Robinhood has rolled out new options for crypto trading through the Android app, including stop-loss and stop-limit orders.
This update brings the Android users in line with the iOS users, allowing both to set automated actions based on price action that reduces risk.
Robinhood Unveils Major Update For Android Users
Robinhood has added new order types to its Android app, which allows the users to have more control over their trading activities in cryptocurrencies. The latest feature added to the Android application is the stop-loss and stop-limit orders which enable traders to set up an automatic sell or buy order at certain price levels.
GM. Advanced order types are now available to Robinhood Crypto users on Android 🚨
Now customers on both iOS and Android can set stop-loss and stop-limit orders based on price movements. More about Robinhood Crypto at https://t.co/GEaCzul9Dh
— Robinhood (@RobinhoodApp) August 20, 2024
These tools are aimed at allowing traders to minimize losses or lock in profits, something that was not possible before on the Android app. Including these order types brings the feature set of the Android app in line with that of the iOS app, thus providing the users with similar experience on both platforms.
The new features are part of Robinhood’s strategy to expand the service of cryptocurrencies which have been in high demand among the retail investors. The company’s model of offering zero-fee trades has helped it attract new and seasoned investors, especially those interested in the crypto space. Consequently, the users of the platform are likely to be receptive to this update given that the platform’s user base is continuously increasing.
Expansion into New U.S. Territories
In July, Robinhood Crypto expanded its services to include three new U.S. territories: the U.S. Virgin Islands and Puerto Rico. This expansion allows users in all U.S. territories to trade 15 cryptocurrency assets on the platform, including widely traded options like Bitcoin and Ethereum.Â
This move positions it ahead of major U.S.-based competitors such as Coinbase and KIn July, Robinhood Crypto expanded its services to include three new U. S. territories: the U. S. Virgin Islands and Puerto Rico.
With this, users in all the US territories can trade 15 cryptocurrencies on the platform, which include the most popular ones such as Bitcoin and Ethereum.
Plans to Launch Cryptocurrency Futures in the US & Europe
Similarly, the trading platform is eyeing more crypto products as it continues to roll out a cryptocurrency futures product in the United States and Europe. As reported by CoinGape, the company plans to leverage the licenses of Bitstamp, a crypto exchange that it has agreed to purchase for $200 million, for this new endeavor.
After the acquisition is completed, Robinhood aims to introduce CME-based futures for Bitcoin and Ether, primarily focusing on the U.S. market.
Concurrently, the company has faced certain challenges such as a Wells notice from the United States Securities and Exchange Commission (SEC) pertaining to certain tokens traded on its platform. Meanwhile, the Robinhood (HOOD) stock price has seen a bullish shift. At press time, HOOD was trading at $20.28, a 1.50% surge from the day’s low.Â
Kelvin Munene Murithi
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/robinhood-unveils-major-update-for-android-crypto-traders/
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