It’s no longer just a place to look up stock market data and company news. Yahoo Finance is now introducing trading directly via its app.
With 75 million monthly active users, Yahoo Finance (our sister brand) has become a popular home for all things investing, other than investing itself. Now the group is introducing a partnership with TradeIt, which allows users to sync their brokerage portfolios so they can buy and sell stocks without leaving the app.
The new feature will work for clients of Fidelity, Scottrade, E-Trade and other services. Users just have to select the “link broker accounts” tab on the app to get started.
“We are trying to make sure that we’re always as effective as possible,” said YF’s head of product, Michael La Guardia. He said they’re hoping to “provide for more value for the people that are using the app.”
La Guardia says that they are not planning to make any money directly off the users, but that they hope the integration will encourage people to remain active on Yahoo Finance platforms. Advertising will remain one of the primary drivers of revenue.
While Yahoo Finance has long been one of the standout Yahoo brands, there’s a competitive landscape for financial data. There’s some overlap between its offerings and that found on Google Finance or Morningstar.
But Yahoo Finance believes some of its added value comes from its news team, which provides breaking news alerts and also context behind the numbers. And the new integration will help it take on Robinhood, a popular stock-trading app.
They’re also moving beyond equities. You can now follow categories like values investing or keep tabs on cryptocurrencies like Ethereum and Bitcoin.
“You’re going to be seeing more coming from us,” said La Guardia.