The apogee of gamification and retail speculation can still change the whole industry.
The widespread introduction of a commission-free stock trading model in 2019 has completely transformed the retail investment industry in the US and globally, while the 2020 Coronavirus pandemic and lockdowns have only exacerbated the phenomenon. However, the apogee of gamification and retail speculation came in early 2021 with the unprecedented situation surrounding publicly-listed gaming retailer, GameStop (GME).
Robinhood Set the Game Rules of Commission-Free Stock Trading
Finance Magnates Intelligence Department looks at the changes that have taken place in the market through the boom in popularity of commission-free trading and how things look after the GME turmoil. We spoke to industry representatives, asking them whether the GameStop speculation has affected their businesses.
In 2020, platforms that enable quick and easy trading from mobile devices broke records in popularity. Robinhood, among others, served more than 13 million users. In comparison, five years earlier, the value was 26 times lower and oscillated around 500 thousand active accounts.
Before Robinhood came out in 2014, anyone who wanted to invest in stocks had to pay between $5 and $10 for a single trade. Additionally, many brokerages were required to have at least $500 to open the most basic account. Robinhood eventually started a significant shift in the market. On one hand, seeing its growing popularity, large brokerages such as E*Trade, Interactive Brokers, TD Ameritrade and Charles Schwab started lowering their trading costs (eventually switching to a commission model). On the other hand, more platforms similar to Robinhood (Public.com, Webull, SoFi, Tradier, TradeZero, Freetrade, BUX and many more) started appearing in the market.
Although the average traditional investor profile worldwide continues unabated (a male with secondary or tertiary education, 40 years old or more), on commission-free platforms, they look different. Younger investors dominate them, and the older ones are just beginning to discover hidden opportunities. “The median age of an eToro investor globally is 34, but we are seeing the proportion of clients over 40 years old increasing year on year, too”, said Gil Shapira, Chief Investment Officer at eToro.
GameStop Mania Fired the Imagination of Retail Investors
The GameStop frenzy caught the imagination of traders, who began to look for more opportunities for massive retail purchases by attempting to drive up the prices of gold, AMC Entertainment Holdings (AMC), or Dogecoin (DOGE) in a similar way. More people wanted to join the buying mania and the seemingly easy money, which triggered a massive increase in new registrations. As Finance Magnates reported back in January, the GME frenzy prompted a surge in the New York-based online broker-dealers, TradeZero America that had new clients signup more than 200 times compared to the previous year.
“Based on the decision by many brokers to stop opening buys, combined with Dave Portnoy’s calling them to task while also advising that GME and others could be traded with TradeZero, was a powerful one-two punch on Jan 28th, 2021,” said Dan Pipitone, Co-Founder of TradeZero America. “It dramatically increased registrations of new accounts, new deposits and spurred on large increases in trading. Our new account numbers were up over 200.”
According to Yorick Naeff, CEO at BUX, the mania around GameStop “was indeed an event that was lived by the entire market.” During these volatile market moments, the company noticed an increase in new customer inflow, looking for short-term gains. “It, however, didn’t affect our business; the BUX Zero app kept working as it should. We have our own state-of-the-art full-stack system that allows us the flexibility to deal with significant swings of market Volatility”, said Mr. Naeff.
To get the full article and the bigger picture on the future of Commission-Free stock trading, get our latest Quarterly Intelligence Report.
The widespread introduction of a commission-free stock trading model in 2019 has completely transformed the retail investment industry in the US and globally, while the 2020 Coronavirus pandemic and lockdowns have only exacerbated the phenomenon. However, the apogee of gamification and retail speculation came in early 2021 with the unprecedented situation surrounding publicly-listed gaming retailer, GameStop (GME).
Robinhood Set the Game Rules of Commission-Free Stock Trading
Finance Magnates Intelligence Department looks at the changes that have taken place in the market through the boom in popularity of commission-free trading and how things look after the GME turmoil. We spoke to industry representatives, asking them whether the GameStop speculation has affected their businesses.
