If you’re tired of paying commissions on your stock trades, there’s now an app for that. Robinhood offers a simple user interface for for smart phone/tablet users looking to bolster their current financial status with online trading.
Started last year as an iOS app, Robinhood has recently expanded into the Android market and has shown no signs of adding commissions. They make their money off of interest on balances and premium services like margin trading.
They’ve been featured in a number of traditional financial media venues like CNBC where one of the co-founders assured the host – “As long as people continue to enjoy the product, more and more people will use it, and the existing revenue streams are more than enough to create a long-term sustainable business.”
In the last few weeks they announced a major update (on the iOS side) to provide more financial intelligence and provide more value to their customers through features like cards that track the companies you invest in and a new feature called insights.
“Insights will offer more info on the stock’s past performance, upcoming events, and revenue streams to give users more confidence when buying shares. The insights will also cover the user, showing trading history and portfolio diversity — useful info for users who want to engage in more hands-on v. Robinhood is adding NASDAQ after-hour trading updates as well on highlighted stocks, giving users the opportunity to see the stock performance before the market opens.”
– Source: DigitalTrends.com