Using the Robinhood trading platform, investors may now trade in their favourite currencies commission-free and with as little as $1 (roughly Rs. 73.66) on a timeline of their choice. Through the recurring cryptocurrency investments function, Robinhood app users will be able to make daily, weekly, bi-weekly, and monthly bitcoin investments. Recurring investments assist consumers in saving for the future and establishing a rainy-day fund.
Many potential investors may be put off by the bitcoin market’s inherent volatility. By investing on a regular basis, investors may be able to avoid the dangers and stress of market timing.
According to a Robinhood blog post, regular investments are an efficient method to grow wealth over time while potentially mitigating the effects of Bitcoin market volatility.
Instead of pushing trading, the online brokerage business introduced this tool to encourage automated investment. This implies you shouldn’t be concerned about market swings, but rather invest the same amount each month to build up an account that will ultimately generate profits.
Unlike other platforms, which charge up to 4% for each cryptocurrency exchange, Robinhood advertises that customers may invest in several currencies without “ever incurring a cost.” ‘If you spend $100 on bitcoin, you’ll get $100 back in bitcoin.’” According to the website, “our objective is democratisation of money for everyone.”.
According to ‘Robinhood,’ the feature will gradually be sent out to all users this month.
“Dogecoin,” a meme-based cryptocurrency, accounted for 62% percent of Robinhood’s second quarter cryptocurrency profits,” the business said. There is a bitcoin trading platform that does not charge commissions.
In addition to commission-free trading for new consumers, Robinhood has generated considerable profits from cryptocurrencies, according to the company’s website.
62 percent of cryptocurrency income was generated by Dogecoin, according to Robinhood’s data for the second quarter of 2018.
RocketMusk was tweeting against Bitcoin and in favour of Dogecoin at the same time the stock was surging.
In the second quarter of 2014, Dogecoin generated $233 million (about Rs. 1,730 crores) in income for Robinhood, according to a research. Its crypto income soared from $5 million (approximately Rs. 37.2 crores) in Q2 2021 to $233 million in Q2 2021 compared to the same period last year.