Robinhood rolls out recurring crypto buying feature at no cost
The Robinhood retail platform has rolled out a new recurring crypto investing feature for users who want to convert the average dollar cost (DCA) of a coin. Given that DOGE accounts for 62% of Robinhood’s crypto services revenue, this move could result in a constant flow of small buyers for the memecoin.
The company announced the launch of the new feature on September 8, and users can set up recurring investments in multiple crypto assets on a daily, weekly, bi-weekly, or monthly basis.
The minimum purchase amount is $ 1, with the company promoting the feature as an easy way to DCA into the crypto markets without paying a fee.
âIf you place an order and spend $ 100 to buy Bitcoin, you will get $ 100 of Bitcoin. Period, âRobinhood said.
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According to the platform’s website, recurring crypto orders will generally be processed between 2:30 p.m. and 4:00 p.m. ET (6:30 p.m.-8:00 p.m. UTC). Robinhood also states that users can receive less crypto than their set purchase amount during times of market volatility, but the difference will be refunded in fiat once the transaction is completed.
The service is currently not available to customers based in New York.
Crypto-based retailing gained popularity on the platform in 2021. According to Robinhood’s second quarter report, crypto trading services generated $ 233 million in the quarter and accounted for 41% of its total revenues of $ 565 million. In comparison, the company generated a total of $ 5 million in revenue from crypto trading for all of 2020.