Robinhood, the mobile brokerage app, is getting into the cryptocurrency game and will be offering commission-free crypto trading. With over 3 million registered accounts, Robinhood is a widley popular brokerage app that gained initial success by offering free stock trading and providing real time market data. Inspired by the crypto trading platform Coinbase, Robinhood will allow users to trade Bitcoin and Ethereum, as well as allowing tracking for 16 major cryptocurrencies. In its current state, Robinhood will allow for instant transfer of $1000, with additional funds coming slower over ACH transfer. This is quite good for small traders as the fast transfer time will allow users to better track and purchase low priced cryptos.
Robinhood's commission-free crypto trading is a bold move for the company, but should expand its 3 million users exponentially. Furthermore, the simplified trading and tracking offered by the app could bolster Bitcoin and Ethereum by opening the space up to more users. This may also further legitimize cryptocurrencies by combining traditional equity trading with the burgeoning currency.
Commission-Free Crypto Trading Apps
Robinhood is Breaking Into the Crypto Market with Free Trading
Trend Themes
1. Commission-free Trading - The trend of commission-free trading apps presents an opportunity for businesses to disrupt traditional brokerage models, making investing more accessible for all.
2. Cryptocurrency Investing - As more platforms offer commission-free trading for cryptocurrency, businesses can capitalize on the growing popularity and legitimacy of cryptocurrencies.
3. Simplified Trading Apps - The trend of simplified and user-friendly trading apps offers an opportunity for businesses to disrupt the finance industry and attract a wider range of consumers.
Industry Implications
1. Financial Services - Companies in the financial services industry can innovate by offering commission-free and simplified trading options for cryptocurrencies, making investing more accessible to the masses.
2. Mobile App Development - The rise in popularity of commission-free trading apps presents a growth opportunity for mobile app development companies to create user-friendly trading platforms for both traditional and cryptocurrency markets.
3. Blockchain Technology - As the legitimacy of cryptocurrencies continues to rise, the blockchain industry can innovate by developing new and secure ways for trading and investing in cryptocurrencies.