Robinhood has rolled out new options for crypto trading through its Android app from 21st August, adding stop-loss and stop-limit orders for users This update aligns Android users with iOS, allowing both to set automated actions based on price movements that reduce risk.
The move marks a significant step forward in Robinhood’s commitment to providing more control and flexibility for crypto traders across its platform.
Top-loss & Stop-limit Orders for Andriod Users
The most recent updates to the Robinhood Android app allow traders to place automatic buy or sell orders that are triggered when specific price levels are achieved. These orders include stop-limit and stop-loss orders.
This function, which enables users to safeguard themselves against abrupt market volatility, is very significant for risk management. The incorporation of these sophisticated order types, which were previously exclusive to iOS users, demonstrates Robinhood’s commitment to enhancing the user experience across all platforms.
Along with this update, Robinhood has expanded its bitcoin offerings to Puerto Rico and the U.S. Virgin Islands. With the Robinhood app, users in these regions can now trade up to 15 cryptocurrencies, including Ethereum and Bitcoin.
With this growth, Robinhood will be able to reach American regions that have not been well-served by other big cryptocurrency platforms, giving it an advantage over rivals like Coinbase. By expanding its services outside of the continental United States, Robinhood is demonstrating its desire to expand into new markets and serve a broader clientele.
Robinhood Acquires Bitstamp Exchange
The company has more initiatives to strengthen its position in the world market. An agreement has been reached by Robinhood to purchase Bitstamp, a worldwide cryptocurrency exchange, for an estimated $200 million.
This acquisition is part of Robinhood’s strategy to strengthen its position outside of the United States and gain credibility in institutional cryptocurrency markets. Bitstamp will give Robinhood a strong platform. Despite further SEC regulatory scrutiny, this purchase is anticipated to fasten Robinhood Crypto’s global expansion.
Robonhood Projects Strong Performance
In terms of financial performance, Robinhood has also outperformed Wall Street estimates for second-quarter earnings. The business announced higher trade volumes in response to the sharp rise in interest in meme stocks and cryptocurrencies, Reuters reported.
The well-known meme-stock influencer Keith Gill’s return to social media and rekindled interest in the heavily shorted shares of GameStop, a video game retailer, contributed to this wave of activity. This surge in trading activity helped Robinhood’s app, which is well-liked by small investors, take market share away from its competitors.
Robinhood’s recent initiatives, such as providing new crypto trading tools on Android, extending its crypto offerings, and acquiring Bitstamp, demonstrate the company’s dedication to becoming a global digital asset leader.