When Robinhood Crypto was first announced, we always knew that there would be a phased market rollout with just a small number of states being included upfront: Montana, Missouri, California and Massachusetts.
Now, this no-fee cryptocurrency investing app (note how I didn’t call it an “exchange”) has arrived in another state: The Rocky Mountain State (also known as the Centennial State).
Robinhood Crypto is now in Colorado
Lucky for people who have been waiting for this app to get launched in Colorado, their day has finally arrived:
Robinhood Crypto is coming to a Rocky Mountain near you! Commission-free Bitcoin (BTC) and Ethereum (ETH) trading is now rolled out and available to investors in Colorado. pic.twitter.com/nGfZKrcvj4
— Robinhood (@RobinhoodApp) April 20, 2018
But that means that only ten percent of the country’s states have access to the platform, and it’s clear that people on social media want the app to come to their neck of the woods.
It’s interesting that so many people on Twitter are asking when their own states will get added to the exclusive list – because the Robinhood Crypto app has a major flaw in it that maybe people don’t realize if they haven’t downloaded it yet: it’s not really a crypto exchange.
Users still can’t actually do much with the Robinhood Crypto app
The popular Robinhood app started as a commission-free stock exchange that had a clean and simple aesthetic and heavily appealed to millennials – and it has had great reviews in its capacity as a play to buy equities. Then, it was announced that this popular trading platform would extend into the cryptocurrency world for the first time by offering zero commission crypto trading.
With Coinbase and Binance fees (at the time, at least) a little higher than we’d like, the idea of this new exchange app with no fees got a lot of digital currency investors very excited.
But when it finally launched, users noticed that all you could do with the app was buy certain cryptocurrencies. You can’t withdraw for fiat and you can’t send them anywhere either – not to an external wallet or any sort of wallet.
When you buy the coins on Robinhood Crypto, you aren’t really buying coins. You are paying the current fiat value for those coins, and the platform uses other exchanges to essentially reserve them for you and set them aside.
Buy there is still no way to sell the coins or use them in any way, so it’s like a bank you can’t withdraw from. Until this app gets its functionality together, crypto fans aren’t going to get excited about it.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.