#What are the new features introduced by Robinhood for crypto trading?
Robinhood has recently enhanced its crypto offerings in both the US and Europe. In the US, the platform introduced advanced trading tools and tax tracking features. Starting December 22, users will have the ability to manually add their cost basis for crypto deposits. This enhancement allows for better visibility into tax lots, profit and loss calculations, and average costs, essential for effective portfolio management.
To accommodate a wider range of trading strategies, Robinhood has expanded its fee tiers from three to seven, offering competitive rates as low as 0.03% for high-volume traders. Additionally, crypto trading is now available on both desktop and mobile versions of Robinhood Legend.
Another significant upgrade is Robinhood's introduction of crypto staking, which enables users in New York to earn rewards. The platform now supports over 45 different cryptocurrencies, including popular assets like BNB and SUI. Gold customers also receive access to Cortex Digests along with improved tools for tracking realized profits and tax lots.
#How is Robinhood enhancing its services for European users?
In Europe, Robinhood announced several updates following its recent MiCA and MiFID approvals. The platform has expanded its asset offerings to include more than 65 digital currencies and around 1,000 stock tokens associated with US equities and ETFs. European users can benefit from the newly introduced money market funds designed to generate yields on uninvested cash, enhancing the financial stability of their portfolios.
Additionally, the range of perpetual futures trading options has grown. Users can now trade not only Bitcoin and Ether but also assets like XRP and SOL, with leverage of up to 7x available for eligible traders. Robinhood has also automated investments for both crypto and stock tokens. A new web trading platform is set to launch in Europe later this month, further expanding its service range.
#What does the future hold for Robinhood's crypto services?
Looking ahead, Robinhood is in the early stages of developing the Robinhood Chain, a Layer 2 network based on Arbitrum. This initiative aims to facilitate trading and support tokenized real-world and digital assets. As Robinhood continues to expand its crypto capabilities, it reinforces its commitment to creating a robust global trading environment for both US and European investors.