Robinhood Markets, recognized for a clientele of first-time traders, is attracting clients with fatter wallets from different brokerages.
By way of Wednesday, the buying and selling app obtained about $1.1 billion in account transfers since Oct. 23, when it started providing a 1% match on transferred brokerage accounts, the corporate mentioned. Within the second and third quarters of this 12 months, clients transferred about $350 million and $375 million, respectively, to Robinhood from different brokerages, in line with firm filings.
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