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Robinhood reports more monthly trade than rivals Charles Schwab, E-Trade combined



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Source: Robinhood

Robinhood joined the rest of the brokerage industry by publishing monthly trading data in Manday. The beginner disturbed everyone – at least by one metric.

Robinhood saw 4.3 million average daily trading revenue, or DARTS, in June, the company told CNBC on Monday. This is the first time the startup has allocated monthly amounts. Robinhood’s overall debut was higher than all the major on-duty brokerage firms, and more than E-Trade and Charles Schwab combined.

TD Ameritrade recorded the highest monthly total at 3.84 million DART, according to the company̵

7;s monthly report. Interactive brokers saw 1.8 million DARTS in June, followed by Charles Schwab and E-Trade with 1.8 million and 1.1 million, respectively.

The so-called DARTs are still a major industry standard for measuring clients’ trade, even though they no longer charge commissions. Robinhood DARTs throughout the second quarter more than doubled compared to the previous three months, according to the company. Its first three days based on trading volume, took place in June 2020.

The new revelations, first reported by Bloomberg, come just days after Robinhood announced it was removing some customer data from its site. A Robinhood spokesman told CNBC it would no longer publish the number of customers who owned a particular stock because that data was often “wrong” and “misunderstood” and was not representative of how the customer base uses Robinhood. He also plans to restrict access to its API, which was used by third-party sites like RobinTrack.com to show retail interest in stocks such as Virgin Galactic and Kodak.

“When we look at customer behavior over time, many Robinhood customers use a ‘buy and hold’ strategy,” said a Robinhood spokesman, adding that as customers spend more time on the platform, most of them buy more shares. sesa shesin “.

Robinhood has had a banner year with 3 million new customer accounts in early 2020. It also announced the closure of a Series F financing round that pushed its estimate to $ 8.6 billion. However, Robinhood has had its share of growing pains. For one, the start has experienced multiple downtime in March, which is attributed in part to record trade volume and volatility. Robinhood also made it harder to access its options by offering after a client’s suicide.

Robinhood is hardly the only trading firm that sees record growth. All of its publicly traded rivals more than doubled their trading volume from year to year in the second quarter. TD Ameritrade had the largest increase in DART, at 312% from the comparable quarter last year.


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