Robinhood, a U.S. digital investing platform, officially acquired Canadian cryptocurrency trading company WonderFi on June 1, which also means it now owns cryptocurrency platforms Bitbuy and Coinsquare.
Robinhood said in a release that users on those apps will be invited to use the Robinhood app once it becomes available in the coming weeks.
With the rise of digital investing tools, there is also growing questions and concerns about whether apps could encourage some investors to take more risks.
Here’s what to know.
Robinhood is similar to WealthSimple, Questrade and many other apps that allow users to invest their money through self-managed or managed accounts.
This includes investing for registered retirement savings plan accounts along with tax-free savings accounts and home savings accounts, among other investment vehicles.
These types of digital investing tools have grown more popular in recent years because users can potentially save money on commissions and fees by eliminating portfolio managers and other investing experts.
In the U.S., Robinhood offers users the ability to buy and sell cryptocurrency, in addition to stocks and other assets, but a spokesperson from Robinhood confirmed to Global News that, at least for now, its services in Canada will be “exclusively focused on cryptocurrency.”
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“WonderFi has extensive experience operating regulated crypto platforms that serve beginner and advanced crypto users alike, making it an ideal partner to accelerate Robinhood’s mission in Canada,” Johann Kerbrat, senior vice-president and general manager of Robinhood Crypto & International, said in the release.
“We’re pleased to have closed our acquisition and look forward to delivering innovative, user-centric investing products to Canadian customers.”
Some digital investing apps are also designed similarly to online betting apps, which critics say can increase the risk for some self-investors who view activities like day trading and rapid buying or selling of investments as a way to try to profit.
“Encouraging people to invest money that they can afford to invest in assets that they understand is not necessarily a bad thing,” said personal finance expert Clay Jarvis at NerdWallet Canada.
“But encouraging people to invest with money they can’t afford to lose into companies they don’t understand — that is a problem.”
The Securities and Exchange Commission (SEC) in the U.S. referred to this as “gamification” of investing and has noted the trend across a range of platforms focusing on “retail investors.”
“These tools include behavioral prompts, differential marketing, game-like features (commonly referred to as gamification), and other design elements or features designed to engage with retail investors on digital platforms (e.g., websites, portals, and applications),” the SEC said in a release from August 2021.
This “gamification” analogy describes the visual and other cues found on some of these platforms that are comparable to online casinos, which makes investing even more risky for many users.
Jarvis says these types of features can be “manipulative.”
“A lot of those elements strike me as gross and manipulative and the work of a big company to try to improve its bottom line,” he said.
“When you talk about those elements, I would be more worried about them being directed at young, inexperienced investors who might be a little more prone to falling for them.”
Investing, Jarvis says, shouldn’t be seen as a game, and self-investors need to have patience and perspective when choosing where to park their money.
“You don’t want to be constantly nudged to make decisions with your down payment savings or your retirement savings. These are things that you need to protect.”
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