In 2020, platforms that enable quick and easy trading from mobile devices broke records in popularity. Robinhood, among others, served more than 13 million users. In comparison, five years earlier, the value was 26 times lower and oscillated around 500 thousand active accounts.
Before Robinhood came out in 2014, anyone who wanted to invest in stocks had to pay between $5 and $10 for a single trade. Additionally, many brokerages were required to have at least $500 to open the most basic account. Robinhood eventually started a significant shift in the market. On one hand, seeing its growing popularity, large brokerages such as E*Trade, Interactive Brokers, TD Ameritrade and Charles Schwab started lowering their trading costs (eventually switching to a commission model). On the other hand, more platforms similar to Robinhood (Public.com, Webull, SoFi, Tradier, TradeZero, Freetrade, BUX and many more) started appearing in the market.
Although the average traditional investor profile worldwide continues unabated (a male with secondary or tertiary education, 40 years old or more), on commission-free platforms, they look different. Younger investors dominate them, and the older ones are just beginning to discover hidden opportunities. “The median age of an eToro investor globally is 34, but we are seeing the proportion of clients over 40 years old increasing year on year, too”, said Gil Shapira, Chief Investment Officer at eToro.
GameStop Mania Fired the Imagination of Retail Investors
The GameStop frenzy caught the imagination of traders, who began to look for more opportunities for massive retail purchases by attempting to drive up the prices of gold, AMC Entertainment Holdings (AMC), or Dogecoin (DOGE) in a similar way. More people wanted to join the buying mania and the seemingly easy money, which triggered a massive increase in new registrations. As Finance Magnates reported back in January, the GME frenzy prompted a surge in the New York-based online broker-dealers, TradeZero America that had new clients signup more than 200 times compared to the previous year.
“Based on the decision by many brokers to stop opening buys, combined with Dave Portnoy’s calling them to task while also advising that GME and others could be traded with TradeZero, was a powerful one-two punch on Jan 28th, 2021,” said Dan Pipitone, Co-Founder of TradeZero America. “It dramatically increased registrations of new accounts, new deposits and spurred on large increases in trading. Our new account numbers were up over 200.”
According to Yorick Naeff, CEO at BUX, the mania around GameStop “was indeed an event that was lived by the entire market.” During these volatile market moments, the company noticed an increase in new customer inflow, looking for short-term gains. “It, however, didn’t affect our business; the BUX Zero app kept working as it should. We have our own state-of-the-art full-stack system that allows us the flexibility to deal with significant swings of market Volatility”, said Mr. Naeff.
To get the full article and the bigger picture on the future of Commission-Free stock trading, get our latest Quarterly Intelligence Report.
A graduate of the Warsaw School of Economics, Sylwester received an MA specializing in finance and banking. As Finance Magnates' research associate and STA certified analyst, he leaves no stone unturned. Sylwester is the previous minority partner of an NFA registered US forex broker, and since 2003, has participated in many forex projects.
FXCM Australia Offered CFDs to "Medium Risk Appetite" Investors: Faces Stop Order
Marketing in 2026 Audiences, Costs, and Smarter AI
Marketing in 2026 Audiences, Costs, and Smarter AI
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As brokers eye B2B business and compete with fintechs and crypto exchanges alike, marketers need to act wisely with often limited budgets. AI can offer scalable solutions, but only if used properly.
Join seasoned marketing executives and specialists as they discuss the main challenges they identify in financial services in 2026 and how they address them.
Attendees of this session will walk away with:
- A nuts-and-bolts account of acquisition costs across platforms and geos
- Analysis of today’s multi-layered audience segments and differences in behaviour
- First-hand account of how global brokers balance consistency and local flavour
- Notes from the field about intelligently using AI and automation in marketing
Speakers:
-Yam Yehoshua, Editor-In-Chief at Finance Magnates
-Federico Paderni, Managing Director for Growth Markets in Europe at X
-Jo Benton, Chief Marketing Officer, Consulting | Fractional CMO
-Itai Levitan, Head of Strategy at investingLive
-Roberto Napolitano, CMO at Innovate Finance
-Tony Cross, Director at Monk Communications
#fmls #fmls25 #fmevents #FintechMarketing #AI #DigitalStrategy #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Much like their traders in the market, brokers must diversify to manage risk and stay resilient. But that can get costly, clunky, and lengthy.
