Investment apps are revolutionizing how people access different investment products, contributing to a shift from traditional brokerage platforms. The new focus on investment apps has seen several platform rise in popularity to achieve new milestones.
In particular, data acquired by Finbold on March 28 indicates that six leading investment applications have recorded a cumulative 131.22 million downloads globally since their inception, with the downloads covering the period between 2015 and February 2023.
A review of the apps indicates that Robinhood is the most downloaded platform at 50.08 million or 38% of the downloads recorded by the top neoboker apps. Webull ranks second with almost half of Robinhood’s downloads at 22.52 million, while eToro ranks third with 21.93 million downloads. Plus500 is fourth with 19.55 million downloads. E*TRADE has the fifth-highest number of downloads at 10.60 million, while SoFi lies sixth at 6.54 million.
Investment apps benefiting from convenience
The research highlighted some driving factors behind the growth in downloads by the neobroker apps. According to the research report:
“The apps’ growth has been fueled by factors such as convenience and accessibility, reducing the high trading fees and minimum account balances associated with traditional brokerage firms alongside educational resources and tools, which is particularly appealing to new investors. It is worth noting that the growth has contributed to the emergence of a new era of retail investors who are fundamentally distinct from their institutional counterparts.”
Looking forward, the investment apps will likely experience further growth fueled by factors such as entry into new markets and diverse product offerings for investors.