Anyone heard of this new broker? It's not public yet, though looks like a industry-changer. Wonder if there are any hidden risks and pitfalls for you old industry-gurus out there. https://www.robinhood.io/
I see nothing on their website about direct access. They make money by selling customer order flow and/or keeping rebates. You still have to pay regulatory fees. They use Apex clearing. No big deal.
It says one way they will make money is by having a paid API. Available now to some beta testers, apparently. I inquired about it, maybe a month ago, but didn't hear back.
+1 on direct access. It also not clear to me what exactly they mean by trading via web in their schedule. 0 comm if you trade via web or mobile device.
If you believe in conspiracy theories, all these new low commission brokers are being setup to limit the liability of big firms....while they fleece us with HFT shennanigans.