Are Robinhood, eToro, & Other No-Commission Apps a ‘Gateway’ to Crypto?
Robinhood-and other user-friendly, commission-free trading applications-have seemingly seen a massive uptick in new users since the coronavirus began.
Robinhood in particular reported in early May that its user count had passed the 13-million-mark. Previously, Robinhood reported that it had achieved 10 million users in December of 2019; prior to that, Robinhood reported that it had 3 million users in February of 2018, 6 million users in October of 2018, and then 10 million users in December of 2019.
Robinhood increased its user count by 241.67% from January to June
Robinhood’s user count increased by approximately 330,000 users per month between February 2018 and December 2019. However, the platform saw an increase of more than 3,000,000 users between December 2019 and June 2020. This is nearly 500,000 users per month.
Robinhood doesn’t have any data about how many people visited OKCoin during March, when global panic and quarantines erupted. Haider Rafique (chief marketing officer at OKCoin cryptocurrency exchange) pointed out to Finance Magates that Robinhood’s homepage saw a huge increase in traffic.
According to SimilarWeb data, Robinhood’s website had a steady increase in visits in the months before the global epidemic of COVID-19. It was visited by 9.6 million people in December and 12.8 million in January. By February, it was at 15.6 million. This is an average increase of about 3 million page views per month.
In March however, page views jumped to 29.7million, an increase of 14.1,000,000 pageviews. The surge remained steady at 32.8 million pageviews per month in April and May. This represents a 241.67% increase over December.
Webull and eToro saw significant growth in site traffic and new users.
Robinhood was not the only place that saw a surge in website traffic and new users. However, Robinhood experienced the greatest surge of new users during the COVID-19 epidemic.
eToro, a social trading platform that also offers commission-free trades, reported an increase of 13 million users in May 2020. Previously, eToro reported that it had exceeded 12 million users in December 2019.
Yoni Assia is the founder and chief executive at eToro. According to new investor data, the increase in users visiting eToro to invest for the first time has been 400% compared to the same period last years.
During the pandemic, eToro’s website traffic saw a surge. It went from roughly 12.7 million pageviews in December to February to 20.1 million pageviews in March to May. The number of pageviews increased by 97.09% from December to May.
Another commission-free trading app, Webull, has not released data about the number of users it has added since the pandemic. Its website traffic has increased significantly, with an average of 1.1million page views per monthly to an average 2.9 million pageviews per month. The number of page views increased by 294.12% between December and May.
Clement Thibault, an industry expert with SimilarWeb, said last week to Business Insider that “Webull’s rise mirrors Robinhood’s growth since the start of the year…Officially, Webull pales in relation to the 32 million visits Robinhood had for April 2020 but that’s still a great company to be in if you want strong growth.”