Robinhood: All You Need To Know About The Crypto Trading App
NDTV
The US-based platform is best known as the stock trading app that started the concept of commission-free trading years before most others thought of it
To invest or trade in cryptocurrencies, you would first need to open an account on any of the many online exchanges. Robinhood is just one of them, and a popular one. The US-based platform is best known as the stock trading app that started the concept of commission-free trading years before most others thought of it. Later, as the crypto boom hit the world, it also offered its services to those interested in the emerging industry. Robinhood is liked by beginners, because of its user-friendly interface.
What other factors determine Robinhood's worthiness? And what are its shortcomings, if any?
Pros
1. Unlike many other similar platforms, Robinhood offers commission-free trading, this basically means that the investor is not required to pay the platform any fee for making transactions. For instance, some top crypto trading apps charge up to 1.5 percent trading fee for most transactions. Say you want to buy Rs 1,000 worth of Bitcoin, then you will have to pay Rs 15 as commission. However, Robinhood charges a variable order flow fee.
