By now, I’m sure all of you have at least heard of cryptocurrency. For those who don’t really know what this is, try to think of it as more of an investment product than a currency. What this is meant to do is to take away the power that’s traditionally held in a central power and give it back to its users. Sort of like Robinhood, which brings us to today’s topic: the zero-commission stock trading Robinhood app. Their aim is to democratize the financial system, and they’re doing it one cryptocurrency at a time.
How the Robinhood App Works
The Robinhood app works on a zero-commission basis, so every transaction is as you see it. Through this app, you can track the price and the latest cryptocurrency news. You can also set up alerts on any of the 16 crypto coins Robinhood carries, including Bitcoin, Ethereum, and Litecoin. By connecting your bank account to the app, you can instantly transfer USD1,000 over. But if you go for their Gold membership, you can transfer more. For those who are into the stock market, the Robinhood app works essentially like any stocks app. The company hopes that this similarity will get more people interested and involved in the cryptocurrency trade. So we’ll probably be seeing the crypto trade growing in time.
When you place an order to buy or sell, you get an estimated price. Even if the market fluctuates, Robinhood puts a limit on your trade, so you will only make transactions when the market price comes round to that estimated price. It’ll also keep you notified, so don’t worry about it doing anything without your knowledge. You can also choose to set a limit at a price where you will automatically buy or sell. Currently, only Bitcoin and Ethereum are available for trade, but other cryptocurrencies will be added soon.
How Safe is the Robinhood App?
For those who are worried about getting their information stolen, Robinhood is a respectable business with 5 years of perfect track records. The Robinhood app will also be adding new two-factor authentication options to extra security. This includes integrations with authenticator apps, so hackers can’t gain access to your information and drain you dry. Fintech is currently the world’s hottest thing, and many people are targeting it for malicious reasons. Robinhood is hoping that with extra security, everything can develop without any hitches. Currently, Robinhood has already handled USD100 billion in transactions, saving its users over a billion in handling fees.
If you’re part of the cryptocurrency community, do give the Robinhood app a go and stop paying so much for middlemen fees. Since they launched their official site, a million people have been waiting in line to get early access and the latest info.
Video Credit: Robinhood
Stay ahead of the world’s latest lifestyle/tech products! Follow Whoopzz Facebook Page