First company to offer zero trading commissions for US listed stocks is planning to launch in Europe as the company seeks for a »Chief Executive« to lead and operate planned UK/EU expansion. Launched in 2013, the RobinHood app lets users invest in publicly traded companies and exchange-traded funds listed on US exchanges without paying a commission. Its mission is to make financial tools accessible to everyone, as well as inspire a new generation of investors.
Vladimir Tenez, co-founder of the app had spoken about the issue in the interview for Techcrunch: »Most stock brokerages out there have been around for 30 years, their interfaces are clumsy, and they’re targeting older professionals and active traders.«
“They’re no place for first time investors and that’s one of the things we focus on. Making it accessible. Having it be mobile friendly.”
In 2015 the company triggered its global expansion following $50 million of founding led by New Enterprise Associates (NEA), announcing Australia as first international market. They have been waiting for its regulatory approval since.
According to Jan Hammer, a partner at Index Ventures, which has invested in company, RobinHood has »not just made trading simpler, mobile and free; by doing so, they’ve opened up stock market,« Hammer told Business Insider.
The RobinHood App
The RobinHood App won an Apple Design Award in 2015, with minimalistic and stylish interface. Users first need to link their bank account and credit their RobinHood account by a one-time transfer to start trading. Once the amount is deposited (usually it takes about three days in the US), the home screen shows the total money (in stocks and cash) – and how much you’ve earned through the past 24 hours.
Since February, first set of costumers can buy and sell Bitcoin and Ethereum with RobinHood Crypto. All your investments commission-free on one platform. For now, it’s available for US costumers residing in California only, while looking forward to releasing crypto trading functionality in many other states later. In meantime, RobinHood users and investors can monitor and track market data for 16 cryptocurrencies.
One million users registering in first four days, shows the interes tof RobinHood’s services, which gained over four millions users. For now, users from above mentioned states of California, can buy Bitcoin and Ethereum, but they can track 14 other cryptocurrencies; bitcoin cash, litecoin, XRP, ethereum classic, zcash, monero, bitcoin gold and dogecoin.
Company also announced RobinHood feed, a new way to discuss cryptocurrencies, news and market swings in real-time with other investors on app itself. Over the past few weeks, RobinHood Crypto reached four million users and well over $ 100 billion in transaction volume on the brokerage platform, leading to over $1 billion in commissions saved in equity trades. With the release of RobinHood Crypto, they’re continuing their mission of making the financial system work for everyone, not just wealthy.