Robinhood Opens Trading for 7 Cryptocurrencies in New York — CoinDesk

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Robinhood, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York.

Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State.

Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin.

To help protect your market orders against dramatic price moves, we adjust market orders to limit orders collared up to 1% for buys, and 5% for sells.

Collars are based off the last trade price.

This means that your order won’t execute if the price of the cryptocurrency moves more than 5% lower than its price at the time you placed a market sell order, or more than 1% higher than its price when you placed a market buy order, until it comes back within the collar.

A limit order is an order placed to buy or sell a specified amount at a specified price or better. You don’t have to worry about day trading limits on cryptocurrencies because they’re not regulated by FINRA or the SEC like stocks and options.

Limit orders aren’t guaranteed to execute.

When you make a deposit (or sell investments in your Robinhood Financial brokerage account), those funds are immediately available for purchasing cryptocurrencies in your Robinhood Crypto account.

Cryptocurrency trading is offered through an account with Robinhood Crypto. Robinhood Crypto is not a member of SIPC or FINRA.

We’re excited to release Robinhood Crypto to customers on a state-by-state basis. Check out our growing list of states below!

Don’t see your state? Don’t worry–you’ll receive an email and an in-app notification when your account is ready for Crypto.

Robinhood Crypto also supports real-time market data for the following cryptocurrencies:

We also plan to support the ability to buy and sell other cryptocurrencies through Robinhood Crypto.

By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy

By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy

By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy

Robinhood, the popular stock and crypto investing app, has officially launched bitcoin, ethereum, and other cryptocurrency trading in New York.

Silicon Valley-based Robinhood received a BitLicense from the New York Department of Financial Services (NYDFS) in January 2019 and on Thursday opened access to crypto trading in the Empire State.

Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin.

Robinhood, the stock trading app for millennials, recently introduced cryptocurrency trading services on its platform to customers in five states — California, Massachusetts, Missouri, Montana, and New Hampshire.

The San Francisco-based company made the announcement in a blog post last week. It also announced a new feature called Robinhood Feed for the app’s users to track cryptocurrency news and discuss their price swings. The feature is available to select users currently, and Robinhood plans to evolve its feed based on comments and feedback from users.

Despite a sluggish cryptocurrency market, stock trading app Robinhood is adding two new digital currencies to its platform.

The company will add Litecoin and Bitcoin Cash to its no-fee app, which already lets users trade bitcoin and ethereum.

“Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,” Robinhood said in a blog post Thursday.

The company also said it has topped 5 million users across the entire Robinhood platform, helped by “significant momentum generated over the last several months with the introduction of Options and Crypto.”

The platform added cryptocurrency trading in February, two months after bitcoin had skyrocketed to nearly $20,000.

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Robinhood Crypto has been steadily adding states where the service is available. Currently investors can buy and sell the four coins in 17 states, including California, New Jersey, Florida and Massachusetts, with more states becoming available in the future.

Robinhood began offering users the ability to trade Bitcoin and Ethereum — the top two cryptocurrencies by market capitalization — in February. Since then, investors have expressed interest in trading other cryptocurrencies, according to the company announcement.

Litecoin, the world’s sixth-largest cryptocurrency, rose in value earlier this week on news that the Litecoin Foundation was partnering with payments platform TokenPay.

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