Robinhood Offers $15 to Novice College Student Traders
On September 15, popular trading app Robinhood launched its campaign aimed at attracting a younger audience. The investment platform is offering all new traders among college students $15 once they open an account. The promotion will last until October 24.
Students who open a Robinhood account can also participate in a tuition contest. The five lucky winners will each receive a $20,000 reward, totaling $100,000 in prizes. As part of Roobinhood’s marketing campaign, the company’s representatives will tour colleges and universities this fall. They hope to attract students to sign up for an account with the investment platform.
Robinhood is one of the many investment apps currently available to beginner traders. It is very popular among Gen Zers and Millennials since it offers a straightforward introduction to investing, stocks, cryptocurrencies, and even options trading and helps young people build invaluable investment skills.
Companies often try to attract younger demographics, such as college students, to use their services. Many hope that by doing that, they will gain long-term loyal users. Amazon, for example, offers its Prime services to college students for half the regular price. Spotify and Apple also have discount offers for students, as well as many food and retail stores.
Marketing financial products to younger audiences is not without its risks. Robinhood is an excellent example, as it has recently come under scrutiny for making investing game-like on its platform. Earlier this year, it settled a wrongful-death lawsuit over the death of a 20-year-old.
Often, young adults start learning about financial independence in college. It is also when they start learning about the importance of having a good credit score. Since college students are new to the world of finance, discerning which investments are too risky could be more difficult for them.
They might risk starting with day trading, experience significant financial losses trading cryptocurrencies, and engage in other volatile investment activities.
I have always thought of myself as a writer, but I began my career as a data operator with a large fintech firm. This position proved invaluable for learning how banks and other financial institutions operate. Daily correspondence with banking experts gave me insight into the systems and policies that power the economy. When I got the chance to translate my experience into words, I gladly joined the smart, enthusiastic Fortunly team.
