New App Launched for Cryptocurrency Users
A new commission-free trading app has been launched featuring Candlestick Charts to help cryptocurrency users find the best financial products at the lowest costs. The mobile trading exchange app entitled ‘Robinhood’ will be rolling out the charts over the next two weeks to inform its users better when it comes to trading or investing in bitcoin.
The new chart option will enable traders to monitor price activity for each of the 16 supported cryptocurrency assets that are listed on the app including Bitcoin, Ethereum, Dogecoin and more. Users will also have access to data on other stocks, options and exchange-traded funds on the Robinhood App.
A company spokesperson said:
“Candlestick charts help investors better understand how prices move. They show the open, high, low, and close price during a given timeframe, and how volatile the price has been, while a line chart only displays the close price. With this information, investors can also determine how volatile the price has been. This is in line with our mission to provide investors with the best financial products at the lowest cost.”
One of the largest cryptocurrency trading platforms in America, the company has attracted a great deal of interest since it launched its first no-fee cryptocurrency exchange Robinhood app in January 2018. The new candlestick charts were created following requests from a number of traders and are a very good way to be able to view lots of information about a stock’s price.
They take the form of a candle, hence the name, and represent four different aspects – high, low, open and close.
‘High’ shows the maximum price reached for that particular timeframe and ‘low’ reflects the minimum price. Meanwhile, ‘open’ is the price at the beginning of the trading period and ‘close’ means the price at the end of the period.
There are also ‘bullish candlesticks’ in green which reveal if a stock’s price has increased which indicates that the close price is higher than the open price. The opposite of this is the red ‘bearish candlestick’ which highlights any decrease in the stock’s price and means that the close price is lower than the open price.
These types of chart are extremely useful for traders as they enable them to analyse and visualise the movement of prices. They can also highlight if prices have been volatile – an insight which is not shown by a line chart. This is shown by tall lines that represent a volatile price and short lines for stable prices.
Some candlestick charts also have additional lines to show the total number of shares trading during the time period for that candlestick which gives helps investors to gauge the level of interest in the stock. As well as candlestick charts, the Robinhood team has been busy introducing a number of additional features including Analyst Ratings, People Also Bought and About which are aimed at providing investors with different views, as well as the whole picture, to enable them to make more informed decisions.
The Californian company is hoping that these new features will prove to be popular with its users, helping to build positive relationships and improving the customer experience.
The app currently has over five million users – a fifth of whom came on board as a result of the new crypto offerings.
By Joy Lewis.