Robinhood rolls out fee-free recurring crypto buy feature

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Retail buying and selling platform Robinhood has rolled out a brand new recurring crypto funding function for customers who wish to greenback value common (DCA) right into a coin. Given Dogecoin (DOGE) accounts for 62% of Robinhood’s crypto services income, the transfer might end in a gentle stream of small consumers for the meme coin.

The agency announced the launch of the brand new function on Wednesday, and customers are capable of arrange recurring investments in a number of crypto belongings on a day by day, weekly, bi-weekly or month-to-month foundation.

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The minimal buy quantity is $1, with the agency selling the function as a easy solution to DCA into crypto markets with out paying charges.

“In the event you place an order and spend $100 to purchase Bitcoin, you’ll get $100 value of Bitcoin. Interval,” Robinhood acknowledged.

Associated: PayPal reportedly looks to take on Robinhood with stock trading

In keeping with the platform’s web site, recurring crypto orders will normally be processed between 2:30 pm and 4:00 pm ET (6:30 pm to eight:00 pm UTC). Robinhood additionally states that customers might obtain much less crypto than their set buy quantity throughout instances of market volatility; nevertheless, the distinction can be refunded in fiat after the commerce is accomplished.

The service is at present unavailable to New York-based prospects.

Crypto-based retail buying and selling has surged in reputation on the platform in 2021. In keeping with Robinhood’s Q2 report, crypto trading services generated $233 million within the quarter and represented 41% of its whole $565 million of income. Compared, the agency generated a complete of $5 million in income from crypto buying and selling for the whole lot of 2020.