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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