How Robinhood Uses Social Media To Attract More Investors
Robinhood provides 100% commission-free stock, options, ETF and cryptocurrency trades, and its account minimum is $0 too. Mutual funds and bonds aren't supported, and there's only one account option. Still, if limiting costs is your No. 1 concern, Robinhood is a solid choice.
Robinhood is a FINRA-approved broker-dealer, registered with the U.S. Securities and Exchange Commission, and is a member of the Securities Investor Protection Corporation. The company's main source of revenue comes from interest earned on customers' cash balances and margin lending.
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Robinhood has over 6 million users because they use social media sharing links within their app to get existing members to attract even more investors. It’s adding tools, features and information on other users’ activity that makes the experience feel more like a social network.
As of January 2015, 80% of the firm's customers belonged to the "millennial" demographic (people born in the 1980s through mid-1990s) and the average customer age was 26. Fifty percent of users who have made a trade use the app daily and 90% use to the app weekly. By February 2018, Robinhood had 3 million user accounts, around the same number as the online broker E-Trade.
Pros & Cons
No commissions on stock trades.
No account minimum.
No retirement accounts.
No mutual funds or bonds.
Limited customer support.
Best, Edwin Dearborn
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