Chinese-Owned Stock Trading App Is Quietly Amassing US Users
The U.S. stock market gyrations of 2020 need no introduction.
From the market depths in March, the federal stimulus-funded market rebound, to the meteoric rise of Tesla and recent technology IPOs, the year of COVID-19 has seen a large influx of consumers taking up stock investing. And for these new investors, the platform of choice to trade stocks is Robinhood.
While Robinhood initially popularized the commission-free stock trading model and has amassed more than 13 million users, Webull, a little-known competing app, has steadily been taking market share from Robinhood.
And an even lesser-known fact is that the company behind the app, Webull Financial LLC, is Chinese-owned.