Robinhood is in a great position to eat into Coinbase and other exchange's market share for a more mainstream audience. I'm curious which crypto currencies they plan to support beyond Bitcoin and Ether.
@rrhoover *rubs hands together* yesssss Robinhood tell us what other coins you're supporting 🤑
@rrhoover "We will connect to many exchanges, up to a dozen or more, over the next several months," Tenev said. "We want to break even on this business, not to profit from it. We view this as an opportunity to expand our customer base and give our customers more access to functionality." - https://www.cnbc.com/2018/01/25/stock-trading-app-robinhood-to-roll-out-bitcoin-ethereum-trading.html
@rrhoover Ripple and ADA please!
@rrhoover Looks like only BTC & ETH for now: http://blog.robinhood.com/news/2018/1/24/dont-sleep
@rrhoover important to note app isn't available in Canada.
@rrhoover @kevin_seguin I hope crypto & stocks RobinHood App will be available this year in Canada
@rrhoover Let's hope they have MIOTA & XRB
@rrhoover Does this mean they do plan to support others currencies ? 🤔 🤑
Can you clarify the "zero-fee" statement? This was a clear part of your initial positioning, where you competed with budget brokerages that charged a ~$10 service fee per transaction. With some cryptocurrencies, such as Bitcoin, the fee is somewhat integral to how the currency works. Are you covering the cost of the Bitcoin transaction fee, or are you saying that you don't charge a service fee on top of the transaction fee. This might be misleading.
Either way - pretty dope to see Robinhood getting into crypto. Don't mean to just rain hate down on y'all!
@robinsongreig I assume they won't charge any additional fees. Why would they cover the fees of the network ?
@tsnkff Yeah, agreed. If that's the case, it's a bit misleading to say "Zero-fee".
@robinsongreig @tsnkff Fair concern, but there are actually very small SEC fees associated with stock sales, which are deducted from proceeds on Robinhood (and probably every other discount broker). The same logic should apply on crypto sales.
@robinsongreig When they say "zero-fee" I'm sure they are refereeing to transaction fees when purchasing or selling the currency. Coinbase charges 1.49% and GDAX 0.25% for market orders. Robinhood will charge 0%. I don't see any indication that they are going to allow people to transfer BTC & ETH for "zero-fee" - what you are referring to. That being said GDAX does allow for fee-less transfer of both BTC & ETH. They are probably able to offer this due to making so much money on transaction fees.
@robinsongreig they will likely cover their costs through the exchange rate they give you (eg. Price per btc will be slightly higher with Robinhood vs other exchanges)
@robinsongreig best insight on the thread. Does this cover gas prices, too ;)?
@robinsongreig @sebfeed This is usually referred to as 'the spread' when converting currencies/forex - they will buy BTC at the lowest price they can and sell it for 1% more or whatever markup is competitive/profitable. It's good to see a crypto exchange going in the is direction but it's what forex industry does already. They'll still be turning a profit, don't worry.
@robinsongreig I think any Bitcoin / Ethereum network fees will only apply when transferring in / out of the Robinhood. I would presume any trading done in the platform will be off chain, (instant and no network fees), and then there will be no further transaction fee on top of this.
Lama Al Rajih
@2neeraj @vladtenev @bond_alexander @thejgr @bprafulkumar I've been waiting to see whether Robinhood would roll out a crypto product/add crypto. Is this going to be available in the app/on the web?
This is awesome! Put Ripple on there please :)
@masoudardestani I just updated my app, and $XRP is available as a quote. So it's probably safe to assume that it will be tradable.
@micahalcorn no way.....
@masoudardestani That doesn't mean a person should buy it. 😂
@micahalcorn you’ll never know! The coin is promising.
BOLD MOVE... BOLD MOVE!
TAKE OVER COINBASE (please)
ps: love the funny design, not sure how it'll integrate with the rest of the app though.
are Y'all working on a decentralized exchange as well - leveraging @0x Protocol or something similar like OmiseGO etc...
Low-key high-key pumped for this.
The rumors are true. Coinbase account closing shortly.
Are you not Accepting UK signups? Tried and only see US states?
I see your only US for now, hope you can open up to the UK soon :)
This is interesting for existing Robinhood customers, particularly if we will be able to move in and out of stock and crypto positions quickly instead of having to wait for trade clearance and fiat deposits/withdrawals. Is this going to be the case, or, for example, would stock sale proceeds be subject to a multi-day clearance period before using them to purchase crypto?
Everything under one hood. Robinhood.... Will wait for it.
Great news! I hope Robinhood pushes Coinbase to lower transaction fees.
Will this be restricted to USA and Australia?
12k in line when I signed up. Now 14k. Guesses on waitlist in 24 hours?
@joshdance 1.5 million?
If you also include holistic, zero-hassle tax documentation for the accounts, you would probably dust Coinbase. Great to see this from Robinhood anyways! 👍
Wow, this changes EVERYTHING. Well done Robinhood!
Where's the white paper?
I'll see myself out.
Always good to have competition!
The designer was definitely pumping the Tron soundtrack on repeat while working on this.
@kenseals Tron theme... subliminal TRX? 🤔
@kenseals @matttdean that would be great for me!
@kenseals “The whole Crypto section of Robinhood is styled with an 80s Tron design to denote the 24-hour trading window, compared to its day and night themes for when traditional stock markets are open or closed.” https://techcrunch.com/2018/01/25/free-cryptocurrency-trading-app/