EXCLUSIVE: Robinhood’s Steve Quirk says new offerings like cryptocurrencies and futures are attracting customers, but bitcoin is a “no.” 1′ Recurring Investing (Corrected) – Robinhood Markets (NASDAQ:HOOD)

Editor’s Note: The headline of this story has been updated to clarify that Bitcoin is the most frequent investment on the Robinhood platform, not the most actively traded asset, The story has been updated with more details.

Trading platform Robinhood Markets Capture It has grown from a strong base of young and retail users to a platform that caters to everyone, an evolution of the company’s chief brokerage officer Steve Quirk He said Benzinga It’s “kind of exciting to see” during the 2024 HOOD Summit.

Robinhood Growth: With a long career in the world of trading TD Ameritrade and CapoQuirk has seen trends come and go in the stock market.

“At Robinhood, our clients are skewed toward the younger side,” Quirk said in an interview Friday, noting that the average client age is in the low 30s.

He said there are similarities between legacy trading companies and Robinhood, but there are many differences that affect the latter’s product development.

“The technology and products we offer meet the needs of our customers.”

At Robinhood, about 50% of self-directed trading is done via mobile, meaning most of the trading is done on phones, Quirk said.

As retirement accounts have grown and more sophisticated traders have joined Robinhood, Quirk said the company has seen demand for web-based apps and platforms alongside mobile devices, which has rolled into the company’s new trading platform.

“We attract a lot of big clients from other brokerages.”

Quirk emphasized how much effort Robinhood puts into customer research to make better tools and products, as well as the effort it puts into education to make people feel comfortable switching their accounts to Robinhood.

“Education is critical.”

The HOOD Summit helped showcase Quirk’s stories to investors who have changed their lives through Robinhood’s tools and investment platforms, he said.

“These stories keep you motivated to continue providing services to clients.”

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A platform for everything: Robinhood recently announced a partnership with… Cboe global markets Kabwe That would offer futures trading to customers, which Quirk said is one of the platform’s most requested features.

“It’s normal,” Quirk said.

The tax advantages of futures and the fact that they work around the clock are some of the reasons behind their demand from Robinhood customers, he said.

With its offerings of stocks, options, futures and cryptocurrencies, Quirk highlighted the uniqueness of the Robinhood platform during his interview with Benzinga. Zunaid Suleiman At the HOOD Summit in Miami.

“We’re the only place in the United States where you can do all of that.”

Robinhood offers the ability to make recurring investments in any asset, including cryptocurrency, Quirk said. Recurring investments are where Robinhood users specify the dollar amount of investment that will be automatically made on their behalf.

“The No. 1 traded and most invested currency is Bitcoin,” he said, highlighting the leading cryptocurrency. Bitcoin Bitcoin/US Dollar.

Bitcoin has been Robinhood’s top recurring asset for years, and it shows the platform has customers who are very passionate about cryptocurrencies, the brokerage’s chief executive said.

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Benzinga’s Zunaid Soliman interviewed Steve Quirk, chief brokerage officer at Robinhood. Photography by Aaron Thomas.