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Top neobroker apps clock 130 mln downloads

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Six leading investment applications have recorded a cumulative 131.22 mln downloads globally since their inception, with the downloads covering the period between 2015 and February 2023, according to data acquired by Finbold up to March 28.

Investment apps are revolutionising how people access different investment products, contributing to a shift from traditional brokerage platforms, said the Finbold survey.

The new focus on investment apps has seen several platform rise in popularity to achieve new milestones.

Robinhood is the most popular platform at 50.08 mln or 38% of the downloads recorded by the top neobroker apps.

Webull ranks second with almost half of Robinhood’s downloads at 22.52 mln, while eToro is third with 21.93 mln.

Plus500 is fourth with 19.55 mln downloads, followed by E*TRADE as the fifth-highest number of 10.60 mln, while SoFi lies sixth at 6.54 mln.

Convenience

The Finbold research highlighted some driving factors behind the growth in downloads by the neobroker apps.

“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,” explained Finbold market analyst Justinas Baltrusaitis.

“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.