Stocktwits, a social network for investors and traders, announced the launch of a new app that offers commission-free trades on U.S. equities. The app is called Trade App and is offered by Stocktwits subsidiary and registered broker-dealer, ST Invest.
Like the Stocktwits platform, the app will engage investors with a social interface that promotes idea exchange. Unlike the Stocktwits platform, however, Trade App will not charge commissions and will facilitate fractional share investing.
The commission-free trades, mobile interface, and fractional share capability all appeal to millennials and those with a lower net worth. These aspects pit the new app against Stocktwits competitor and partner Robinhood. The two formed a partnership in 2015 with an integration that offered Robinhood users access to Stocktwits’ stock-tracking tools and enabled StockTwits’ users to leverage Robinhood’s free brokerage service.
“With 150,000 messages sent every day on the platform, Stocktwits prides itself on understanding the retail investor and trader. For ten years we’ve had a front row seat to the roller coaster of emotions the active investor goes through, from the highs to the lows,” said Ian Rosen, CEO of Stocktwits. We built Trade App to create a better experience for investors and traders of all levels. Self-directed doesn’t have to mean self-destructive, and we believe the key to success lies in not relying solely on yourself.”
Rosen, who was appointed Stocktwits CEO in 2016, said that the Trade App “matches the excitement and pulse of the community we’ve built.” The app will be available to Stocktwits’ existing user base of two million this summer on iOS. While there is no exact date when Trade App will be available to the general public, the company said that the release will occur “over time.”
Founded in 2008 by Howard Lindzon, StockTwits serves as one of the top trading communities and social investing platforms. The company facilitates 4 million messages each month about 7,500 individual stocks and tickers. StockTwits launched its blog network and StockTwits Connect at FinovateEurope 2011.