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.Related Tags:
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