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On Wednesday, Robinhood trading platform rolled out a new feature that will enable recurring crypto investments for its customers. They can now purchase as little as $1 in crypto commission-free daily, weekly, biweekly, or monthly. This strategy, also called “dollar-cost averaging“, is made possible in order to “help smooth out the price swings,” the platform announced.
“Today we’re rolling out crypto recurring investments, a new feature that allows you to regularly buy your favourite coins, commission-free and with as little as $1 on a daily, weekly, biweekly, or monthly schedule of your choice.”
It continued:
“Saving is a habit and recurring investments introduce a strategy to grow holdings over time while potentially reducing the impact of market volatility.”
Additionally, Robinhood confirmed that its users can “set recurring investments across multiple coins without ever incurring a fee.”
Robinhood points at its competitors by noting they are charging 4% for every crypto trade while it is the company’s “mission is to democratize finance for all.” The platform stresses:
“Fees on other platforms are higher for smaller recurring purchases than they are for a single large one,” Robinhood’s announcement stresses.
The announcement concludes:
“While that may make your strategy to regularly invest small dollar amounts more profitable for those companies, it ends up being counterproductive to building long-term wealth. At Robinhood, if you place an order and spend $100 to buy bitcoin, you’ll get $100 worth of bitcoin. Period.”
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The company has become well known in the crypto industry, and following Coinbase’s initial public offering (IPO), Robinhood also went public this year. Robinhood is often associated with dogecoin (DOGE) and it is believed that Robinhood is the largest DOGE wallet owner.
Actually, Q2 company figures show that dogecoin helped bump up Robinhood’s revenue quite a bit in 2021. It was reported that DOGE was singlehandedly responsible for up to 62% of the company’s cryptocurrency revenue in the second quarter.
The platform’s latest feature of recurring purchases can be seen as a sign that Robinhood is here to stay and to become a household name in the world of crypto assets. It was already announced two months ago that the company was working on new list of functionalities being offered this year.