Robinhood appears to have taken a step further in its bid to strengthen its crypto trading services, as the trading platform announces a recurring crypto investments feature that would offer its customers a commission-free crypto purchases option.
Per the announcement, the zero commission feature means its customers would always receive the exact crypto amount that they purchase without paying any fee. According to Robinhood, “If you place an order and spend $100 to buy Bitcoin, you’ll get $100 worth of Bitcoin. Period.” It also added that users could receive less than what they spend during market volatility; however, they would be refunded in fiat as soon as the transaction completes.
While describing the feature, the trading platform wrote that the new development was necessary because “Investing regularly on a recurring basis can help you focus on long-term growth, reduce risk, and reduce the stress of timing the markets.” As such, users would be able to set up the recurring investment option for different crypto assets and it could be daily, weekly, bi-weekly, or monthly.
According to the crypto platform, all recurring crypto orders would always be processed between 2:30 pm and 4:00 pm ET (6:30 pm to 8:00 pm UTC), and the minimum purchase amount would be $1. Also, its New York-based customers will not be able to use the service.
The firm has seen its retail trading continue to grow in the year. In its quarterly report released earlier in the year, it announced a $233 million revenue from crypto trading. This represents 41 percent of its total revenue and far higher than that of the previous year when its total crypto trading revenue stood at $5 million.