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To some, trading stocks can be confusing and intimidating. A startup called Robinhood has pushed to make it as easy as the tap of a button on your smartphone. The app had an initial buzz, generating a waiting list of more than 300,000, when it was invite-only last year. Since launching for the iPhone in March, Robinhood has worked with hundreds of thousands customers on free stock deals.
Hence, Robinhood -- stop working for the banks and instead look for ways to encourage the millennial generation to trade in part by empowering these first-time investors with easy-to-use technology. Analysts told Bloomberg that if Robinhood gained enough popularity, it could push more financial lenders to lower their transaction fees. In case you thought paying $7 to $10 to trade a stock in the US was bad, it costs $65 in Australia.
Robinhood is swiftly fulfilling its mission to steal commission charges from online brokerages for the rich, and give access to the stock market to the poor. Together, they developed the Robinhood iOS app where you can track stock performance and trade with no commission, rather than paying $7 to $10 to online brokerages like E*Trade or Scottrade. Unlike old school brick-and-mortar competitors, Robinhood can rapidly scale abroad since it doesn’t have to open physical stores.

Instead, Robinhood plans to earn money thanks to the volume of trades on its app, and some bonus features for serious investors. If I was invested in the old online stock trading companies, I’d call my broker right now and tell him to sell, because people aren’t going to pay to place trades anymore.
We cut out the fat that makes other brokerages costly — hundreds of storefront locations and manual account management. Hundreds of thousands of iPhone users have traded via the mobile app since March, and on Thursday the company released an Android version to tap into a broader range of customers.
Since it opened to the public in March, users have transacted more than $1 billion worth of trades, the company reports, claiming these deals have saved customers more than $22 million from trading commissions. They created a mobile app that employed the swiping feature popularized by hookup app Tinder. The team also created a short online ad that's reminiscent of Dollar Shave Club spots. So now that its zero-fee stock trading app is thriving stateside with hundreds of thousands of users, Robinhood is planning to go international, starting in Australia.
With 25% being first time traders, Robinhood’s users have transacted over $500 million on the app to save $12 million in fees to date. The company was founded in 2013 by Stanford grads Tenev and Baiju Bhatt [Disclosure: Tenev and Bhatt are friends of mine from college] after they’d tried their luck building algorithmic trading and investment bank software startups.

Tenev relays that eventually “we’ll also investigate integrating with local market centers and banks” so that users could trade on their nation’s own stock markets. It’s currently testing the ability to trade on margin, so users can buy stocks with money from those they just sold but that won’t clear into their account for a few days.
But they make it tough to win at the stock market because if you’re only investing small amounts, the cost might be more than your upswing. The app began rolling out in beta in December, launched publicly in March, and already has an Apple Watch interface.
Tenev says Robinhood is charging a 3.5% fee to trade on margin in a private beta of the feature, but that rate could change when margin trading rolls out to everyone.
Removing the fees removes the barriers to trading for younger, poorer people who might not have traded stocks before.

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Author: admin | 09.01.2015 | Category: Online Stock Trading Account

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