Popular stock trading platform without commissions Robinhood has just launched a cryptocurrency trading service, launched in certain states. Now, the platform is slowly expanding to other states. The most recent on the list is the state of Georgia, whose residents can now invest in digital currencies directly through the platform, with zero commissions on trades.
Users can now trade in five cryptocurrencies
Georgia residents looking for a low Economic ways to invest in cryptocurrencies can now switch to Robinhood. In a tweet on August 2, the platform noted:
Robinhood Crypto is coming to Georgia, and we feel peachy! Trade cryptocurrency, no commission. 🍑 pic.twitter.com/8eX57gv8sw
– Robinhood (@RobinhoodApp) 2 August 2018
The cryptocurrencies available for trading include Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dogecoin. The live market data are also available for other important encrypted such as Bitcoin Gold, Dash, Neo, OmiseGO, Qtum, Ripple, Stellar Lumens, Zcash, Lisk, Monero, among others.
Users do not need to download a separate app or change settings. The service will be available automatically.
Robinhood slowly launches the app
The company has started to crawl the cryptocurrency markets very slowly. Although its service was received with great interest from investors, the platform worked step by step. The app must work with regulators from different states to make their encryption services available.
However, as new states are added consistently, it is clear that society is doing something right. Its cryptographic services are now available to residents in 18 states, including Michigan, Colorado, Florida, Arizona, Massachusetts, Missouri, Iowa, California, Pennsylvania, New Mexico, Virginia, Texas, and more.
Currently, the company acts as a custodian for digital currencies, which means users do not have access to their private keys. Furthermore, the app does not have a portfolio on its platform yet. The sending or receiving of coins within the app is not possible at the moment. At the moment it is possible to buy, sell and store cryptocurrencies. Users can not also transfer their existing cryptographic resources to the outside of the platform on Robinhood.
Despite these shortcomings, the service currently has more than four million users and Robinhood could become one of the largest encryption platforms, mainly because of the business-free business model that made it insanely popular even in the stock trading sector.