Investment App Sells User Data to Financial Companies

Investment App Sells User Data to Financial Companies

It was recently revealed that Robinhood Financial had been making millions by selling its user’s data to high-frequency trading firms, according to the firm’s second quarter SEC filing.    

The company behind the low-cost Robinhood investment app was found to have been selling its users’ order details at 10 times as much compared to its competitors.

While it is not surprising that a company like Robinhood would share such data, it is said that there is a conflict of interest as Robinhood’s profits might be heavily reliant on the sale of user data, despite espousing ethical trading practices for the benefit of the common consumer.

Source: Bitcoinist

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