Editor’s note: The headline of this article has been updated to clarify that Bitcoin is not the most traded asset, but rather the most regular investment on the Robinhood platform, and the article has been updated with more details. Ta.
Trading platform Robinhood Markets HOOD has grown from a strong base of young and retail users to a platform that caters to everyone, the company’s chief securities officer Steve Quirk said during the 2024 HOOD Summit. “It’s kind of exciting to watch,” he told Benzinga of the development.
Robinhood’s Growth: With a long career in the trading world at TD Ameritrade and Cboe, Quirk has seen trends come and go in the stock market.
“At Robinhood, our customers are trending toward a younger demographic,” Quirk said in an interview Friday, noting that the average age of customers is in their early 30s.
He said that while similarities exist between traditional trading companies and Robinhood, there are many differences that impact the latter’s product development.
“The technologies and products we deploy meet the needs of our customers.”
At Robinhood, about 50% of voluntary trades are done on mobile, which means most of the trades are done on mobile phones, Quirk said.
With growth in retirement accounts and more sophisticated traders joining Robinhood, the company expects demand for web-based apps and platforms alongside mobile, which will be incorporated into the company’s new trading platform, Quirk said. said.
“We attract a lot of large clients from other brokerage firms.”
Quirk talks about how much effort Robinhood puts into customer research to create better tools and products, and also focuses on educating people so they can feel confident switching their accounts to Robinhood. I emphasized that.
“Education is very important.”
He said the HOOD Summit helped Quirk tell the stories of investors who are changing lives through Robinhood’s tools and investment platform.
“These stories motivate us to keep delivering for our customers.”
Related article: Exclusive: Cboe CEO says Robinhood’s growth is ‘spectacular’, unpredictable 2024 election could increase market volatility
A platform for everything: Robinhood recently announced a partnership with Cboe Global Markets CBOE to offer futures trading to its customers. Quirk said this was one of the most requested features on the platform.
“It’s natural,” Quirk said.
He said futures have tax benefits and the fact that they operate 24 hours a day are some of the reasons why they are in demand from Robinhood customers.
Quirk, who offers stocks, options, futures and cryptocurrencies, highlighted the uniqueness of the Robinhood platform in an interview with Benzinga’s Zunaid Suleman at the HOOD Summit in Miami.
“We are the only place in the United States where you can do it all.”
Robinhood offers the ability to regularly invest in any asset, including cryptocurrencies, Quirk said. With recurring investments, Robinhood users set investment amounts that are automatically made on their behalf.
“The most traded and most frequently made investment is Bitcoin,” he said, highlighting the leading cryptocurrency, Bitcoin BTC/USD.
Bitcoin has been Robinhood’s top recurring asset for years, showing the platform has customers who are very passionate about cryptocurrencies, the chief securities officer said.
Read next:
Benzinga’s Zunaid Suleman interviews Robinhood Chief Securities Officer Steve Quirk. Photo: Aaron Thomas.
Market news and data powered by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. Unauthorized reproduction is prohibited.
