Monday, February 26, 2018

Commission-Free Crypto Trading On Robinhood Live In Five States

Robinhood, the brokerage account firm that offers stock trading without commissions announced relatively recently that they were going to do the same for cryptocurrencies.

They've delivered on their promise. 

Right now Robinhood account holders in California, Massachusetts, Missouri, Montana, and New Hampshire are able to trade Bitcoin and Ethereum via Robinhood's signature mobile trading app.

The rest of us are going to have to wait (here in crypto-backwards Washington state, probably for quite a while), but the rollout will continue.

Commission-free trading is huge. Commissions create drag on your investments by starting you off in the red when you make a purchase and lower your total returns over time. When all you have is enough money to make very small investments, commissions can make it completely unreasonable to hit the "buy" button, so they can end up keeping you sidelined while opportunities move out of reach, too.

That's why Robinhood is so good for the "little guy," because it levels the playing field completely. Even if all you can afford is one share of a particular stock, or just a few Satoshis of a Bitcoin, with an account at Robinhood you can jump in with the whales and take a ride on the same big opportunities that they are; when commissions are not holding you back, it doesn't matter how much money you have to put into a trade, it's all about the percentage gain you could eventually harvest.

Robinhood is free to sign up for, and if you do so through my referral link, each of us will receive a free share of a randomly selected stock (among the shares I've received this way are a couple shares of Sirius XM Holdings (the satellite radio people), which I discovered just last night actually pays a dividend!). If you get your account now, you'll be ready when this feature becomes available where you live.

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