Robinhood, the financial services firm, has recently announced the expansion of its crypto trading services in the European Union. The company's objective is to make cryptocurrency more accessible and affordable to individuals worldwide, irrespective of their geographical location.
Robinhood Expands Crypto Trading Services
Robinhood has officially launched its crypto trading platform in the European Union, enabling investors to buy and sell over 25 different cryptocurrencies. According to the company's announcement:
Today, we are excited to introduce the Robinhood Crypto app to all eligible customers in the European Union (EU).
Residents of the EU who are 18 years old or above and possess iOS or Android devices can now access Robinhood Crypto. The company also revealed that additional features such as support for additional tokens, crypto transfers, crypto staking, crypto learning rewards, and more are scheduled to be launched in 2024.
Johann Kerbrat, the general manager of Robinhood Crypto, expressed his belief in the future of cryptocurrencies and their role in democratizing finance. He stated, "We believe crypto is the financial framework for tomorrow and that it plays a significant role in our mission to democratize finance for all. The EU has developed one of the world's most comprehensive policies for crypto asset regulation, which is why we chose the region to anchor Robinhood Crypto's international expansion plans."
Robinhood emphasized its commitment to maintaining a conservative approach to supporting digital assets, as the company is regularly reviewed by third-party auditors due to its status as a publicly traded U.S. company.
In November, Robinhood reported a significant increase in trading volumes across equities, options, and cryptocurrencies compared to the previous month. Equity trading volume rose by 15% to $50.8 billion, options contracts traded increased by 11% to 96.6 million, and crypto trading volume surged by 92% to $2.3 billion.
The announcement concluded by reiterating Robinhood's goal of making cryptocurrency more accessible and affordable for individuals worldwide, similar to its approach with the stock market.
What are your thoughts on Robinhood launching crypto trading in the EU? Share your opinions in the comments section below.
Frequently Asked Questions
What precious metals can you invest in for retirement?
The best precious metal investments are gold and silver. They are both easy to trade and have been around for years. These are great options to diversify your portfolio.
Gold: This is the oldest form of currency that man has ever known. It is very stable and secure. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Investors have always loved silver. It's a great option for those who want stability. Silver, unlike gold, tends not to go down but up.
Platinium is another precious metal that is becoming increasingly popular. It's resistant to corrosion and durable, similar to gold and silver. It is, however, more expensive than its competitors.
Rhodium: Rhodium can be used in catalytic convertors. It is also used as a jewelry material. It is relatively affordable when compared to other types.
Palladium: Palladium, which is a form of platinum, is less common than platinum. It's also more accessible. It is a preferred choice among investors who are looking to add precious materials to their portfolios.
Should You Buy or Sell Gold?
Gold was a safe investment option for those who were in financial turmoil. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Some experts think that this could change in the near future. They believe gold prices could increase dramatically if there is another global financial crises.
They also point out that gold is becoming popular because of its perceived value and potential return.
These are some important things to remember if your goal is to invest in gold.
- Consider first whether you will need the money to save for retirement. It is possible to save for retirement while still investing your gold savings. However, when you retire at age 65, gold can provide additional protection.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each offer varying degrees of security and flexibility.
- Remember that gold is not as safe as a bank account. Losing your gold coins could result in you never being able to retrieve them.
Don't buy gold unless you have done your research. Protect your gold if you already have it.
What does gold do as an investment?
Gold's price fluctuates depending on the supply and demand. Interest rates are also a factor.
Due to the limited supply of gold, prices for gold are highly volatile. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
Who holds the gold in a gold IRA?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
The purchase of gold can protect you from inflation and price volatility. But it's not smart to hold it if your only intention is to use it.
If you plan to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.
A financial planner or accountant should be consulted to discuss your options.
Should you Invest In Gold For Retirement?
The answer will depend on how many dollars you have saved so far and whether you had gold as an investment option at the time. If you are unsure of which option to invest in, consider both.
Gold is a safe investment and can also offer potential returns. Retirees will find it an attractive investment.
Although most investments promise a fixed rate of return, gold is more volatile than others. As a result, its value changes over time.
This doesn't mean that you should not invest in gold. It is important to consider the fluctuations when planning your portfolio.
Another advantage of gold is its tangible nature. Unlike stocks and bonds, gold is easier to store. It can also be transported.
You can always access gold as long your place it safe. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold tends to rise when the stock markets fall.
You can also sell gold anytime you like by investing in it. Just like stocks, you can liquidate your position whenever you need cash. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
Do not buy too much at one time. Start by purchasing a few ounces. You can add more as you need.
Don't expect to be rich overnight. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
How much do gold IRA fees cost?
A monthly fee of $6 for an Individual Retirement Account is charged. This includes account maintenance and any investment costs.
Diversifying your portfolio may require you to pay additional fees. These fees can vary depending on which type of IRA account you choose. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Many providers also charge annual management fees. These fees can range from 0% up to 1%. The average rate per year is.25%. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
Is it possible to hold a gold ETF within a Roth IRA
This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).
Traditional IRAs allow contributions from both the employer and employee. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
Also available is an Individual Retirement Annuity. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs don't have to be taxable
Statistics
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
cftc.gov
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Lawful – WSJ
finance.yahoo.com
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
How to keep physical gold in an IRA
The best way of investing in gold is to purchase shares from companies that produce gold. However, there are risks associated with this strategy. It isn't always possible for these companies to survive. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
An alternative option would be to buy physical gold itself. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. This option has many advantages, including the ease of access (you don’t have to deal with stock markets) and the ability of making purchases at low prices. It is also easier to check how much gold you have stored. You will receive a receipt detailing exactly what you paid. You have less risk of theft when investing in stocks.
There are also some drawbacks. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. Finally, the taxman might want to know where your gold has been placed!
If you'd like to learn more about buying gold in an IRA, visit the website of BullionVault.com today!
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By: Kevin Helms
Title: Robinhood Launches Crypto Trading in EU, Aims for Global Accessibility
Sourced From: news.bitcoin.com/robinhood-launches-crypto-trading-in-eu-aims-for-global-accessibility/
Published Date: Sat, 09 Dec 2023 12:30:15 +0000
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