Crypto trading app Robinhood is now available in three more US states. The platform launched services in Rhode Island, Tennessee and Arkansas in October. Now residents of 24 US states can make transactions in several leading cryptocurrencies with zero commission.
Robinhood, a popular mobile app for trading stocks, options, exchange-traded funds (ETFs) and crypto assets, recently expanded its coverage in the US, adding Rhode Island, Tennessee and Arkansas as of early October. The announcements on social media come after strong starts in Alaska and Oklahoma last month."Running into Arkansas... strong in Tennessee... gaining a foothold in Rhode Island," Robinhood wrote in its Facebook posts. Taking the opportunity, the California startup also reminded its subscribers and potential clients that the Robinhood trading platform does not charge fees to users.
In early 2018, Robinhood Crypto launched in only four states. Since then, its geographic coverage has grown to 24 different jurisdictions in the United States. In addition to the five states recently added, the list includes Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, Pennsylvania, Texas, Utah, Virginia and Wisconsin.
Today Robinhood supports the most common cryptocurrencies, including BCH, the list of which was also expanded this year. In February 2018 there were only two of them - bitcoin core (BTC) and ethereum (ETH). Bitcoin cash (BCH), litecoin (LTC) and dogecoin (DOGE) were added in July. In August, the platform announced support for ethereum classic (ETC).
By providing zero-fee services, Robinhood should still generate revenue. To that end, the platform charges interest on funds held in users' accounts, sells its customers' orders to exchanges that need liquidity, and offers a Robinhood Gold subscription package that gives access to a margin trading feature. The package costs up to $200 per month.
Due to the nature of some transactions on the platform, such as order processing fees paid by third parties, the platform has been accused of taking chances away from young investors in favor of Wall Street traders. According to media reports, Robinhood sells some of its orders for more than ten times more than other brokers.. The company defended its position by saying that as a licensed broker, it must execute clients' orders at the best price available on each regional and national stock exchange.
According to https://news.bitcoin.com
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