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Robinhood stated that the introduction of advanced order types for Android users is part of its ongoing effort to improve user experience and optimize its services for crypto traders.
Robinhood Markets, US-based online brokerage and stock trading platform, has announced the release of a new feature aimed at expanding its crypto offerings. Robinhood revealed that it has added stop-loss and stop-limit orders for Android users, allowing them to automate actions based on price movements. This feature enables customers to lock in profits or minimize losses, helping them avoid liquidation during price crashes.
New Feature for Android Users
Previously, these features were available only to iPhone users. However, in a recent post on X (formerly Twitter), the commission-free stock exchange announced that Android users can now enjoy the same functionality.
GM. Advanced order types are now available to Robinhood Crypto users on Android 🚨
Now customers on both iOS and Android can set stop-loss and stop-limit orders based on price movements. More about Robinhood Crypto at https://t.co/GEaCzul9Dh
— Robinhood (@RobinhoodApp) August 20, 2024
The new tools also allow traders to set and execute buy orders at specific price points without the need to constantly monitor the platform. Robinhood stated that the introduction of advanced order types for Android users is part of its ongoing effort to improve user experience and optimize its services for crypto traders.
The company joined the crypto bandwagon in 2018 with the launch of a separate platform known as Robinhood Crypto. Initially, the platform offered
Bitcoin (BTC) and Ethereum (ETH) trading services in five different states in the United States only before expanding to other regions in the country.
Following its successful debut, the firm had since added support for more cryptocurrencies, giving traders the opportunity to buy their favorite digital assets with zero commission fees.
Robinhood Enters the European Market
Additionally, Robinhood has extended its crypto services beyond the US to other regions, including Europe. In December 2023, the company announced its expansion into the European market, offering 25 cryptocurrencies to traders in the region.
At the time, the online brokerage firm also revealed plans to introduce new features, allowing users to stake their crypto holdings and earn additional rewards starting in 2024.
Most recently, Robinhood further extended its services to three additional US territories, including the US Virgin Islands and Puerto Rico. This expansion now gives users across these territories access to trade 15 different cryptocurrencies on the platform.
Exploring New Frontiers
Since its entry into the crypto market, Robinhood has achieved several milestones. Last month, the company announced its intention to explore the derivatives market by launching futures contracts for US and European customers.
This decision came just weeks after Robinhood agreed to acquire Bitstamp, a UK-based crypto exchange, for approximately $200 million. While the deal has not yet been finalized, Robinhood plans to leverage Bitstamp’s regulatory licenses to offer perpetual futures contracts for Bitcoin and other cryptocurrencies.
However, the intended services are still in the works and the company said it is not in a hurry to bring the products to live.
The online brokerage firm was among the pioneering platforms to introduce Dogecoin (DOGE) trading on its app. As a result, the meme coin accounted for 62% of the company’s crypto revenue in 2021.
