Ever since its launch in 2014, the Robinhood investing app for consumers has been a very popular application, especially for its commission-free stock trading.
It was created by Vladimir Tenev and Baiju Bhatt and by 2018 began offering cryptocurrency trading of Bitcoin and Ethereum and it went on to add Bitcoin Cash, Ethereum Classic, Dogecoin and Litecoin as well.
Also in 2018 Robinhood announced checking and savings accounts, with debit cards issued by Sutton Bank. Today, the Robinhood mobile app also showcases fractional shares and automatic investing as well.
As part of its vision to work towards 24/7 investing and following in the footsteps of Charles Schwab and Fidelity, amongst others, Robinhood recently announced that it would be extending its stock trading hours.
The app’s new trading hours are now 7 AM ET to 8 PM ET. The decision to extend trading hours was mainly due to better meet the needs of its customers. Investors were also happy with this news and the company’s stock rose more than 25% of its value.
Extended Trading Hours
By extending its trading hours, Robinhood is essentially catering to the needs of those who log into the mobile app outside of normal market hours.
This can be for many reasons as they cannot use the app during the day or have limited connectivity during some parts of the day. Therefore app users can now manage their portfolio at a time convenient to them. This is of course further enhanced by the provision of 24/7 customer support.
Orders made outside market hours on the Robinhood app are placed into a queue and fulfilled at the beginning of extended hours trading or at or near market open, according to the user’s instructions.
When developing a mobile app, the mobile app design must be of a superior nature that allows for the smoothest user journey and overall app experience.
In early 2022, Robinhood also launched its very own cash card that allows Robinhood users to spend cash whilst on the move. Card holders can decide whether to round up their change to the nearest dollar when they make purchases or they can choose to invest their change into financial assets or even direct into a range of digital coins. Cash card users are also rewarded for the transactions they make.
The global pandemic also drove app usage from 12.5 million accounts in December 2020 to 22.7 million accounts by December 2021. This was mainly credited to new and younger investors trading stocks for the first time.
Ronbinhood’s key value proposition is its commission free trading and this continues to drive interest and adoption amongst those who want to invest in stocks for the first time.
By making it commission free, Robinhood offers new investors a sense of confidence and attraction. This is also further enhanced by a commitment to safety and security and in this regard, the Robinhood mobile app offers multi factor authentication for all accounts, thereby offering the highest levels of privacy, security and safety for all user transactions.
Compared to 25 or 50 years ago, investors now more than ever heavily rely on technology to conduct their research, due diligence and stock market trades.
The advent of the mobile smartphone and the introduction of mobile applications such as Robinhood make it easier, simpler and convenient for a whole new generation of potential investors to get onboard the stock trading platform of their choice and attempt their investing savvy.
Australian Mobile App Developers Elegant Media can help startup entrepreneurs to develop their own investment mobile apps.
Mobile apps such as Robinhood continue to blaze a trail in making stock market trading more accessible, convenient and attractive for investors of all backgrounds and origins.