Robinhood introduces fee-free recurring crypto buy feature
Robinhood, the retail trading platform, has introduced a new recurring cryptocurrency investment feature for those willing to convert dollar cost average (DCA) into coins.
With DOGE accounting for 64 per cent of Robinhood’s revenue, this step could lead to a steady stream of potential small buyers for the meme coin.
The company announced the new feature officially on September 8, allowing users to now set up recurring investments in multiple crypto assets on either a daily, bi-weekly or monthly basis.
The minimum purchase price is $1, with Robinhood promoting the feature as a simple step to DCA without paying fees. The service is presently unavailable to New York-based customers.
According to Robinhood’s website, recurring crypto orders would generally be processed between 2:30 PM and 4:00 PM ET (6:30 pm to 8:00 pm UTC). Robinhood has also stated that users may receive less crypto than their original set purchase amount at times of market volatility. Still, the difference would be refunded in fiat after completion of the trade.
As per Robinhood’s Q2 report, Crypto-based retail trading has gained massive popularity on the platform in 2021. In fact, crypto trading services delivered $233 million in the second quarter and accounted for 41 per cent of its total $565 million revenue. In comparison, the firm generated a sum of $5 million revenue from crypto trading for the whole of 2020.
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