Rapper Soulja Boy Is In Love With Robinhood Crypto Trading App, Calls it Dope

Rapper Soulja Boy Is In Love With Robinhood App

Robinhood, one of the hottest investing apps on the market, comes with an interesting promise: make money in the stock market without paying a single cent in commissions.

Robinhood’s main audience — young investors with little experience in the market — has driven its success. Its valuation has recently ballooned above $5 billion while its user base is larger than the number of brokerage accounts at E*Trade Financial.

The App offers some benefits, including ease of use as well as the ability to gain access to certain investments without paying commissions. The app also provides a way to purchase exchange-traded funds (ETFs) — baskets of stocks and bonds that can be the basic buildings blocks of a diversified low-cost portfolio.

No wonder Soulja Boy, an American rapper, record producer, actor, and entrepreneur is in love with the App.

Wow @RobinhoodApp is such a dope app. I love it 🔥

— Soulja Boy (Drako) (@souljaboy) September 18, 2018

Robinhood was humbled by the rapper’s praises. They replied:

This is high praise, considering you made "Kiss Me thru the Phone" before FaceTime ever existed. https://t.co/R35SkxINON

— Robinhood (@RobinhoodApp) September 19, 2018

However, the App has drawn some criticisms lately according to Robinhood exchange news. Journalist Logan Kane of Seeking Alpha conducted a deep dive on the practices of popular stock and cryptocurrency trading smartphone application Robinhood. According to Mr. Kane, “it seems that today’s Robinhood takes from the millennial and gives to the high-frequency trader. Not only does Robinhood accept payment for order flow, but on a back-of-the-envelope calculation, they appear to be selling their customers’ orders for over ten times as much as other brokers who engage in the practice.”

To these accusations, Robinhood replied by releasing a Press statement.

Sharing our press statement about how Robinhood routes its orders. We shared this with bloggers four days ago but no one corrected or updated their articles…facts, nuance, and following regulation aren't always interesting to cover, unfortunately. pic.twitter.com/obdKhuncTK

— Jack Randall (@TheJGR) September 17, 2018