Social platform Stocktwits has announced its plans to launch Trade App—an unlimited, commission-free U.S. equity trading mobile app. The social aspect of the app will allow new investors to engage with more seasoned ones; they will also be able to trade fractions of shares so that novices with less cash can still invest in large names, such as Amazon.
The app will be offered by Stocktwits’ subsidiary—ST Invest LLC—a registered broker-dealer and a member of the Financial Industry Regulatory Authority.
Stocktwits' social platform hopes to attract two million members, which seems similar to existing apps like Robinhood and Acorns.
"As the largest community of active investors, Stocktwits is already a significant portion of the total active investor community in the U.S,” said Stocktwits CEO Ian Rosen. “Commission-free trading was a major step forward in making active investing more accessible. At Stocktwits, we asked ourselves who in the brokerage space was both attracting and keeping new investors by capturing the daily excitement we see around trading. We saw no one. So, we built a brokerage that matches the excitement and pulse of the community we’ve built.”
The app will be available to Stocktwits users for iOS devices, and it will launch in the summer.