J.P. Morgan Chase, the epic international financial banking institution, has been touting its newly-launched You Invest platform as the place for thrift-minded investors to make their mark. Rumors of the new platform suggested J.P. Morgan would take on free-brokerage Robinhood with toe-to-toe free trading with no brokerage fees.
Did J.P. Morgan follow through on its promises of recognizing which way the wind blows by releasing a platform for the 21st century? In a word – nope.
Instead of releasing completely free trading in equities, options, international stocks and cryptocurrencies, J.P. Morgan preferred to stay in its cozy home base of decades of promotional advertising – 100 free trades within the first year followed by trades of $2.95 per trade afterward.
Now, we’ll say those fees are certainly the lowest in an industry of $4.95 per trade commissions in the fee-based brokerages, but we’re in a post-Robinhood era now. Free trading is the norm. And we’re not talking about free trading for a limited time or limited number of trades.
Our recommendation continues to be to use Robinhood unless you want to create an IRA (either Roth or Traditional).
Go back to the dugout, J.P. Morgan, you need more batting practice.
Disclaimer: Eric "Irk" Jacobson and all other Get Irked contributors are not investment or financial advisers. All strategies, trading ideas, and other information presented comes from non-professional, amateur investors and traders sharing techniques and ideas for general information purposes.
As always, all individuals should consult their financial advisers to determine if an investing idea is right for them. All investing comes with levels of risk with some ideas and strategies carrying more risk than others.
As an individual investor, you are accountable for assessing all risk to determine if the strategy or idea fits with your investment style. All information on Get Irked is presented for educational and informational purposes only.