EXCLUSIVE: Robinhood’s Steve Quirk Says New Choices Like Crypto, Futures Deliver In Shoppers, Bitcoin Is ‘No. 1’ Ordinary Funding (CORRECTED) – Robinhood Markets (NASDAQ:HOOD)

Editor’s observe: The headline of this tale has been up to date to explain that Bitcoin is the highest routine funding at the Robinhood platform, no longer essentially the most traded asset, and the tale has been up to date with extra element.

Buying and selling platform Robinhood Markets HOOD has grown from a robust base of younger customers and retail customers right into a platform that caters to all, a building the corporate’s Leader Brokerage Officer Steve Quirk advised Benzinga is “more or less thrilling to peer” throughout the 2024 HOOD Summit.

Robinhood’s Enlargement: With a protracted profession within the buying and selling global at TD Ameritrade and the Cboe, Quirk has noticed tendencies come and cross within the inventory marketplace.

“At Robinhood, our consumers tier towards the more youthful aspect,” Quirk mentioned in a Friday interview, noting a mean buyer age within the low 30s.

Similarities exist between legacy buying and selling corporations and Robinhood, he mentioned, however there are lots of variations that affect the latter’s product building.

“The era and merchandise we roll out cater to our consumers.”

On Robinhood, round 50% of the self-directed buying and selling happens on cell, because of this many of the buying and selling is finished on telephones, Quirk mentioned.

With the expansion of retirement accounts and extra subtle buyers becoming a member of Robinhood, Quirk mentioned the corporate noticed call for for web-based apps and platforms along cell, which went into the corporate’s new buying and selling platform.

“We’re attracting numerous huge consumers from different brokerages.”

Quirk emphasised the volume of effort Robinhood places into researching consumers to make higher equipment and merchandise and likewise the trouble made in training to make folks really feel at ease switching their accounts over to Robinhood.

“Training is significant.”

The HOOD Summit has helped display Quirk tales of buyers converting their lives thru Robinhood equipment and funding platforms, he mentioned.

“The ones tales make you motivated to proceed to ship for the shoppers.”

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Platform For The whole lot: Robinhood not too long ago introduced a partnership with Cboe International Markets CBOE that may convey futures buying and selling to consumers, which Quirk mentioned is without doubt one of the platform’s most-requested options.

“It is a herbal,” Quirk mentioned.

The tax benefits of futures and the truth they function across the clock are one of the causes they’re in call for from Robinhood consumers, he mentioned.

With its choices of shares, choices, futures and cryptocurrency, Quirk highlighted the individuality of the Robinhood platform throughout his interview with Benzinga’s Zunaid Suleman on the HOOD Summit in Miami.

“We are the one position in U.S. the place you’ll do all of it.”

Robinhood provides the facility to make routine investments in any asset, together with cryptocurrency, Quirk mentioned. Ordinary investments are the place Robinhood customers set the buck quantity of an funding to be made robotically on their behalf.

“The No. 1 traded and maximum reoccurred funding is Bitcoin,” he mentioned, highlighting the main cryptocurrency Bitcoin BTC/USD.

Bitcoin has been Robinhood’s most sensible routine asset for years and it presentations the platform has consumers who’re very cryptocurrency, the manager brokerage officer mentioned.

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Benzinga’s Zunaid Suleman interviews Robinhood Leader Brokerage Officer Steve Quirk. Photograph by means of Aaron Thomas. Marketplace Information and Knowledge delivered to you by means of Benzinga APIs© 2024 Benzinga.com. Benzinga does no longer supply funding recommendation. All rights reserved.

Author: OpenAI