You can now buy and sell bitcoin and ethereum without paying any fees on Robinhood but you'll have to get in line

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Commission-free brokerage site Robinhood is offering users a chance to trade bitcoin and ethereum with zero transaction fees.

The feature is only available in select states, and there are already more than 1 million people on the waitlist.

The move to trade in cryptocurrencies could place Robinhood as a key competitor to cryptocurrency trading platforms like Coinbase.

Commission-free brokerage site Robinhood, recently valued at 1.3 billion, is now offering its users the chance to buy and sell cryptocurrencies like ethereum and bitcoin, with zero transaction fees.

But if you want to make a commission-free cryptocurrency trade on Robinhood, you'll need to get in line: Since the feature was first announced in January, interest boomed. The service is currently tallying the waitlist to get access to the cryptocurrency trading feature at more than 1 million prospective customers.See the rest of the story at Business InsiderNOW WATCH: Economist Ken Rogoff: Cryptocurrencies will eventually be regulated and issued by the governmentSee Also:Scammers are tricking people to log into fake cryptocurrency exchange sites, and they're incredibly hard to spotCriminals are reportedly abducting the 'cryptorich' to steal their BitcoinThis new video game will offer one whole bitcoin to the first person who solves its 'mind bending' puzzlesSEE ALSO: Robinhood dives into cryptocurrency with free bitcoin and ethereum trading

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