Robinhood is about to give Coinbase, the cryptocurrency brokerage, a run for its money.
In February, Robinhood, an online stock trading app, introduced a service that lets users buy and sell cryptocurrencies like bitcoin and ethereum without any added transaction fees.
The Palo Alto-based Robinhood entered the crowded trading arena in 2013.
Through its mobile app it lets users buy and sell U.S. stocks and ETFs without any trading fees.
The platform is especially attractive to less-wealthy millennials who are interested in investing but can’t afford to spend $7 to $10 per trade with firms like E-Trade or TD Ameritrade.
Before launching the company, they ran two other firms selling trading software to hedge funds.
Robinhood doesn’t have any brick-and-mortar locations – one of the main reasons why it’s able to charge a zero commission.