Robinhood has come out on top of the United States brokerage industry for the month of June, with the commission-free stock trading app reporting the strongest daily average revenue trades (DARTs) against its rivals.

On Monday, Robinhood revealed to a number of media outlets, such as Bloomberg and CNBC, during June, the trading provider recorded 4.3 million DARTs for the month. This is the first time the company has shared its monthly totals.

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As Finance Magnates reported, many brokerages reported an uptick in trading volumes and activity in June. For many, the volumes recorded over the month brought an end to declining volumes, which had been heading downward, since the highs seen in March of this year.

Robinhood’s performance in June, in terms of DARTs, was higher than all of the major brokerages in the United States. In fact, the DARTs achieved by the stock trading app was stronger than E*Trade and Charles Schwab combined.

Though Robinhood showed positive performance for the month of June, the trading provider was not alone. In the United States, GAIN Capital reported that its retail foreign exchange (forex) volumes hit $222 billion for the month. In addition, E*Trade also closed the first half of 2020 with record DARTs and operating metrics.

Robinhood FOMO

With the onset of the coronavirus pandemic, a new wave of traders has flocked to the trading markets. Many of them, particularly millennials, have joined Robinhood – enticed by the commission-free and fractional trading options of the platform, as well as the gamification aspect. This has created a so-called “Robinhood FOMO”, with many first time traders opening up an account with the trading app.

This has resulted in some interesting trading patterns. As Finance Magnates reported, despite unprecedented moves in US oil prices earlier this year, which saw prices fall into the negative territory for the first time in history, Robinhood users doubled their holdings in United States Oil Fund LP USO, the largest oil-related exchange-traded fund.

2020 has been a mixed year for the company. Back in May 2020, the US-based company announced that it had exceeded 13 million users at the same time as it landed an $8.3 billion valuation after it raised $280 million in Series F funding.

However, the trading company has faced multiple system-wide outages – one back in March amid peak COVID-19 volatility, and one more recently in June. As a result, the company has decided to postpone its launch in the United Kingdom. Instead, the trading provider will focus, first, on strengthening its infrastructure, and second, fixing its flaws.