Throwing this out there to the Pub to Join me in a Fun Project and to share a good idea which I had a few weeks back when I was researching Nano and swing trading. It was regarding friction in investing, banking and trading. One of the of trading/investing in is in transfer/purchase/trading FEES fees,fees,fees Yuck! Also, I am learning/teaching myself how to be a (better?) trader - because I find it fun, but I am not willing to risk large capital and suffer loss learning.
Enter Robinhood and the dreaded banking institution and my work-around all them fees. I like many people always have loose change hanging around. It’s never enough on it’s own to constitute doing much with, every couple of weeks when my coin jar gets full and I am making a bank trip I will take it with me to toss in my checking account. Now, $15-20 is not much to be worth investing in using services such as coinbase as they hit you up with that $2.99 fee which makes it cost prohibitive. Then The Idea
Setting up a Robinhood account was free, linking it to my checking account also free - doing an ACH transfer from my bank to Robinhood again FREE making a purchase on Robinhood (any amount) also free. See where this is going?
So every day now, when I come home and empty my pockets often I have change, so I count the amount - today was .28 cents. I punch up my Robinhood App transfer .28 buy BTC and deposit the change in my jar to take to the bank at a later date.
Now this will not make you Rich Beyond your Wildest Dreams Today - but it’s an interesting experiment! All with 0 Fees! As well, if you are adventurous you can also trade your no mater of it’s .01 cent or $100 Dollars … for Free and previously only BTC & ETH were the only available crypto markets to purchase - Robinhood has now opened it to LTC, and Bcash for purchases & trading.
NOTE: Currently crypto investing/trading is only Exposure to the price of the selected market crypto - so you DO NOT own the actual coin or token. Please understand this… Robinhood has plans down the road to develop wallets to allow users to hold the actual product and potentially transfer coins/tokens in and out. For now all sell orders, settlements and withdraws are in USD! NOT or Bcash.
You can also invest in stocks as well so if you choose there is more than just crypto. As well you can try your hand at trading, and learning markets with out a ton of cash at risk or any Fees.
In a matter of a couple of months, I’ve managed to turn all that “Loose Change” into $129.69 … not to shabby, lots of fun who knows, … in time it could really stack up! Who knows