News: Stock Trading App for Millennials
I'm all for learning about using interesting new apps to manage your investments and personal finance. In fact, I'm amazed at all of the new and unique apps related to trading that pop up seemingly everyday.
I recently discovered a new one that I thought would be cool to share with you, especially for those of you who are Millennials, because according to a report conducted by TechCrunch, this app is already valued at $1.3 billion. The over $1.0 billion valuation from financial firms makes it a "unicorn" among the Silicon Valley startups.
Robinhood is an app that allows users to make free (that's commission-free) stock trades, and takes less than 4 minutes for users to sign up. According to the company's website, "Robinhood started with the idea that a technology-driven brokerage could operate with significantly less overhead. We cut out the fat that makes other brokerages costly — hundreds of storefront locations and manual account management."
The company launched in December 2014 and was popular among young investors since they are able to avoid the $7-$10 per trade fee that usually comes with investing through a regular brokerage firm. In September 2016, the company launched its new "Gold Subscription" which allows users (who wish) to pay $10 per month in order to get an extra 2.5 hours of trading, an additional line of credit for trades, and bigger instant bank account deposits of up to $2,000.
To date, the company has transacted over $25 billion on the platform and its low-cost, easy-to-use system is a great way to get into the investing world if you've been skeptical about it recently. You can read even more about the app and its optimistic reviews on Business Insider HERE.