 2018
The zero-commission trading has given Robinhood an advantage over other large exchanges such as Coinbase which charge trading fee of around 1.7% to 4%. Instead of relying on trading fee, Robinhood will earn profits through interest accumulated in the banks and a new subscription model called RobinHood gold which allows someone to trade with large amounts of money.
RobinHood plans to release this new feature in New Hampshire next, although the company claims that the release will be gradual.
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