Robinhood

Robinhood democratized stock trading by eliminating commissions, a move that forced every legacy brokerage to drop fees to zero and attracted over 10 million funded accounts. With a user base generating $4.5 billion in revenue in 2023, it made investing accessible to first-timers through fractional shares and a sleek mobile app. While #6 Square's Cash App offers investing, Robinhood's 0% commission structure is 50% cheaper than the average broker, lowering barriers for novices. Yet, its gamification has drawn criticism, as 24% of retail investors on the platform report losses higher than those on competitors. Robinhood's 50% year-over-year revenue growth in 2023, however, shows its enduring appeal.