Robinhood Requests Explode With Addition Of Crypto Trading
Since its cryptocurrency trading announcement last week, requests for Robinhood Financial LLC accounts have exploded. In fact, in four short days, the brokerage’s waiting list ballooned to well over 1 million despite the fact that BTC lost about 50% of its value in the past six weeks or so.
Although Robinhood’s initial popularity came from allowing anyone to buy and trade stocks fee-free, the site plans to charge for cryptocurrency transactions, according to Bloomberg. However, they won’t take a commission, and the nominal fee simply allows Robinhood to defray the costs associated with trading crypto.
Right now, users are already able to track prices, news, and set up alerts for top coins on the app.
It’s no surprise why potential users are eager to jump on the Robinhood exchange. At a much lower cost than Coinbase’s 1.5% to 4% fee schedule in the United States, the app provides an attractive new option for buyers.
While trading is set to begin in February for those with “early access,” most users likely won’t be able to take action until sometime mid-year due to the overwhelming demand.
Despite growing concerns about government regulations as well as slow transactions and other complaints, the demand for cryptocurrencies doesn’t appear to be fading anytime soon. That’s not surprising considering where things were just one year ago.