Robinhood Beat Competitors in Daily Active Trades in June

Retail stock-trading firm Robinhood reported 4.31 million daily active trades for June, exceeding the figures from competitors.
Author:
Publish date:

Free retail stock-trading app Robinhood reported 4.31 million daily active trades for June, well ahead of rivals like E-Trade, which reported about a quarter as many for the month. 

Robinhood is disclosing its DART data for the first time as scrutiny of the company has increased in recent months. That's due to multiple outages and concern about granting market access to amateur investors who are not versed in trading stocks. 

TD Ameritrade  (AMTD) - Get Report was the second most popular trading platform, with 3.84 million DARTs, while Interactive Brokers had less than half that with 1.86 million, Charles Schwab  (SCHW) - Get Report had 1.8 million, followed by E-Trade's 1.1 million DARTs in June. 

Now that the company is opening its books, it is closing down Robintrack.net, an independent website with hourly updates on retail stock demand. 

Robinhood now has more than 13 million users, about 3 million of whom joined since the coronavirus pandemic.

The company said that in May it secured a $280 million funding round that values the company at $8.3 billion

But it has been a bumpy few months for the company as calls for regulatory scrutiny increased after the company's services went off line during high-volatility market trading.

In June, a college sophomore using Robinhood committed suicide reportedly after misreading his financial statement and incorrectly thinking that he had a negative cash balance of $730,165.