Robinhood Releases Service To Boost Long-Term Crypto Holding

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Prominent online trading platform Robinhood has launched a Dollar-Cost Average (DCA) feature for its users to boost long-term cryptocurrency holding practices. The new product, called Crypto Recurring Investments, will help users of the trading platform schedule automatic purchases of their preferred crypto assets in small portions and at steady intervals. 

Robinhood made the announcement via a recent blog posting, noting that traders schedule automatic purchases of any crypto asset on their account for as low as $1 on a daily, weekly, bi-weekly, or monthly basis. In the statement, the trading platform giant noted that:

“Our mission is to democratize finance for all. No matter what your goal is – grow your crypto portfolio, become a whole coiner, create a long-term investment plan – recurring investments can help you get there with less stress and hassle.”

While the firm did not list the cryptocurrencies available for this product, many believe that it could apply to all crypto assets listed on the platform, including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and others. 

The statement also noted that this initiative aims at helping users develop better savings and investing habits.

Robinhood Users To Incur Zero Fees for Crypto Recurring Investments Transactions

Robinhood noted that the new product should reduce the effects of market volatility on investors due to the long-term orientation it introduces. The firm also noted that investors can take advantage of the new service at zero cost, explaining that: “If you place an order and spend $100 to buy bitcoin, you’ll get $100 worth of bitcoin. Period.”

The Crypto Recurring Investments service should go live to all Robinhood users, except New York users, later in September. 

The platform also revealed that all recurring crypto orders will get processed between 6:30 pm and 8:00 pm UTC.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.