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Robinhood’s crypto trading volumes fell nearly twice as fast as options trading in October – but accounts grew – Robinhood Markets (NASDAQ:HOOD)

Robinhood Markets Inc HOOD came out with its monthly metrics report for October which offers insight into what its users are trading – index, it’s not a crypto.

What happened: Investors on the commission-free trading platform have cut cryptocurrency trading volumes by 80% year-over-year and 2% since last month as traders assess the set implications of FTX’s collapsewhich fueled greater volatility in the market.

Instead, some of those investors are turning to options contracts, as 78.7 million contracts were traded in October, up 1% month-over-month but down 14 % year over year.

Read also : Robinhood now offers options contracts that expire every day of the week

The number of funded accounts was unchanged month-over-month, with 22.9 million active accounts, up 2% year-over-year.

Why is this important: Prior to Robinhood, anyone wishing to invest in stocks had to pay between $5 and $10 per trade. They also had to invest a minimum of $500 to open an account.

Company Founder Vlad Tenev aimed to democratize finance for all with the introduction of Robinhood in 2015, noting that executing a trade costs brokers “fractions of a penny”.

Tenev’s Robinhood facilitates commission-free trading of stocks, ETFs, and cryptocurrency through a mobile app and web browser.

An industry disruptor, Robinhood has become hugely popular during the COVID-19 shutdowns, with retail investors buying and selling meme stocks and cryptocurrencies, forcing other brokerages – such as WeBull – to follow Robinhood’s commission-free trading model.

Read more : Tech Venture Capitalist Never Short Stocks, But Can Start With This “Abomination” Of A Company

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