Apps like Acorns, Robinhood and Stash - which were founded in 2012,2013 and 2015 respectively - have grown in popularity recently. In May Robinhood announced it had already added three million funded accounts in 2020.
LAST month my husband asked me about the trading app Robinhood and whether I’d seen reports of its users getting hacked and having their money stolen. Apparently, the victims had trouble getting in touch with company representatives.
The situation led to a larger conversation about investing apps and whether one should use them in lieu of traditional brokerages. There are a few things investors should consider before deciding that an app is right for them.
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