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Somethings to note: -Robinhood is not allowing you to transfer in crypto from outside. -Robinhood does allow you to transfer crypto out but you have to go thr

Somethings to note: -Robinhood is not allowing you to transfer in crypto from outside. -Robinhood does allow you to transfer crypto out but you have to go through extra verification steps. See: https://ibb.co/dHNENc https://ibb.co/dHNENc The listing of so many altcoins in the robinhood app (monero, zcash, etc) plus it’s low fees makes buying on altcoin exchanges that only accept crypto like binance a lot less attractive. No longer will users have to buy $ltc/$eth on coinbase/gdax then transfer to another exchange to buy altcoins. This will have a big impact on the crypto ecosystem. The gauntlet has been thrown down for coinbase. Edit: my bad. I got confused by the app update, Robinhood are just displaying tracking data for alts : https://ibb.co/noPN8H https://ibb.co/noPN8H

JustAnotherPat 9y ago
So you can't sell your crypto there? Where is all this bitcoin coming from then? Sounds like robinhood is hoping for a huge disparity, so they can dump what they have for better prices.
- htormey 9y ago
  Correct, you can’t sell crypto currencies you didn’t buy in Robinhood. This is listed in the faq they provide. https://ibb.co/dHNENc https://ibb.co/dHNENc
bobcostas55 9y ago
>-Robinhood is not allowing you to transfer in crypto from outside. So robinhood is the sole supplier of coins on their exchange? Imagine if NYSE was also running a prop trading operation on the side, talk about conflicts of interest...
- rajacombinator 9y ago
  Does robinhood run their own prop group or just sell their order flow to Goldman, etc? What a scummy organization...
  - Blackthorn 9y ago
    All brokers sell order flow information. It's not a big deal, or even a deal at all.
  - philipodonnell 9y ago
    How do you think they make money with a no commission service? Order flow has value.
    - rajacombinator 9y ago
      One of the above, hence the question. (I assume the latter and that they’re just a marketing organization.) The scummy part is that their customers don’t know this.
      - freeone3000 9y ago
        What makes you think their customers don't know this? It's in their brokerage disclosure statement, same as anybody else who does this. It just doesn't... matter. Zero-fee transaction trading from my phone outweighs this.
        pishpash 9y ago
        It doesn't matter if money doesn't matter, yeah. Zero-fee transaction trading does not outweigh this, unless you have only peanuts to trade such that trading fees are more significant than spreads/execution.
        freeone3000 9y ago
        avoid the spread by cross-checking and issuing a limit order. no fee on those, either.
        rajacombinator 9y ago
        Almost zero customers at any brokerage are aware of this - how many do you think read the fine print? It’s an unethical industry. And zero fee trading is great, except it’s not zero fee. But “stupid people deserve to get fleeced” seems to be enough ethics for most people.
- WorkLifeBalance 9y ago
  That means net as a population you can't sell, you can only buy. With that in place the price can only go in one direction.
- bpicolo 9y ago
  Seems like they want to allow it but are worried about laundering / being a bitcoin tumbler?
- babaganoosh89 9y ago
  Afaik Robinhood is actually buying and selling coins on existing exchanges and baking any fees into the spread. For example, gdax doesn't charge any fee if you are a maker/using limit orders.
thisisit 9y ago
> The listing of so many altcoins in the robinhood app (monero, zcash, etc) plus it’s low fees makes buying on altcoin exchanges that only accept crypto like binance a lot less attractive. I don't understand. My understanding is they allow only BTC and ETH on their platform. So, if I want to buy a ICO token I do need to buy ETH here/GDAX etc and transfer to another exchange. Editing for source: https://support.robinhood.com/hc/en-us/articles/360000088623-Crypto-Availability https://support.robinhood.com/hc/en-us/articles/360000088623...
- htormey 9y ago
  Robinhood are listing monero, zcash and a bunch of other coins. So you can buy them directly for fiat. Coinbase allow you to buy ltc, eth, bch and btc. If you wanted to buy monero you would first have to buy one of those then transfer to another exchange. Edit: my bad. I got confused by the new Robinhood ux: https://ibb.co/noPN8H https://ibb.co/noPN8H
  - thisisit 9y ago
    Are you sure? The linked article says: Anyone that uses the Robinhood platform to buy Bitcoin or Ethereum today comes into a market that has lost roughly half of its value over the past couple of months. I believe those coins can be tracked but not bought. Better source: https://support.robinhood.com/hc/en-us/articles/360000088623-Crypto-Availability https://support.robinhood.com/hc/en-us/articles/360000088623... Starting in February, Robinhood Crypto supports buying, selling and real-time market data for: Bitcoin (BTC) Ethereum (ETH) Robinhood Crypto also supports real-time market data for the following: Bitcoin Cash (BCH) Bitcoin Gold (BTG) Dash (DASH) Dogecoin (DOGE) Ethereum Classic (ETC) Lisk (LSK) Litecoin (LTC) Monero (XMR) NEO (NEO) OmiseGO (OMG) Qtum (QTUM) Ripple (XRP) Stellar (XLM) Zcash (ZEC) So not really the game changer you are saying it might be.
    - htormey 9y ago
      My bad. I am still in the queue to have crypto trading turned on in the Robinhood app. When you open the app it makes it look like they are supporting multiple coins at launch: https://ibb.co/noPN8H https://ibb.co/noPN8H
sf_rob 9y ago
You can only trade BTC and ETH at this time. Robinhood allows you to track 16 currencies, although I imagine this tracking is going to be used to estimate interest in other cryptocurrencies to integrate.
- htormey 9y ago
  Ah okay, I am still in the waiting list and misread that. I thought they were listing all of those coins.
jrs95 9y ago
Damn! If they really supported Monero I'd sign up right now. I'm currently on Binance it it's kind of a pain in the ass.
- nasalgoat 9y ago
  Kraken supports Monero and USD/CAD withdrawls. I hardly get 502s anymore since the upgrade.
  - jrs95 9y ago
    Nice, I might have to look into them. I believe I did I couple months ago and they had a long waiting period or a freeze on new accounts or something like that.
  - htormey 9y ago
    Nice! I assume you can transfer monero off kracken right? I’ll have to give them another look.
    - nasalgoat 9y ago
      Yes, and transfers in and out don't take that long, maybe 15-20 minutes.
- htormey 9y ago
  Same. I got really excited when I opened the app and saw the update. Then I read the fine print and alas it was just pricing data for alts. I would dump binance in a heart beat if I could buy alts on Robinhood or coinbase :(

