INSUBCONTINENT EXCLUSIVE:
The biggest players in online stock trading all just copied Robinhood by removing their fees for stock and ETF trading
Charles Schwab announced yesterday it would drop its $4.95 fee, leading to plummeting share prices for it as well as competitors
By the end of yesterday, Ameritrade announced it too would axe its $6.95 fees, and then E*Trade followed suit this morning killing off its
$36.54; E*Trade fell 19%, from $43.69 to $35.20; and Ameritrade fell 28%, from $46.70 to $33.54
hurt growth for the $7.6 billion-valued fintech upstart Robinhood
It has relied on the free stock trades to pull in users that it then monetizes with its Robinhood Gold subscription to premium services,
from online stock brokerages
But after it prematurely launched the checking product without proper insurance, massive backlash ensued and the company announced it would
shelve and rethink the idea
Its young user base and cryptocurrency exchange could give it potential that aged trading platforms lack.
