Robinhood is also planning to offer Bitcoin and Ether futures, leveraging Bitstamp’s licenses after a $200 million acquisition.
Robinhood’s Android software now offers two additional options for cryptocurrency trading: stop-loss and stop-limit orders. By bringing Android users into line with iOS users, this update makes it possible for both platforms to create automated actions depending on price action, which in turn significantly decreases risk.
Robinhood Unveils Major Update For Android Users
With the addition of additional order types to its Android app, Robinhood has provided its users with the ability to exercise a greater degree of control over their trading operations involving cryptocurrency.
The stop-loss and stop-limit orders are the most recent additions to the Android program. These orders give traders the ability to set up an automated sell or buy order at specific price levels.
Traders can now more easily seize opportunities to lock in profits or minimise losses, a feature previously unavailable on the Android app. The addition of these order types raises the Android app’s feature set to the same level as the iOS app, providing consumers with an experience that is comparable across both platforms.
Robinhood’s overall aim is to broaden its service offerings to include cryptocurrencies, which have demonstrated significant demand among retail investors. The organization’s model, which consists of delivering transactions at no cost, has been successful in attracting both novice and experienced investors, particularly those interested in the cryptocurrency field.
Robinhood Expansion into New U.S. Territories
As a result, the platform’s users are likely to be receptive to this update, especially considering the site’s consistently growing user base. In July, Robinhood Crypto expanded its services to include the United States Virgin Islands, Puerto Rico and the United States Virgin Islands.
Because of this expansion, users in all United States territories can now trade 15 different cryptocurrency assets on the site. These assets encompass popular trading options like Bitcoin and Ethereum.
This move puts it in a position to compete with major competitors in the United States, such as Coinbase and KIn. In July, Robinhood Crypto expanded its services to encompass three new regions within the United States of America, Puerto Rico, the United States Virgin Islands, and more.
Plans to Launch Cryptocurrency Futures in the US & Europe
Now, customers in all of the areas that make up the United States are able to trade 15 different cryptocurrencies on the site. These cryptocurrencies include some of the most famous ones, such as Bitcoin and Ethereum.
While the trading platform continues to roll out a bitcoin futures product in both the United States and Europe, it is also considering expanding its offerings to include additional cryptocurrency products.
The company intends to use the licenses of Bitstamp, a cryptocurrency exchange that it has agreed to purchase for a total of two hundred million dollars, in order to take advantage of this new venture.
Following the completion of the acquisition, Robinhood intends to start offering futures contracts based on the CME for Bitcoin and Ether, with a primary emphasis on the market in the United States.
The United States Securities and Exchange Commission (SEC) has issued a Wells notice regarding specific tokens traded on the company’s platform, posing a number of concurrent issues.
A bullish shift in the Robinhood (HOOD) stock price has occurred concurrently. HOOD was trading at $20.28 at the time of this publication, representing a 1.50% increase from the day’s low.
