The wait is over! You can now buy tokens on the Robinhood app, currently one of the easiest ways to getting started with cryptocurrencies. There are some limitations if you are interested in using Robinhood. It is only available in the U.S. for trading stocks, ETFs and options. For Robinhood Crypto specifically, it is only available in 17 states.
According to TechCrunch, “Robinhood also claims that there’s no fee on cryptocurrency trading. Given the liquidity of cryptocurrency exchanges, there’s always some spread. It means that if you buy one bitcoin and if you sell one bitcoin, there will be a tiny gap between those two prices because of the tiny order book. Saying that there’s no fee is misleading.”
The startup acts as a broker with other exchanges. The company has created a second company that doesn’t comply with the same regulatory framework because it’s not a broker dealer. You can currently trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
One thing to note, Robinhood doesn’t not give you the ability to manage your wallet addresses. You’d have to convert to fiat currency first. The process is still simple enough for someone who is looking to start trading in cryptocurrency.