JustAnotherPat 9y ago

So you can't sell your crypto there? Where is all this bitcoin coming from then? Sounds like robinhood is hoping for a huge disparity, so they can dump what they have for better prices.

htormey 9y ago
Correct, you can’t sell crypto currencies you didn’t buy in Robinhood. This is listed in the faq they provide. https://ibb.co/dHNENc https://ibb.co/dHNENc

bobcostas55 9y ago

>-Robinhood is not allowing you to transfer in crypto from outside. So robinhood is the sole supplier of coins on their exchange? Imagine if NYSE was also running a prop trading operation on the side, talk about conflicts of interest...

rajacombinator 9y ago
Does robinhood run their own prop group or just sell their order flow to Goldman, etc? What a scummy organization...
- Blackthorn 9y ago
  All brokers sell order flow information. It's not a big deal, or even a deal at all.
- philipodonnell 9y ago
  How do you think they make money with a no commission service? Order flow has value.
  - rajacombinator 9y ago
    One of the above, hence the question. (I assume the latter and that they’re just a marketing organization.) The scummy part is that their customers don’t know this.
    - freeone3000 9y ago
      What makes you think their customers don't know this? It's in their brokerage disclosure statement, same as anybody else who does this. It just doesn't... matter. Zero-fee transaction trading from my phone outweighs this.
      - pishpash 9y ago
        It doesn't matter if money doesn't matter, yeah. Zero-fee transaction trading does not outweigh this, unless you have only peanuts to trade such that trading fees are more significant than spreads/execution.
        freeone3000 9y ago
        avoid the spread by cross-checking and issuing a limit order. no fee on those, either.
      - rajacombinator 9y ago
        Almost zero customers at any brokerage are aware of this - how many do you think read the fine print? It’s an unethical industry. And zero fee trading is great, except it’s not zero fee. But “stupid people deserve to get fleeced” seems to be enough ethics for most people.
WorkLifeBalance 9y ago
That means net as a population you can't sell, you can only buy. With that in place the price can only go in one direction.
bpicolo 9y ago
Seems like they want to allow it but are worried about laundering / being a bitcoin tumbler?
babaganoosh89 9y ago
Afaik Robinhood is actually buying and selling coins on existing exchanges and baking any fees into the spread. For example, gdax doesn't charge any fee if you are a maker/using limit orders.

