Online brokerage Robinhood Markets Inc. (NASDAQ:HOOD) said it now has a feature that allows retail investors to make recurring investments in cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) on its trading platform.
What Happened: Robinhood said in a blog post that the new feature will allow investors to buy cryptocurrency on a daily, weekly, biweekly, or monthly schedule for amounts as little as $1. The feature will be gradually rolled out to all customers this month.
See Also: How To Buy Dogecoin (DOGE)
Robinhood customers will not have to pay any fees for setting recurring investments across multiple coins, compared to other crypto trading platforms that charge a commission fee of up to 4% for each crypto trade, the company noted.
Why It Matters: The recurring investments feature will enable investors to steadily grow their cryptocurrency portfolio while also potentially helping to reduce the impact of market volatility.
The cryptocurrency markets are known for being volatile. Bitcoin’s year-to-date gains stand at 56.6%, while it is down 29.2% from its all-time high of $64,863.10 touched in April. The apex cryptocurrency had regained the psychologically important $50,000 level in August for the first time in three months, but has fallen below that level again.
Similarly, Dogecoin’s year-to-date gains are an impressive 4,344.8, while it is down 65.7% from its all-time high of $0.7376 reached in May.
Price Action: Robinhood Markets shares closed 4.9% lower in Wednesday’s trading session at $40.05.
Bitcoin is down almost 1.2% during the last 24 hours, trading at $46178.56 at press time, while Dogecoin is down 0.9% during the 24-hour period to $0.2540.
Photo: Courtesy of Robinhood