The Robinhood app has finally opened trading for Bitcoin and Ethereum on its platform for Texas users.
A tweet in this regard was posted on the official Twitter account of Robinhood yesterday.
This new expansion by the zero-commission startup exchange is an indication that the Robinhood app wants to gear up for the competition.
The platform is carrying out crypto coin trading through a separate entity that follows different rules.
On this, Robinhood says, “Cryptocurrency trading is done through an account with Robinhood Crypto, LLC. Robinhood Crypto is not a broker dealer and is not a member of the Financial Industry Regulatory Authority.”
The app is providing support to its users by making crypto available even for very small amounts including any fractional amount above 0,001 ETH and 0.00001 BTC. At present, the app is not allowing any margin trading since the coins will not serve as collateral.
As of now, Robinhood is allowing only limited range orders to avoid directly being a part of the volatility of the crypto market.