Robin Hood, a US free stock trading platform
Despite the boycott of individual investors and the politician offensive, they fell into amnesty, but their popularity did not decline. This is the story of’Robin Hood’, an American stock exchange app. Although there was a boycott movement by temporarily limiting the purchase of individual investors for some stocks, such as Gamestop, it was found that customers who want to use the app are crowding.
According to Bloomberg News on the 5th (local time), the number of times US mobile device users downloaded the Robin Hood app on that day was 600,000 times. Bloomberg said that “four times the maximum number of downloads per day recorded in March last year.” It was also the stock trading app that users downloaded the most from the 24th to the 2nd of last month. During the same period, it exceeded the number of downloads of competitors’ stock trading apps’Weipay’,’Charles Schwab’ and’Fidelity’.
‘Game stop foot boycott’ also… The secret is’convenience’
Vladimir Teneb, co-founder of Robin Hood. Central photo
Robin Hood was hit by public opinion over the’gamestop stock purchase limit’. This is because from the 28th of last month, the purchase of individual investors in some stocks such as Gamestop and AMC Entertainment was restricted. It was a time when individual investors, who went on the other day against short selling forces such as hedge funds, bought stocks and stock prices soared.
Robin Hood’s Chief Executive Officer Vladimir Teneb explained that “Gamestop’s stock price fluctuated rapidly and the financial authorities demanded increased margins, so we had to limit the purchase.” A suspicion was raised.
The public reaction was cold. On social media (SNS) such as Twitter, a boycott of “Let’s delete the Robin Hood app” took place. Some individual investors filed class action actions against Robin Hood. Political circles such as Congressman Alexandria Okashio-Cortes (Democratic Party) set up a day of criticism every day, saying, “(Robin Hood’s) trading restrictions are unacceptable.”
The reason why users are also crowded with’Game Stop Feet Boycott’ is explained by the convenience of the Robin Hood app. It’s annoying, but the convenience that cannot be replaced by other trading apps is the secret to its popularity.
Robin Hood attracted customers by completely abolishing a fee of 10 dollars (about 11,230 won) per transaction along with a complicated procedure for stock trading in 2013, when it was launched. In addition, a game-like screen was created, such as firecrackers bursting when stock trading was conducted, which aroused interest in young people. Bloomberg pointed out on the day, “Some customers say that their competitors’ apps are significantly lacking compared to the clean, electronically-like interface provided by Robin Hood.”
Super Bowl, newspaper advertisement… All publicity for anti-war
Robin Hood plans to release an advertisement for the American football final’Super Bowl’, which is called the largest sporting event in the United States, on the 7th (local time) to resolve the negative image. Central photo
It is an analysis that not only the competitiveness of the convenient app itself, but also publicity to raise the image that fell is affected. On the 2nd, Robin Hood explained the reasons for restricting transactions in some stocks, including Game Stop, through full-page advertisements in major daily newspapers such as the New York Times (NYT), Washington Post (WP), and Wall Street Journal (WSJ).
An advertisement for the American football final’Super Bowl’, the largest sporting event in the United States, is also scheduled to be released on the 7th (local time). Christina Smedley, Chief Marketing Officer of Robin Hood, told WSJ, “I want to show the value we are pursuing to people who have heard bad stories about Robin Hood in a few days.” He said that it would solve the problem.
Reporter Yoon Sang-eon [email protected]