- Robinhood, the Palo Alto brokerage known for offering commission-free stock trading, is letting folks transfer stock from their other brokerage accounts.
- The company has said it will roll-out new features to meet the needs of more sophisticated stock traders.
Robinhood, the zero-commission brokerage, is making good on its promise to deliver more features to meet the needs of sophisticated stock traders.
The Palo Alto-based company alerted users by email Tuesday that it would enable users to transfer their stock from other brokerages to their Robinhood account.
“You can now bring all of your stock to Robinhood, making it even easier to manage your account,” the company said.
The firm said it would cover any fees clients might incur from moving their stock over to Robinhood. The process takes five to seven trading days, according to Robinhood’s website.
The news was well-received by folks in the Twitter-verse. Here’s one Robinhood user:
— Dennis DblDawgGrubbs (@McGrubbin) November 21, 2017
Earlier this month, Robinhood unveiled a new web platform. It also announced it has amassed more than 3 million accounts.
Robinhood, which launched in 2012, has been a darling of younger, less experienced stock traders, but it has been recently vying for more experienced traders, who are more likely to use a legacy broker.
In August, cofounder Baiju Bhatt told Business Insider the company would continue to roll out new features to meet the needs of its users as they mature as investors. Here’s Bhatt:
“In time, as our users become more and more sophisticated, we will continue to add features that match them. But we hope to never lose sight of those first timers as well. Fundamentally, that should be the most important thing for financial-services companies. Making the entire industry something that serves the broader market, not just the people who make them a lot of money.”
Robinhood is valued at $1.3 billion, according to the company, and has raised over $170 million. The firm has declined to comment on its profitability.
This post has been updated to reflect Robinhood’s most up-to-date valuation.