StockTwits Announces Social Trading App to Compete With Robinhood
StockTwits, a social network that connects equity, crypto and commodity investors, announced this week that it is planning to launch Trade App, a social brokerage platform that will compete with industry-leader Robinhood.
Introducing Trade App, a free social trading experience, coming soon, from StockTwits: https://t.co/Ppg3O3eIbv pic.twitter.com/kB9GJKY2ah
— StockTwits (@StockTwits) April 18, 2019
According to the announcement, Trade App is expected to launch to Stocktwits' approximately 2 million members this summer on iOS. From there, the company plans to roll out the app for non-community members and the general public.
Similar to Robinhood, Trade App will reportedly offer commission-free trading while allowing investors to buy and sell fractional shares, opening up the platform to small investors looking to get a piece of high-priced blue chips like Amazon (AMZN) and Google (GOOGL).
"With 150,000 messages sent every day on the platform, Stocktwits prides itself on understanding the retail investor and trader," said StockTwits CEO Ian Rosen. "For ten years we've had a front row seat to the roller coaster of emotions the active investor goes through, from the highs to the lows. We are successful when our members are successful and existing solutions are not getting the job done. We built Trade App to create a better experience for investors and traders of all levels. Self-directed doesn’t have to mean self-destructive, and we believe the key to success lies in not relying solely on yourself.
While the announcement doesn't specifically mention crypto trading, it wouldn't be surprising to see it added in the future based on StockTwits' focus on the crypto market and Robinhood's support for crypto trading.
According to the fine print, user accounts will be managed by StockTwits' new brokerage subsidiary, ST Invest LLC. Additionally, fee-free trading will only apply to US-listed stocks.
Investors who are interested in being notified when Trade App launches can sign up here.
More: Stocktwits to Launch Commission-Free Mobile Equity Trading in Q2
Similar: Robinhood Launches ‘Digestible’ Newsletter After Acquiring MarketSnacks
