The stock market has been very confused lately, going up and down with what feels like little rhyme or reason and a lot of speculation. Volatility is where investors stand a chance to make the most money, and we can see how much demand there is for investing right now by looking at the demand for apps.
Robinhood has become the most popular investing app because of its simplicity and also because there are no fees on transactions.
Mere mortals, or retail investors, as the finance industry calls us, have been looking for a way to gamble their way into the stock market and found Robinhood to be the app for that. Since the virus made its way to the west in March, Robinhood's downloads have catapulted on both the App Store and Google Play.
Its first spike came in March when the app saw downloads triple nearly overnight to more than 100K downloads per day. Then, as protests spread across the U.S., downloads have again spiked, this time quadrupling to almost 90K downloads per day.
More than 7,000,000 new users downloaded Robinhood to their iOS and Android devices so far in 2020.
That's more than double the number of downloads during the same period in 2019. Although pandemics and civil unrest are hard to predict, it's clear that Robinhood's no-fee and super simple approach is winning, and will likely cement itself as the leader even after these crises are behind us.
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