Hello Folks,
In 2013, a good friend of mine texted me this link to join Robinhood. I was super sceptical, especially when I had to give personal information. Looking back, it was one of the best financial moves I’d made...and...I knew nothing about stocks and the stock market.
Today I look at myself as not only a believer, but a staunch advocate. Now, I have a few different accounts with different stock brokerages.
Named after the legend who robbed from the rich to give to the poor, Robinhood offers commission-free stock and option trades at a time when even the least-expensive brokers charge $5 per trade. That pitch has helped Robinhood open more than 4 million accounts since 2013, making it bigger than E*Trade, which went
online in 1991!
Robinhood launches its
own trade clearing system as customer growth surges
- Robinhood spent two years quietly building its own clearing system so it wouldn’t have to rely on an external firm to clear and settle transactions, or custody assets.
- The move positions the online brokerage to be able to scale faster, and expand into more areas of financial services, its CEO says.
- The Menlo Park-based start up also announced Wednesday it has 6 million customers, up from 5 million in August, and 4 million in May.
Published 1 Hour Ago Updated 1 Hour Ago CNBC.com
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