Robinhood introduces recurring crypto purchase function to compensate for price fluctuations-Bitcoin News
Robinhood introduces recurring crypto purchase function to compensate for price fluctuations-Bitcoin News
On Wednesday, the stock and cryptocurrency trading platform Robinhood has introduced recurring crypto investments and now customers can buy daily, weekly or every month crypto-provision-free from just $ 1. In the company's announcement, the investment strategy referred to as the dollar cost average formation is "to compensate for the price fluctuations".
Robinhood introduces recurring crypto purchases
The Robinhood (Nasdaq: Hood) investment platform now offers customers the opportunity to buy crypto-assets in a recurring manner. This means that customers buy a defined amount of digital currency ($ 1 or more) and can buy them every two weeks or monthly every day, week after week. In addition, Robinhood says that customers can "determine recurring investments across several coins without ever falling a fee".
"Today we introduce recurring crypto investments, a new function with which you can buy your favorite coins regularly, with commission-free and only $ 1 in a daily, weekly, two-week or monthly schedule of your choice," said Robinhood’s announcement notes. "Saving is a habit and recurring investments are introducing a strategy to enlarge the stocks over time and at the same time reduce the effects of market volatility."
The company has become known in the crypto industry and after the IPO (IPO) from Coinbase, Robinhood also went to the stock exchange this year. On June 29th, bitcoin.com news Robinhood and how it remained behind the expectations. Robinhood is also often associated with Dogecoin (Doge) and cryptofocussed armchair detectives Faith Robinhood is the biggest Doge wallet owner.
In fact, Dogecoin helped Robinhood in 2021 quite a bit, since note that Doge im second quarter 62 % of the company's cryptocurrency turnover. The latest recurring crypto purchase function shows that Robinhood wants to be a load-bearing pillar in the world of digital change of money. Many other digital currency exchanges such as Crypto.com and Coinbase have been offering recurring purchases for some time.
Robinhood insists that the fees of the competition are higher
The announcement of Robinhood insists that its competitors demand 4% for every crypto trade and that the company's mission is to democratize finance for everyone. "The fees on other platforms are higher for smaller recurring purchases than for a single large," emphasizes Robinhood.
"This can be used to invest in a regular basis for regularly small dollar amounts, but are more profitable for these companies, but is counterproductive for long-term asset structure. If you place an order from Robinhood and spend $ 100 for the purchase of Bitcoin, you will receive Bitcoin worth $ 100," concludes Robinhood.
The Robinhood share Hood did not develop well in the last month because it was traded on August 9 for $ 56.83 per share. Today Hood fell by 29.52 % and was traded on September 9 for $ 40.05 per share.
What do you think that Robinhood adds the recurring crypto purchase function to the trading platform? Let us know your opinion on this topic in the comments below.
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