Robinhood Crypto Trading App Releases Clearing to Lower Fees and Add Speed

Robinhood Releases Clearing Solution

The popular brokerage U. S. based company Robinhood exchange has announced yesterday, October 10, that it has been developing a trade clearing system called “Clearing by Robinhood”.

This new system is meant to let clearing and settlement of transactions be made on the trading platform. The system, Robinhood affirms, will make the service faster and more reliable.

Robinhood news affirms that the company has been working in the past five years to democratize the financial system of the United States and that it has expanded from stock trading to be a complete investment platform with a commission-free investment of ETFs, options and cryptos. Now, the company wants more.

To speed up the system and make it more efficient, the Robinhood company has built its own clearing solution, which uses licenses from the FINRA, the DTCC and the OCC. The system will involve almost 100 people specialized in compliance, the report affirms.

With the affirmation that this is the only clearing system built from scratch in the last decade with modern technology, the company remembers that, since 2008, when Vanguard did something similar, nobody was able to pull off such a feat.

Robinhood Vows To Lower Fees Even More

Users can rejoice with the announcement that the company is focused on removing and lowering even more small, but frustrating, fees. For instance, the example given was that reversal fees used to cost $30 USD while now they will only cost $9 USD.

The company has also improved the customer support to help the clients with any kind of issue to get quicker responses from the support team and has worked to expand its services.

For instance, the press release affirms that the tax documents and the monthly account statement systems were completely redesigned to be easier to use.

Why Is This Important?

It is important both for the company and for the customers, albeit for different reasons. One of them is that Robinhood will have more control over its company as it does not need third-party clearing anymore, which can improve the management over the services.

The main reason for the users to be excited about the changes is because the company will charge them less money. Robinhood is already well-known for offering services which are cheap and focusing on the user experience of the client and it looks like this new update will be a further step in this direction.

That said, it is also remarking that the company did the effort of doing it since this is nothing that any company has made in the last 10 years and it is a system that uses modern technology.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Barstool Sports Dave Portnoy Sold $1.25M Worth of his Bitcoin Stash But He Will Be Back

After buying the top and selling the bottom, Barstool Sports Dave Portnoy appeared on Anthony Pompliano’s podcast on “The Pomp Podcast” to discuss bitcoin...

Over 100 Million Unique Users in the Crypto Ecosystem; University of Cambridge Digital Asset Study

The 3rd Global CryptoAsset Benchmarking Study, an initiative by Cambridge researchers to analyze the developing growth of the industry, has estimated that over 100...

DeFi Protocol Synthetix Upgrading to L2 Scaling to Alleviate Gas Costs for Small SNX Stakers

Popular on-chain synthetic assets protocol, Synthetix is in the first phase of its transition to Optimistic Ethereum, a layer two scalability solution for the...

Investors With Low Financial Literacy Are Twice As Likely to Own Crypto vs Market Gurus: Bank of Canada Report

A new study released by the Bank of Canada has revealed that folks with lower financial literacy are more likely to own Bitcoin than...

Love it or Hate it, UNI Token Stands to Benefit from Uniswap’s Evolution

After releasing the UNI token as part of Uniswap V3, the first update for Uniswap V3 has been made on Github. It might say...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today