thisisit 9y ago

> The listing of so many altcoins in the robinhood app (monero, zcash, etc) plus it’s low fees makes buying on altcoin exchanges that only accept crypto like binance a lot less attractive. I don't understand. My understanding is they allow only BTC and ETH on their platform. So, if I want to buy a ICO token I do need to buy ETH here/GDAX etc and transfer to another exchange. Editing for source: https://support.robinhood.com/hc/en-us/articles/360000088623-Crypto-Availability https://support.robinhood.com/hc/en-us/articles/360000088623...

htormey 9y ago
Robinhood are listing monero, zcash and a bunch of other coins. So you can buy them directly for fiat. Coinbase allow you to buy ltc, eth, bch and btc. If you wanted to buy monero you would first have to buy one of those then transfer to another exchange. Edit: my bad. I got confused by the new Robinhood ux: https://ibb.co/noPN8H https://ibb.co/noPN8H
- thisisit 9y ago
  Are you sure? The linked article says: Anyone that uses the Robinhood platform to buy Bitcoin or Ethereum today comes into a market that has lost roughly half of its value over the past couple of months. I believe those coins can be tracked but not bought. Better source: https://support.robinhood.com/hc/en-us/articles/360000088623-Crypto-Availability https://support.robinhood.com/hc/en-us/articles/360000088623... Starting in February, Robinhood Crypto supports buying, selling and real-time market data for: Bitcoin (BTC) Ethereum (ETH) Robinhood Crypto also supports real-time market data for the following: Bitcoin Cash (BCH) Bitcoin Gold (BTG) Dash (DASH) Dogecoin (DOGE) Ethereum Classic (ETC) Lisk (LSK) Litecoin (LTC) Monero (XMR) NEO (NEO) OmiseGO (OMG) Qtum (QTUM) Ripple (XRP) Stellar (XLM) Zcash (ZEC) So not really the game changer you are saying it might be.
  - htormey 9y ago
    My bad. I am still in the queue to have crypto trading turned on in the Robinhood app. When you open the app it makes it look like they are supporting multiple coins at launch: https://ibb.co/noPN8H https://ibb.co/noPN8H

sf_rob 9y ago

You can only trade BTC and ETH at this time. Robinhood allows you to track 16 currencies, although I imagine this tracking is going to be used to estimate interest in other cryptocurrencies to integrate.

htormey 9y ago
Ah okay, I am still in the waiting list and misread that. I thought they were listing all of those coins.

jrs95 9y ago

Damn! If they really supported Monero I'd sign up right now. I'm currently on Binance it it's kind of a pain in the ass.

nasalgoat 9y ago
Kraken supports Monero and USD/CAD withdrawls. I hardly get 502s anymore since the upgrade.
- jrs95 9y ago
  Nice, I might have to look into them. I believe I did I couple months ago and they had a long waiting period or a freeze on new accounts or something like that.
- htormey 9y ago
  Nice! I assume you can transfer monero off kracken right? I’ll have to give them another look.
  - nasalgoat 9y ago
    Yes, and transfers in and out don't take that long, maybe 15-20 minutes.
htormey 9y ago
Same. I got really excited when I opened the app and saw the update. Then I read the fine print and alas it was just pricing data for alts. I would dump binance in a heart beat if I could buy alts on Robinhood or coinbase :(