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Last Updated : Aug 11, 2020 12:50 PM IST | Source: Moneycontrol.com

Trading startup Robinhood outperforms competitors in monthly trades in June

The Robinhood app has added over 3 million new customer accounts since the start of 2020.

Representative image
Representative image

Trading app Robinhood recorded 4.3 million daily average revenue trades (DARTs) in June, surpassing its competitors.

The no-fee trading app's DARTs was followed by TD Ameritrade (3.84 million DARTs), according to a CNBC report.

Interactive Brokers recorded 1.8 million DARTs in June, while Charles Schwab and E-Trade reported 1.8 million and 1.1 million, respectively.

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This is the first time that US-based Robinhood Markets has revealed the data, amid its growing popularity during the COVID-19 pandemic. The app has added over 3 million new customer accounts since the start of 2020.

A Robinhood spokesperson told CNBC that the app will no longer provide data on number of clients holding a stock, since the information is often "misconstrued" and "misunderstood," and was not representative of how the customer base uses Robinhood.

The company will also restrict access to its API, which was used by third-party sites like RobinTrack.com to indicate retail interest in popular stocks, the report said.

"When we look at customer behaviour over time, many Robinhood customers use a 'buy and hold' strategy," a Robinhood spokesperson told CNBC, adding that most customers are buying stocks, rather than selling.
First Published on Aug 11, 2020 12:47 pm
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