Here, we take a closer look at one of them: Robinhood.
Robinhood is the California-based FinTech that allows its users to invest in public companies and exchange-traded funds on US stock exchanges without paying commission, foreign exchange fees or account minimums.
Robinhood, much like it’s famous namesake, believes that money should be fair for all.
Reinforcing the message behind the business, Tenev has been famously referenced as noting that executing a trade costs brokerages fractions of a penny, but that they then typically charge as much at $10 per trade; that’s before you include the required $500 to $5,000 account minimums.
As of May 2018, it was reported that Robinhood has raised a total of $539mn in venture capital funding and was valued at $5.6bn. Let’s trade.
Robinhood is a commission-free investing platform that, through its dedicated app, allows users to make unlimited trades in shares of over 3,500 US stocks, as well as more than 1,000 global stocks – this includes those listed on NYSE, Nasdaq and several over the counter stocks.
It offers no commission or foreign exchange fees, no account minimums and is designed to be user-friendly and intuitive to fulfill Robinhood’s ‘finance for all’ ethos.