Stock trading services get a new wave of investor activity
While the stock markets continue to be volatile, interest in stock trading services are steadily growing. According to the reports of industry trackers and the services, the trading is seeing an increase in investor activity.
Major services - such as Robinhood, Acorns and Etrade - report a growing number of deals. While initially the financial crisis and the pandemic has impacted the services negatively, now the companies are growing. Robin Hood has reported ten times more net deposits in March than the average numbers of Q4 2019. The downloads of their app also show no signs of slowing down.
Acorns also saw a record breaking 9 800 new signups on March 26, despite the markets showing the second-worst day of trading in the last 33 years. The sign ups figure is 45% bigger than the average number. The service has also surpassed the 7 million signups,
According to Acorns CEO Noah Kerner, the users are right to be interested in trading now, since the major stocks are basically “on sale”.
The decline also seems to be coming to an end. After the destructive results of the last weeks, the markets saw major growth and reported biggest gains since the crisis of 2008.