This candid panel brings together builders across the trading infrastructure space to uncover the shifting dynamics behind tools, interfaces, and full-stack ambitions.
Attendees will hear:
-Why platform dependency has become one of the most overlooked risks in the trading business?
-Buy vs. build: What do hybrid models look like, and why are industry graveyards filled with failed ‘killer apps’?
-How AI is already changing execution, risk, and reporting—and what’s next?
-Which features, assets, and tools gain the most traction, and where brokers should look for tech-driven retention?
Speakers:
-Stephen Miles, Chief Revenue Officer at FYNXT
-John Morris, Co-Founder at FXBlue
-Matthew Smith, Group Chair & CEO at EC Markets
-Tom Higgins, Founder & CEO at Gold-i
-Gil Ben Hur, Founder at 5% Group
#fmls #fmls25 #fmevents #Brokers #Trading #Fintech #FintechInnovation #TradingTechnology #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Educators, IBs, And Other Regional Growth Drivers
Educators, IBs, And Other Regional Growth Drivers
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
When acquisition costs rise and AI generated reviews are exactly as useful as they sound, performing and fair partners can make or break brokers.
This session looks at how these players are shaping access, trust and user engagement, and what the most effective partnership models look like in 2025.
Key Themes:
- Building trader communities through education and local expertise
- Aligning broker incentives with long-term regional strategies
- Regional regulation and the realities of compliant acquisition
- What’s next for performance-driven partnerships in online trading
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Zander Van Der Merwe, Key Individual & Head of Sales at TD Markets
-Brunno Huertas, Regional Manager – Latin America at Tickmill
-Paul Chalmers, CEO at UK Trading Academy
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #BrokerGrowth #FintechPartnerships #RegionalMarkets
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
The Leap to Everything App: Are Brokers There Yet?
The Leap to Everything App: Are Brokers There Yet?
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the arms race to bundle investing, personal finance, and wallets under super apps grows fiercer, brokers are caught between a rock and a hard place.
This session explores unexpected ways for industry players to collaborate as consumer habits evolve, competitors eye the traffic, and regulation becomes more nuanced.
Speakers:
-Laura McCracken,CEO | Advisory Board Member at Blackheath Advisors | The Payments Association
-Slobodan Manojlović,Vice President | Lead Software Engineer at JP Morgan Chase & Co.
-Jordan Sinclair, President at Robinhood UK
-Simon Pelletier, Head of Product at Yuh
Gerald Perez, CEO at Interactive Brokers UK
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #Innovation
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
Mind The Gap: Can Retail Investors Save the UK Stock Market?
Mind The Gap: Can Retail Investors Save the UK Stock Market?
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official
As the dire state of listing and investment in the UK goes from a financial services problem to a national challenge, the retail investing industry is taken to task.
Join a host of executives and experts for a candid conversation about the future of millions of Brits, as seen from a financial services standpoint:
-Are they happy with the Leeds Reform, in principle and in practice?
-Is it the government’s job to affect the ‘saver’ mentality? Is it doing well?
-What can brokers and fintechs do to spur UK investment?
-How can the FCA balance greater flexibility with consumer protection?
Speakers:
-Adam Button, Chief Currency Analyst at investingLive
-Nicola Higgs, Partner at Latham & Watkins
-Dan Lane, Investment Content Lead at Robinhood UK
-Jack Crone, PR & Public Affairs Lead at IG
-David Belle, Founder at Fink Money
#fmls #fmls25 #fmevents #Brokers #FinanceLeadership #Trading #Fintech #RetailInvesting #UKFinance
Connect with us at:
🔗 LinkedIn: / financemagnates-events
👍 Facebook: / financemagnatesevents
📸 Instagram: / fmevents_official
🐦 Twitter: / f_m_events
🎥 TikTok: / fmevents_official