US-based commission-free stock trading app RobinHood emerges from private beta
RobinHood has ended its private beta to let people trade stocks for free. Today, the mobile finance app has begun sending out invitations to the 160,000 users who have registered in advance to download its new app, according to TechCrunch.
Unlike other finance apps that are limited to stock monitoring and charges users for every transaction, Robinhood lets its users buy and sell stocks for free. It earns revenue by moving around the cash of its users, the report explained.
RobinHood allows traders to monitor their stocks during their spare time and make a trade at a spur of the moment with just a few swipes. The app also has a green and red indicator that tells the user how well the viewed stock is doing. As for security, the platform allows users to set up a pin code before the app can be opened, the report detailed.
At present, RobinHood is backed with $3 million in seed funding from several investors including Google Ventures, Andreessen Horowitz, and Index Ventures. The platform plans to later charge developers a fee for API access as one of its ways to support itself, TechCrunch reported.