Another day, another cryptocurrency exchange shutdown. On March 27th, Robinhood, the online brokerage, announced its intention to close its crypto trading service to new users in a move that will surely scare off investors who are looking to jump on the latest crypto craze.
According to its founder, Robinhood is “essentially an eBay or Amazon for stocks,” and it grew to become the most popular brokerage app in the US in less than 2 years, beating even the likes of Goldman Sachs and Fidelity. Robinhood has been so successful that it was able to raise $180m in funding in 2018. (Apparently, the firm had to ask its investors for $1bn in funding.)The GameStop saga revealed where centralized brokerages’ loyalties truly lie, and it’s not with the people. DEUS Finance offers fully trustless trading, removing the middleman and giving all the tools and the power to the user. Centralized brokers halt trading Brokers like Robinhood and Interactive Brokers took extreme measures to protect hedge funds, by severely limited trading, imposing severe restrictions, or halting trading entirely. Earlier this year, WallStreetBets, a subreddit for stock and options trading participants, made a bold play, one for the working class on the street, a play that took on the Wall Street pros. Wall Street hedge funds were heavily shorting GME stocks and WallStreetBets responded, rallying the stock price higher and higher, causing the institutions to scramble to cover their losses. This came in the form of halting trading altogether or putting severe restrictions on what traders were able to do. Robinhood and Co true colors revealed Robinhood revealed that their true allegiance is to the Wall Street hedge funds, not to the working class they claim to support. The name, Robinhood, suggests that they would support the working class in outsmarting the rich institutions. Robinhood’s own words claim that they support their customers and the freedom of retail investors to shape their own financial futures. We now know this is simply not true. It is well known that taking payments for order flow from Wall Street firms is common practice for most electronic brokers. This is legal but controversial. In light of recent developments, it is clear to see who Robinhood and other centralized brokers are supporting. As soon as their high-paying clients’ risks were exposed, they turned off the game. Robinhood cited “market volatility” as the reason for the trading halt. Other brokers followed suit, in some cases imposing restrictions like increasing margin requirements. The public outcry against Robinhood was enormous. Here is a trading platform with 13 million users, suddenly receiving thousands of one-star reviews, with many users calling for class action lawsuits. DEUS Finance offers true, unrestricted trading Deus Finance imposes no barriers on traders. No KYC and no stockbrokers. The bottom line is this, the game is rigged. These centralized brokers are not for the people, they are not concerned with allowing users to shape their own financial futures and they certainly don’t stand by the statement “let the people trade”, a now-infamous Robinhood tweet from 2016. Decentralized exchanges are the true future of trading. Platforms where users have control with no corrupt centralized entity changing the rules. DEUS Finance offers this very solution. There should be no condition under which markets should be shut down or manipulated to serve a protected few. DEUS Finance gives users transparency and anonymity. A community-governed platform that truly puts the interests of the user first. Where the crypto-economy and traditional markets meet, with minimal trust needed, no middlemen, no stockbrokers, no KYC, and no barriers. Trade stocks on ETH, xDai, and BSC Buy the protocol token, DEA here. Get the DEUS Finance Mobile app here. DEUS V2 coming soon, with a new Funding System, leverage trading, and much more. Read about DEUS V2 here.
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