Robinhood vs Coinbase Fees ($HOOD, $COIN)

Based on Q1 2024 data, Coinbase charges significantly higher fees to retail consumers relative to Robinhood

Q1 2024 Results

Metric Coinbase Robinhood
Consumer Trading Volume $56B $36B
Revenue $935M $126M
Fees per $1,000 in Volume $16.70 $3.50

My questions are:

1. Do you think consumers know this?

2. If so, why hasn't more volume shifted from Coinbase to Robinhood?

3. Do you think this is bearish for $COIN and bullish for $HOOD?

If you want to see the data for yourself, Coinbase's numbers come from their Q1 shareholder letter which can be found on their investor relations website (top of pages 4+5). Robinhood's comes from their Q1 earnings presentation on their investor relations website (slide 15 + 24)


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