The New Robinhood Trading App With Free Commissions (03/13/2015)
Someone has created a trading app targeting young people to use on their phones with zero commission charges.
The idea is that they will be able to instantly make trades and follow the trades that are most popular on the app.
Read the details:
With its quick signup process and easy-to-use interface —maybe too easy—this hot investing app is targeting people who are young and unfamiliar with trading stocks.
Robinhood’s selling point is that it allows for quick buying and selling of stocks—for now, only U.S. stocks on the New York Stock Exchange and Nasdaq—with no commission per trade and no minimum balance required.
But beyond its no-fee value proposition, Robinhood is winning with mobile-obsessed millennials thanks to its cleverly simple design. After an easy sign-up process (the company does a background check that takes just a couple of days before you can begin buying and trading), the app shows you a screen of “popular” stocks among its users. (Think “millennial,” so think of hot tech and young brands: Tesla, Lululemon, Under Armour, to name a few.)
The app is free to use, but makes its money two ways: by taking interest from uninvested cash balances, and by taking interest from customers who trade on margin using a line of credit. (It hasn’t yet added this feature for all, but is testing it in beta.) “Right now, we aren’t making very much money, because we aren’t taking much from cash balances,” says Bhatt. “When we roll out margin trading, I think we will do very well, because people keep asking for that feature.”
To read full article go here.
I think it goes without saying that this app will bring a lot of "dumb money" into the stock market.
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