Crypto investing can now be done without much stress. The Robinhood app makes this very possible. No matter how vast you think you are, trading without a tool or a license puts you at a disadvantage already.
Robinhood is legal in New York and many parts of the US. In the beginning of the year 2019, Robinhood was given BitLicense by the New York Department of Financial Services (NYDFS). It also does not deny anyone in New York the opportunity to trade cryptocurrency.
From the press release:
Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”
New York has not been the best place for crypto traders in recent times. There are a lot of strict regulations there which the people must either adhere to or quit their interest. Instead of going through the rigorous process of getting a BitLicense, some decide to pursue other interests. Last year, the CEO of ShapeShift put it like this:
“Here we are two miles from the Statue of Liberty and you cannot sell CryptoKitties in the state without that license. That’s the absurdity of what’s happened here.” This was around the time for Coindesk Consensus 2018 in New York.