Robinhood, the Silicon Valley startup that pioneered large-scale, commission-free retail trading, said Wednesday it has reached more than 10 million accounts.
The startup offers investors commission-free stock, ETF, options trading and high-yield savings accounts.
In a statement, Robinhood representatives said, “We believe participation is power. We founded this company to break down barriers to our financial system. To do that, we spent our earliest days holding customer research sessions, so we could better understand how to serve a new generation of investors.”
The development comes after a wave of retail trading solutions switched to zero-commission trading.
"To put Robinhood’s 10 million clients in context," CNBC's Maggie Fitzgerald wrote, "the combined Charles Schwab and TD Ameritrade brokerage giant will serve about 24 million clients. Schwab announced it is buying TD last month.
As of Dec. 4, the five most popular stocks with Robinhood users are:
- Aurora Cannabis Inc (NYSE: ACB)
- Ford Motor Company (NYSE: F)
- General Electric Company (NYSE: GE)
- Fitbit Inc (NYSE: FIT)
- GoPro Inc (NASDAQ: GPRO)
Why—And How—Did Robinhood Decide To Clear Its Own Trades?
Wall Street Analysts Love Schwab's Pursuit Of TD Ameritrade
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