CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 87.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Scan to Download iOS&Android APP

Robinhood Web3 wallet: How to sign up for HOOD’s new non-custodial beta version

By Alara Jordan

Edited by Charlie Mellor

10:23, 29 September 2022

Share this article
In this article:
MATIC/USD
MATIC/USD
0.89913 USD
-0.01012 -1.120%
HOOD
Robinhood Markets
9.33 USD
-0.15 -1.610%

Subscribe to Weekly Highlights

The major market events for the week ahead right in your inbox. Subscribe
Robinhood web3 mobile app
Robinhood will launch its new wallet exclusively via the Polygon (MATIC) blockchain – Photo: Robinhood

Commission-free trading platform Robinhood (HOOD) has launched its Web3 wallet in beta mode to allow its users trade and swap crypto with no network fees.

Robinhood said the move allows its customers to “seamlessly access the decentralised web” as it gives access to 10,000 iOS users who signed up for the waitlist in May.

HOOD

The figure is just 1% of the million people who signed up for the global waitlist, with the trading firm saying its standalone product will be available to all Robinhood customers later this year.

Polygon for “scalability and speed”

Robinhood’s Web3 wallet will launch exclusively via the Polygon (MATIC) blockchain.

MATIC to USD

It will differ from the company’s crypto service launched in April to a waitlist of more than two million users as it moves to a self-custody wallet.

XRP/USD

0.39 Price
-0.320% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00326

ETH/USD

1,236.50 Price
-1.740% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

DOGE/USD

0.10 Price
-2.760% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0012310

BTC/USD

16,873.40 Price
-0.890% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 60.00

Robinhood said it chose to work with the blockchain due to its scalability, speed and low network fees to provide the best trading experience for its customers. It also said  that more blockchains would be added to its list “eventually”.

Johann Kerbrat, chief technology officer and general manager of Robinhood Crypto, said that the launch marks a “significant step forward in our journey to make Robinhood the most trusted and simple crypto platform for customers”.

He added: “Like we did with the stock market, Robinhood Wallet strips away some of the complexities of Web3 to make crypto more accessible to everyone.”

What is your sentiment on MATIC/USD?

0.89913
Bullish
or
Bearish
Vote to see Traders sentiment!

NFTs coming soon

Robinhood said it will foray into non-fungible tokens (NFTs) and digital assets once it launches its services to the general public later this year.

“Viewing NFTs and connecting to NFT marketplaces will be supported when Robinhood Wallet is available to the general public, but it is not part of the beta program at this time,” said the company.

Related reading

Rate this article

Share this article

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Latest Cryptocurrency news

Still looking for a broker you can trust?

Join the 475.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading