While traditional brokerage firms have long dominated the investing landscape, neobroker apps are emerging as a popular alternative in return, hitting 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. Plus 500 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.
The implication of 100 million downloads milestone
The achievement of hitting over 100 million downloads is a testament to the growing popularity of neobroker apps and the increasing number of people turning to these platforms to manage their investment portfolios. Apps have become an increasingly important segment of the investing landscape.
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