Robinhood, the California-based broker, is set to roll out fractional stock-trading in what appears like a bid to distinguish it from its incumbent rivals.
Robinhood pioneered zero-trading in the broker space.
In October, bitcoin-friendly payments app Cash App added support for fractional trading and brokerage giant Charles Schwab announced its plan to do the same in 2020.
Last month, JPMorgan Chase also released a similar feature allowing clients with less than $5,000 in ETFs and cash balances to trade fractional shares.
Robinhood is following their lead. Starting Dec. 16, the fractional trading feature will become available to a portion of Robinhood’s 10 million approved users while the rest will gain access to it by the end of this year or in early 2020, Business Insider reported.
In the past few months, Robinhood has been actively growing and diversifying its services.
Earlier this year, Robinhood also tried to go into traditional bank services with a bank charter application, although the attempt turned out to be unsuccessful and the company decided to withdraw the application in late November.