Professional traders appear to think Robinhood customers are extra valuable.
One of the ways retail brokerages, which cater to armchair investors, make money is by sending their customers’ orders to professional trading companies. Brokerage app Robinhood charges higher rates than other large brokers: Trading outfits paid the the brokerage app about 0.0024 cents per share during the first quarter, amounting to more than $30 million of payments, according to Piper Sandler, an investment bank. Charles Schwab was paid 0.0011 cents per share, which came to $25 million of payments for the brokerage.
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