Robinhood Ramps Up Crypto Support With Major Feature

Robinhood Crypto, a retail trading app based in the US, has just made a new improvement to its crypto offering to customers. The company announced on Twitter that crypto traders “can now send and receive all listed crypto assets on Robinhood.”

A couple of people expressed their pleasure over the said announcement, particularly those in the crypto space, as Robinhood has been notorious in the crypto community for its restrictive nature. Since its inception, it has never allowed its customers to transfer cryptocurrencies to other exchanges or wallets. Instead, users must sell their coins and transfer the balance to their external accounts.

They had been a center for criticism among Bitcoin traders for not allowing customers to withdraw their purchased coins to self-custody. However, the firm started testing its bitcoin withdrawal feature in September 2021 when 1.6 million users signed up on the waitlist to access the functionality.

Robinhood Crypto is the cryptocurrency-focused subsidiary of the parent company Robinhood Financial (RHF), a registered broker/dealer that supports equities and options trading. The financial service company began dipping its toes into the industry in 2018, appealing to a commission-free trading model. Even so, the video featured in their tweet stated the company wouldn’t charge fees for crypto transfers out of its platform.

Generally, cryptocurrency exchanges are racing to provide traders with the lowest commission rate possible to encourage more platform activity amid the market crash. On Friday, July 8, Binance extended its zero-fee offering on all BTC trading pairs to all customers, although they restricted it to US traders last month.