·FinanceRobinhood says its duct will fix social media tradingBy Jeff John RobertsBy Jeff John RobertsEditor, Finance and CryptoJeff John RobertsEditor, Finance and CryptoJeff John Roberts is the Finance and Crypto editor at Fortune, overseeing coverage of the blockchain and how nology is changing finance.SEE FULL BIO For decades, investors looking to add a new asset to their portfolio would talk to their broker or scour financial publications before parting with their hard earned money.
Today, many younger investors turn to social media platforms YouTube or X where they can find helpful tips—but more often a passel of predatory scammers shilling dubious assets they may not even have invested in.
It’s a blem, but one Robinhood says it is poised to fix.
On Tuesday, the trading giant announced a new app feature called “Robinhood Social” where users can minent traders and, if they wish, mimic their trades.
This of activity, known as “copy trading” or “mirror trading,” is common in Europe and other jurisdictions but is largely restricted in the U.S., partly for regulatory reasons.
This has driven a more informal version of the practice on social media.
Un other copy trading platforms, Robinhood’s version—which is launching early next year—won’t allow users to automatically buy and sell based on what others are doing, though they will be able to replicate others’ trades manually.
While Robinhood Social is primarily aimed at letting users find- minded communities of investors, the platform will also show the trades of famous investors and Members of Congress, who have long bought and sold stocks based on privileged information (though an impending bill could soon restrict this).
The service will display the activities of not just stock traders, but also of those trading crypto, options and other assets.
Critically, the company will also require that every Robinhood Social user verify their true identity, and to vide evidence they actually have the portfolios and positions that they claim.
This stands in contrast to many of the investment claims on social media, where people regularly post fake or falsified information under pseudonyms.
According to the company’s VP of duct Management for Brokerage, Abhishek Fatehpuria, the plan is to create an initial pool of 10,000 Robinhood Social users in the first quarter of next year, before rolling it out to all customers.
“We want to make sure the community is vibrant and healthy from day one,” said Fatehpuria.
Robinhood announced the new social feature at its annual HOOD summit, where it also announced expanded AI features that include new tools to easily construct stock screeners.
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