News Markets News. Across the brokerage industry, firms have been under pressure to lower cost amid rising competition. JPMorgan has been rolling-out a number of services to target younger investors. Shares of discount brokers were down in early trade Tuesday. That puts it in direct competition with startup firms like Robinhood.
Welcome to Finextra. We use cookies to help us to deliver our services. We’ll assume you’re ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. RobinHood, meet the Sheriff of Nottingham. JP Morgan Chase witn entering the retail investing business, launching an app that lets its millions of customers make free trades.
JPM is disrupting the retail investing realm with its latest app, which will offer free trades. Users who download the banking app or use the website will get up to free trades in the first year, CNBC reports. Morgan has been working on the technology for two years. Robinhood has drawn 5 million users since its launch a few years ago. See also: Robinhood vs TD Ameritrade. In fact, the bank has financial connections with more than half of Americans. So, more than 47 million current users of its products will have access to You Invest when it launches.
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Please read our Privacy Policy. RobinHood, meet the Sheriff of Nottingham. JP Morgan Chase is entering the retail investing business, launching an app that lets its millions of customers make free trades. Launching next week, You Invest will give some 47 million JP Morgan customers a minimum of free stock or ETF trades in a year, as well jp morgan launchng brokerage app with free trades access to a portfolio building tool and the bank’s stock research, according to CNBC.
The move puts JP Morgan up against a host of fintech firms which have entered the retail investing field in recent years, winning over younger users.
Kelli Keough, global head, digital wealth management, JP Morgan, told CNBC that You Invest is targeted at lqunchng who have not invested before and Chase customers who invest through other providers. From next week, customers will be able to sign up in korgan matter of minutes via the bank’s app and build a portfolio, read research and make free trades in the first year. Write a blog post about this story membership required. News in your inbox For Finextra’s free daily newsletter, breaking news and flashes and weekly job board.
Sign Up. Related Companies JP Morgan. JP Morgan preps investing app with free jp morgan launchng brokerage app with free trades 22 August 4. Comments: 0. Join the discussion. Trending Stories. Banking predictions for — more competition, more collaboration and new sources of revenue. Finextra’s year in review. Open Banking — A Summary. What will Fintech scene look like in according to the industry experts. Related News. JPMorgan Chase begins nationwide roll-out of mobile-only bank.
Brokers Best Stock Trading Apps. So, more than 47 million current users of its products will have access to You Invest when it launches. JPMorgan has already taken a big step towards winning over the hearts of younger Americans with a new branch-less banking serviceFinn. TD Ameritrade Corp. O in a bid to gain scale and more clients to support its new zero-commission business model. The new feature would offer discounted stock trading, a portfolio-building feature, and access to the investment bank’s research. Notably, California brokerage Robinhood pioneered free stock trading, forcing establishment firms like Fidelity and TDAmeritrade to slash their pricing. JPMorgan built an online bank for millennials, and it should have apps like Acorns and Stash worried. Private bank and securities division clients were also eligible for free trades. Robinhood, for instance, launched multi-leg options and Betterment, which had been the poster-child for automated investment advice, traes a portfolio brokergae with human advice. In fact, the bank has financial connections with more than half of Americans. And the app’s autosave functionality mimics the key features of investing startup Acorns and Stash. Anyone else who opens a new You Invest Trade account will get unlimited free trades for one year.
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