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The Fintech Robinhood startup is expanding its cryptocurrency trading product with two new token lists. Users in selected states can now exchange Litecoin and Bitcoin Cash from the app.
Robin Hood is currently providing one of the easiest ways to start with cryptocurrencies. You can download the app, upload money and buy tokens in just a few minutes.
But there are some warnings. First of all, Robinhood is only available in the United States if you want to trade stocks, ETFs and options. And if you're interesting Robinhood Crypto in particular, it's only available in 17 states.
Robinhood also claims that there are no commissions on cryptocurrency trading. Given the liquidity of the trade in cryptocurrencies, there is always a certain diffusion. It means that if you buy a bitcoin and if you sell a bitcoin, there will be a small gap between these two prices due to the small order backlog. To say that there are no costs is misleading.
The start does not handle an exchange itself. Acts as a broker with other exchanges. That's why it makes no sense to say that Robinhood will kill Coinbase. Robinhood will most likely cooperate with Coinbase behind the scene as one of his exchanges, for example. At the user experience level, Robinhood Crypto competes with the main product of Coinbase and Circle Invest.
The company has created a second company that does not respect the same regulatory framework because it is not an intermediary. Currently you can exchange money with Bitcoin, Ethereum, Litecoin and Bitcoin.
Unfortunately, Robinhood does not allow you to manage the addresses of your wallet. It means that you can not send or receive tokens from another portfolio. You must first convert to fiat currency. But it is still a simple and simple way to start on this market.
