The date has arrived and the zero-fee Robinhood mobile trading app is operating in five US states. The announcement was made by the company on February the 22nd on a blog post. In this way, the platform will be able to offer a commission-free service for its customers.
Robinhood Commission-Free Crypto Platform
Investors from several US states will now be able to access a cryptocurrency platform that offers commission-free cryptocurrency trading. At the moment, Robinhood is available in five US states, including California, Massachusetts, Missouri, Montana and New Hampshire.
At the same time, all the users registered in the platform are able to monitor and track the price of 16 cryptocurrencies in the market. But the only two virtual currencies available for trading are Bitcoin and Ethereum. Furthermore, Robinhood has also decided to launch Robinhood Feed, allowing users and investors to discuss daily news and the cryptocurrency market.
The company wrote on its blog:
“With today’s trading launch, we are also announcing Robinhood Feed – a brand new way to discuss cryptocurrencies, news, and market swings, in real-time with other investors on Robinhood. Feed is available to a limited number of people on the platform and will evolve based on your, well, feedback.”
According to data released by the company, Robinhood reached four million users during the last weeks. Additionally, the platform has managed over $100 billion dollars in transaction volume on their brokerage platform. That has lead to over $1 billion in commissions saved in equity trades.
The company is also working in order to release the crypto trading functionality in many other states and not just in the ones mentioned earlier. Offering a zero-fee exchange, Robinhood wants to make the financial system work, not only for the wealthy, but for everyone.
The company has also explained that the main intention behind this launch is attracting as many new customers as possible to the cryptocurrency space. Besides that, Robinhood claimed that the company will operate the business “on break even basics.”