Robinhood’s Public Launch of Commission-Free Trading:
The waiting list is gone and it’s official! As of 5/12/15, Robinhood’s commission-free brokerage is now open to the public. After the innovative company popped up in Palo Alto, California in 2013, nearly 800,000 people have been granted access on an “invite-only” basis. During that time, $212 million worth of stock had been traded on their attractive, easy-to-use mobile platform.
Overall, it’s estimated that Robinhood has saved these traders over $5 million in commissions so far. Now it’s your turn. Grab your iPhone, download the Robinhood app, and Say Goodbye to Trading Commissions Forever.
Even More Still to Come For Robinhood:
Robinhood started with the young investor in mind, seeking to eliminate barriers to entry in the market, such as minimum deposits and commission fees. So far, they have been highly successful in becoming the first-ever trading account for 25% of their clients.
To supplement their accessibility to iPhone users, they are developing an Android application as well. They expect the Android version to launch later this year. Simultaneously, additional order types, a wider range of securities, and margin accounts are currently in the works for all users.
Please ask any questions and leave any comments you may have pertaining to Robinhood below.
Written by Matthew Thomas