They have been asking me for sources of daily info on bitcoin because they want to invest in bitcoin when it goes live on robinhood in February.
So newcomers would better save like 0.25% fees and buy from some unestablished exchange rather than going with a reputable one, i.e. trading since 5+ years? I don't get it. But yeah, I'm Swiss, so you know...
I asked that question. There were 2 common responses.
1. No fees
2. "I can trade between stocks and crypto without transferring funds."
*Edit - they already have robinhood accounts for stocks.
So... just found this:
" Cryptocurrency prices are notoriously volatile. To counter that, Robinhood Crypto gives users an estimated price, and once users confirm a buy or sell order, they scan a gamut of trading venues, exchanges and market centers to find the lowest offer, TechCrunch explained. To account for wild price fluctuations, the service puts a 'collar' around your order; If it can't find a price within this margin, it will wait until one surfaces to execute your order or inform you."
Sounds like an awful lot of work for no fees being charged.
Will they offer crypto withdrawals? Or just rehypothecate with abandon, like stocks?
It seems like no one is sure if you can deposit or withdraw crypto. I searched online for some more info and found lots of people asking the same question with no one having answers. I would speculate that you can not make withdrawals in the form of crypto.
Whereupon I would speculate that no work is being done, and no (or little) crypto is being purchased or held, requiring no fees to pay for such. Yes, of course I am a cynic. No wonder they cater to those with scant resources.
