Summary List Placement
Robinhood launched in 2013 and quickly gripped new and young investors wanting to try their hands at retail trading.
The trading app, which is seeking to go public with a valuation as high as $30 billion, had about 13 million users at the end of 2020.
But the app came under intense scrutiny from lawmakers, regulators, and customers after it halted trading of GameStop as retail traders drove up the stock price to all-time highs in January.
Some have said the app makes investing too much like a game, as others complained of market manipulation amid the GameStop frenzy.
The situation has allowed competitors to muscle in.
WeBull, the Chinese-owned brokerage that launched in 2017, said it saw a 16-fold jump in new account signups following the Robinhood backlash, Bloomberg reported at the time. Meanwhile, Public, which also launched in 2017, has doubled in size year-to-date with more than 1 million users.
These trading apps are all competing for attention from Millennial and Gen Z investors alongside more established brokerages, like TD Ameritrade, Fidelity, and others.
For this story, I downloaded each of the three apps to compare the user interface, the variety of features, security, and the educational resources, to see which one came out on top.
The bottom line? Robinhood was hands down the most enjoyable to use and interact with, but WeBull came out on top with readily available data and resources to help me improve my investing strategies.
My view as a first-time retail investor
I will start by saying I’ve never done this before. I started my professional journalism career at Bloomberg and am now the Millennial Investing reporter on the markets team at Insider. Those roles come with strict rules on what I can and can’t do in terms of investing.
For example, I write a lot about meme stocks like GameStop and AMC. If I were to invest in one, that would be a conflict of interest and would land me in hot water with my employer. Besides contributing to a 401(k), I’ve stayed away from any other investing.
To open accounts with each of the apps, I had to answer a lengthy list of questions, from my investment experience to a lot of personal identifying information, and then input my banking information. This experience is standard across all services.
Though I did not claim the offer, all of the apps I tested award users one free stock as a perk of signing up.
Also, importantly, all of these services are commission-free. This is the case for both stocks and crypto on Robinhood and WeBull, while Public does not offer crypto trading at this time.
Read more: BANK OF AMERICA: Buy these 36 dirt-cheap small- and mid-cap stocks that will soar as the global economy reopens and inflation heats up — including 5 expected to surge at least 60%
I see why Robinhood has been described as “gamifying” investing. The app is well-designed and exciting.
My retail investing journey began with Robinhood. I got the go-ahead …read more
Source:: Business Insider