Many new investors join Robinhood




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Anthony Denier, of online buying and selling platform Webull Financial, agrees. Volume on his platform surged nearly 500 percent between February and May, with the common user turning over their portfolio by roughly 75 percentage a day, he said.

“It’s a perfect storm,” Denier told The Post. “We’re all home. Some people are making bread, and some are saying, ‘Hey, how can I make the inventory market work for me?’ And with the Fed [pumping money] into the markets, they’re thinking ‘How can I lose?’”

“Many new investors see this environment as an chance to get into the market,” added a spokesperson for Schwab about the brokerage’s user data for April.

Wall Street insiders like to blame Robinhood, a buying and selling app popular with millennials that has been credited with the rise of the no-fee trade. Robinhood says it’s seen a 30-percent leap in users this year, to 13 million, despite embarrassing outages in the early days of the pandemic, when volumes overwhelmed its servers.

“I have considered some friends plowing in through Robinhood or similar apps,” one hedge fund supervisor said. “No financial background, feeling like geniuses that they are up so much in the last few months.”

To be sure, the mom-and-pop revolution has resulted in some extraordinary trading patterns, including a 1,250 percent surge in a little-known Chinese on line real-estate company on Tuesday. The reason cited on social media was once its name, FANGDD Network, which resembles FANG — code for tech giants Facebook, Amazon, Netflix and Google. ?

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