Stock market has been in a slump all year, crypto down huge. Close to 100k layoffs in tech (according to layoffs.fyi). I think people got other things on their mind than trading stocks/crypto.
> Rising interest rates helped lift quarterly net interest revenue to $128 million, more than doubling from the same period a year ago. Chief Financial Officer Jason Warnick said the company has about $17 billion in assets that generate interest revenue.<p>While Robinhood used to pay a competitive interest rate for cash in the account, it is now 1.5% while Fed risk-free rate is now 3.75%+. You need to pay for Gold subscription to access the decent interest rate.<p>Square/Block/Cash App also just announced a huge boost in profitability.<p>While it wasn't feasible in the last years of zero interest, now, digital wallets are profiting off the difference of giving you 0 - 1.5% interest of your sitting cash while they pocket 3.75%+.
I've been back and forth over robinhood vs fidelity vs IBKR for a few years now.<p>I do not do any heavy day trading, but I do like to buy a few shares of things throughout the day, every day.<p>As a consequence, the user experience in mobile form factor is a big aspect for me. I understand for any professional in the space, this is perceived as lunacy. I am no professional.<p>Once IRA support is added, I'll be locked in for life. I don't understand how someone can use the fidelity or IBKR mobile apps and think "yes this is all ok" after spending 5 minutes in the RH app.
What is this in the context of the wider market vs other Retail brokers?<p>I don't think this is a knock against RH more a description of what's happening in main-street.