Finding investing tips and advice has long been popular with the 75 million users of Yahoo Finance each month, although until now you couldn't actually make any trades on the site. Now the app can be used by E-Trade, Fidelity and Scottrade clients to buy and sell stocks through an arrangement with Tradelt, allowing brokerage portfolios to be synced. Clicking on the tab that says 'link broker accounts' allows users to take the first step in the straightforward process.
Michael La Guardia, head of product at Yahoo Finance points out that the company is not expecting to make money from users of the service, and most revenue will still come from advertising as it does now. However, the new app will provide value for users, and encourage them to keep using the app. La Guardia also promises more features and services coming in the future.
Financial data has always been a highly competitive area, and the services offered on Yahoo Finance are similar to those offered by Morningstar and Google Finance.
Breaking news and insights into the numbers have always been features that give Yahoo Finance added appeal and value. The integration with Tradelt will also put YF in a better position to compete with one of the most popular apps used for stock trading, Robinhood. Many complain about the liberal news on Yahoo Finance that does not provide a true reflection of the market conditions that face traders. Hopefully changes will be made soon.
And the millions of users of Yahoo Finance will also be able to track Bitcoin, Ethereum and other so-called cryptocurrencies, as well as educate themselves in other categories such as values investing.
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