Robinhood is a well-known commission-free investing app which now expands its services in cryptocurrency to a new territory. The financial trading app attracts ‘millenial’ traders because of its intuitive and user-friendly platform. Robinhood app recognizes the potential of growth in digital currencies.
Now it aims to cater its clients and open in another American state, Utah.
Before that, two states have welcome the crypto trading app this month: New Mexico and Wisconsin.
Why is Robinhood Popular among Millenials?
The great thing about it is the ease of use to trade in a single platform with 16 different variety of cryptocurrencies. There is no charged fee in using the app’s trading services in Bitcoin and Ethereum.
Crypto ecosystem with Robinhood seems to go well since this year’s late February. Five states have open to receive the trading app: California, Massachusetts, Missouri, Montana and New Hampshire.
Last month, another location was added to their list: Colorado.
These series of expanding in different states news cause massive reactions and responses from its users in the Robinhood’s Twitter account.
A huge wave of requests for the investing app came to make more additional crypto coins in their platform.
With $0 Fee Required Per Trade, How Does Robinhood Make Money?
Simple. The company earns money from regulating the order flows.
This tactic is useful to generate revenue by managing its clients’ orders to their respective trading profits. It is a usual scheme by most of discount brokers.
The financial services company receives interest from inactive users’ account deposits. A $10 fee is needed for the premium account that allows users to use more of its features.
To this day, Robinhood is the second to the most highly valued U.S. fintech startup company, Stripe, a digital bank firm.
Author: Kella Pacquiao, Philippines