Robinhood has announced that recurring cryptocurrency investments will be available on its trading platform.
Buy Bitcoin for $1 a day
The function allows ordinary investors to buy bitcoin for as little as $1 daily, weekly, or monthly basis.
Market volatility was highlighted as a justification for using the function. The business claimed that recurring investments might assist clients in reducing the stress of market timing and achieve long-term growth.
Robinhood also claims that customers will not be charged any fees, making this technique potentially more profitable than other companies that charge up to 4% trading costs. In addition, investors may get less than their recurring investment amount to help safeguard against extreme price moves, according to Robinhood.
Robinhood has also been offering recurring investments for stocks and other traditional assets since May 2020.
The Option of Robinhood Isn’t the Only One
Even though Robinhood’s new feature has received a lot of attention, it is not the only crypto trading site that offers it. The functionality is also available on Coinbase, Gemini, and Binance.US.
Binance’s worldwide exchange, which launched recurring investments two days before Robinhood, was the first to do so.
Robinhood has been chastised in the past for not allowing investors to withdraw their assets in the form of cryptocurrency, even though it enables bitcoin purchases. However, this functionality is allegedly in the works.