Robinhood, the commission-free brokerage famous as the pump through which day traders inflated the meme-stock bubble earlier this year, enjoyed a turbulent start to its own life as a public company.
By the time it listed on Nasdaq on July 29, the company’s free trading app with no minimum account size had attracted 18 million customers, many new to the stock market. Few understood that Robinhood monetizes their activity through payment for order flow from the big market makers, almost guaranteeing that they don’t get the best price.
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