Robinhood, a new iPhone app for trading stocks, is one-upping discount brokerages by allowing investors to trade stocks and ETFs for free. The startup secured $16 million in funding to build the first free stock trading app, including support from celebrities like Snoop Dogg and Jared Leto. Robinhood co-founders Baiju Bhatt and Vlad Tenev estimate their app has already saved investors over $5 million in commissions, and they’re just getting started. With no account minimums or transaction fees, investors are able to build their portfolio at their own pace. Robinhood’s average user is 26 years old, and 25% of accounts are created by first-time investors. Bank-wary millennials might be quick to adopt the app, but free stock trading is a good thing for investors of all ages.
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