Earlier this month, Robinhood, the free-stock trading platform aimed at the Millennial generation, announced that they will allow free cryptocurrency trading starting in February. It’s announcement into the cryptocurrency market has been welcomed with arms wide open.
Just over a week of announcement, Robinhood’s waitlist for cryptocurrency trades is over 1,000,000 users. If you’re signing up now, you will be waiting a while before you gain access to the platform, even after launch.
To clarify, not all customers will be able to trade. Only customers in California, Massachusetts, Missouri, Montana and New Hampshire will be able to trade Bitcoin and Ethereum through the app beginning in February. However, customers can track prices and receive alerts for 16 cryptocurrencies on the app.
From their Q&A section of the site, you will be able to withdraw your cryptocurrency; however, they have noted that transfers and withdrawals can take up to one week. Any fees incurred in this process, such as network and mining fees, will be passed along to the customer as well.