Apps such as Robinhood and Webull are drawing in young and often inexperienced investors; ‘bringing the ability to make foolish decisions to an ever-broader swath of people’
The stock market has turned into a game for inexperienced investors like 35-year-old Mr. Snipes, a small-business owner from Oklahoma City, thanks to commission-free trading apps. With simple designs, alerts and the ability to win free shares for recruiting friends, apps such as Robinhood, Webull, M1 Finance and JPMorgan Chase & Co.’s You Invest have drawn millions of users who are typically young, new to the markets and experiencing volatility for the first time. Users say they check their app as often as their social-media accounts, trading to kill time with the hope of easy riches.