Robinhood Markets known for a clientele of beginning investors lured customers to fatter wallets from other brokers.
The trading app disclosed that since October 23, when it introduced a 1% match on transferred brokerage accounts, it has received approximately $1.1 billion in account transfers as of Wednesday. In the second and third quarters of this year, customers transferred approximately $350 million and $375 million, respectively Robin Hood from other intermediaries, according to the company’s filing.
Source: Wall Street Journal
About Robinhood
Robinhood Markets is all about money stuff and they’re based in Menlo Park, California. They have this cool app that lets you trade stocks, exchange-traded funds, and even cryptocurrencies without having to pay any fees. Plus, you can also use the app to manage your retirement savings. Robinhood is a legitimate company that follows all the rules set by the government. They’re registered with the U.S. Securities and Exchange Commission and they’re part of this group called the Securities Investor Protection Corporation. They make money in three ways: by earning interest on the money people have in their accounts, by selling information about trades to fast traders, and by lending money to people. As of March 2022, Robinhood had almost 23 million accounts and about 16 million people using the app every month. And just recently, in April 2022, they added a feature to the app that lets you store and use cryptocurrencies.
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