Bitcoin Cash [BCH], Litecoin [LTC] debut on Robinhood
Bitcoin Cash [BCH] and Litecoin [LTC] have become the latest cryptocurrencies to have been listed on trading platform Robinhood. The zero-fee stock buying app has been attracting young investors since February when it started offering top two cryptocurrencies: Bitcoin [BTC] and Ethereum [ETH].
"Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum. We’re happy to share that starting today, you can buy and sell Litecoin and Bitcoin Cash, commission-free," a post on the crypto trading app's blog read on Thursday.
The only caveat is, Robinhood doesn't have the required licences to offer cryptocurrency trading all over the US yet. Therefore, only the investors from 17 states, including California, New Jersey, Texas, Florida and Massachusetts can use the app to buy and sell digital currencies.
According to market experts, Litecoin and Bitcoin Cash are the "no-risk" choices to be added to Robinhood's portfolio in the light of SEC's new regulations. SEC had recently said that digital tokens were to be considered "securities."
Apart from the four cryptocurrencies listed on Robinhood, investors can also track the price of Ripple [XRP] and Monero [XMR] at present. It is being indicated that these coins may soon become a part of Robinhood's cryptocurrency expansion plan.
Litecoin[LTC] has seen a substantial decline in its value this year. After scaling fresh peaks last year, reaching as high as $375.29, the crypto has succumbed to a broader decline in the market. The virtual currency dropped to as low as $73.17 from as high as $323.12 in 2018.
Bitcoin Cash [BCH], meanwhile, is currently trading at $698.49, which is around 0.109 BTC and has dropped down by 4.58% since yesterday.