With confetti and cryptocurrency, stock app Robinhood nudges investors toward risk. “I liken it to giving the keys of a sports car to a 12-year-old,” says one certified financial planner.
Robinhood has said it’s democratizing America’s financial system because it doesn’t charge commissions to execute trades.
“Any sort of nudges that investors get through these technologies are affecting behaviors,” said Brad Barber, a finance professor at the University of California, Davis. “All these new kids are coming in,” Shetty said. “Everything isn’t free. There are serious downsides to this if things go wrong.”Financial professionals point to what Robinhood has chosen to put on the first page of its app, and what it hasn’t. A ticker for bitcoin is prominent, as are quotes for stocks with big daily swings in price, while exchange-traded funds — a low-cost way of diversifying a stock portfolio — are difficult to find.
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