Robinhood Beats US Competitors in June, Records 4.3m DARTs

Robinhood has come out on top of the United States brokerage industry for the month of June, with the reporting the strongest daily average revenue trades (DARTs) against its rivals.
On Monday, Robinhood revealed to a number of media outlets – such as Bloomberg and CNBC – that during June the trading provider recorded 4.3 million DARTs during the month. This is the first time the company has shared its monthly totals.

As Finance Magnates reported, many brokerages reported an uptick in trading volumes and activity during the month of June. For many, the volumes recorded during the month brought an end to declining volumes which had been heading downward since the highs seen in March of this year.
Robinhood’s performance in June, in terms of DARTs, was higher than all of the major brokerages in the United States. In fact, the DARTs achieved by the stock trading app was stronger than E*Trade and Charles Schwab combined.
Although Robinhood did well during the month of June, the trading provider was not alone. In the United States, GAIN Capital reported that its retail foreign exchange (forex) during the month. E*Trade also closed the with record DARTs and operating metrics.
Robinhood FOMO
With the onset of the coronavirus pandemic, a new wave of traders has flocked to the trading markets. Many of them, particularly millennials, have joined Robinhood – enticed by the commission-free and fractional trading options of the platform, as well as the gamification aspect. This has created a so-called “Robinhood FOMO”, with many first time traders opening up an account with the trading app.
This has resulted in some interesting trading patterns. As , despite unprecedented moves in US oil prices earlier this year, which saw prices fall into the negative territory for the first time in history, Robinhood users doubled their holdings in United States Oil Fund LP USO, the largest oil-related exchange-traded fund.
2020 has been a mixed year for the company. Back in May of 2020, the US-based company announced that it had at the same time as it landed an $8.3 billion valuation after it raised $280 million in Series F funding.
However, the trading company has faced multiple system-wide outages – amid peak COVID-19 volatility, and one . As a result, the company has decided to . Instead, the trading provider will focus first on strengthening its infrastructure and fixing its flaws.

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