저자: Kevin · 외국인
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로빈후드의 SEC 공시 자료를 근거로 주문흐름(payment for order flow) 수수료 구조를 설명하며, 무수수료 거래의 숨은 수익원을 분석한다. 로빈후드는 주식 100주당 약 0.17센트, 옵션 계약당 약 0.58센트를 받아 옵션 거래에서 수익의 약 61%를 올린다. 경쟁사 찰스슈왑보다 주식은 약 6센트, 옵션은 약 21센트 더 벌지만, 옵션 수수료를 받는 찰스슈왑 대비 소비자 부담은 실질적으로 작다고 결론짓는다. 로빈후드 비판은 과장이며 투자자 입장에서 큰 문제는 아니라는 입장이다.
다듬은 글
hey everyone meet kevin here the robin hood saga continues today with a big new regulatory disclosure that shows us how much money robinhood is making and how they're actually making that money where they're getting most of their profit from is it regular stock trades is it options well was it some secret a behind the scenes thing i mean it's a commission free platform so how are they making money and are they actually making a lot of money without us knowing about it well thanks to some new regulatory findings we get to dive into it today quick reminder the youtube pre-sale is in its last 24 hours i'm finally getting the last one percent of lectures up the other 99 already up so ll right back in 2018 the wall street journal had a blistering piece on robin hood slamming the company for saying it's a free service but really charging consumers in hidden ways the wall street journal was really skeptical of robin hood and this got me interested because i use robinhood and honestly i really kind of like using robinhood so anytime there's something negative about robinhood i'm like tell me more like this is something i need to be concerned about that's what we're going to talk about here so the wall street journal explained that trades made on robinhood are sent to an exchange where a high frequency trading company can take advantage of like micro price differences in the stock it's really just pennies right here's an easy way to picture it because we're going to make this analogy and then we'll build on it to see where the real money's coming from so the easy way to picture it is this think about it like you're standing at the end of a football field like over by the field goal and your goal is to get your order to the other side of the field so you're standing on the field and you say hey ref i got an order over here i want to buy 10 shares of tesla stock i'm going to give you the money and put my order in with you the ref is then supposed to turn around to some really fast running and sprinting football players that they hired and those football players are going to sprint across the field to go fulfill your order the football players in exchange give a kickback to the ref going hey man thanks for giving me the ball this time here's here's a kickback so that extra kickback is supposed to be a way for you to save money because the football players are like hey man we got this down we can get this order across the field so fast we're gonna make so much money processing your orders we'll give you a little commish we'll give you a little commission just keep bringing the deals to us and so the ref gets paid a commish which is really the brokerage you get your order fulfilled and there you go and back in the day there used to just be a bunch of different football fields so you'd have the td ameritrade football field the fidelity one the charles schwab won the e-trade one and the theory was each of the companies said hey come to our football field cause bro we got the fastest football players like nobody's got the connections we do we got the fastest refs and we got the fastest football fields and that's why we charge you a commission because we're going to be able to process that order so blazingly fast it's going to end up saving you money well the wall street journal calls this payment order flow that's technically what it's actually called and this became sort of a common practice among stock brokerages to process deals and then advertise how fast they can process these trades to save you money so old school you paid a commission but the brokers are like it's okay it's okay like we're gonna process your deal faster so don't worry about the commission that was the old school model robin hood's like dude too complicated we're just gonna come in forget all the fees and how about we just keep this is the theory at least we're going to get into some of the details here when we get into the regulatory filing how about we just keep the kickbacks from the football players people can come to our football field but rather than paying us a commission we'll just give the order to the football player and the customer doesn't even have to worry about all that order flow processing and all that mumbo jumbo it's just zero fees to the customer and we'll figure out how to make money a different way the football player by the way those are companies like citadel or virtue and these are companies that pay the referral fees to the ref the robin hood anyway the wall street journal said in the old system customers got the benefits and that maybe in this new system robin hood is keeping all the benefits so maybe free really isn't free and there's even a potential second issue when you pay a commission there's something called order execution priority and that's kind of like think about you back on that football field and the ref standing there collecting orders the people waving their orders around with the highest commission might get their order taken first by the ref that's how the ref might prioritize different orders and give them to the football players first so if you're not paying a commission you might get left behind and you know robin hood might be pocketing basically the commish that the ref is getting so in other words the whole old school investing community has kind of started trying to make robin hood seem like they're the bad guy secretly overcharging their customers meanwhile all the big companies are saving the day and providing all this extra value for their customers well that hasn't really caught on because even with this analogy i just explained it's complicated all of this is confusing and robin hood's like man so what we get a fee so what we get a referral fee from the football player to the ref whatever we give zero dollar or we charge zero dollars for options and stocks you want to trade with us or not can't really blame robin hood for the simplicity i mean perfect i love it it's simple for me i tried trading some options with td ameritrade and i'm like what y'all want to charge me 65 cents per option contract y'all out of your mind and it's true but here is the actual regulatory document that was released or at least the the the sec filing that kind of shows and compares what robinhood's profits are to other companies let's look at this and then draw some bottom lines as to whether or not we have to be concerned about robinhood ripping us off are they ripping us off or are they really the good guys trying to help us out let's take a peek all right this is the sheet right here and here's the way to read this let's for right now just look right here at quarter two and so what we want to look at over here oh by the way here are the football fields here i'll hide myself for a second you got robin hood charles schwab e-trade and td ameritrade those are the football fields all right now we're gonna zoom in over here the top one's robin hood and so what you're going to see over here is that for trades robin hood charged about 17 cents per 100 shares so robin hood profited or got like a kickback as the referee 17 cents from the football players per 100 shares they gave to the football players so the football players can go make the big bucks high frequency trading so to speak anyway robin hood gets 17 cents per 100 shares on trades but on options contracts gets 58 cents per 100 shares aka per one option contract because it does say per 100 shares and one option contract is 100 shares well that's interesting but how does that compare to the other football fields we'll take a look the other football fields like what is this one charles schwab charges you 11 cents per or profits 11 cents per 100 shares that means robin hood is secretly bagging more money on equity trades than charles schwab so technically because charles schwab also offers zero dollar trading it looks like it's cheaper to trade shares with charles schwab wait wait a minute wait a minute so let's be real here six cents six cents per 100 shares that's the difference that's what we have to be worried about well i got myself a little calculator here and if we assume that everyone trades let's say i don't know 30 shares a day as a long-run investor you know maybe one day you're buying like 300 shares of some more inexpensive stock right but let's say on average somebody trades about 30 shares a day and let's just make math easy and go with the full year even though you're not really trading on the weekends that's about 11 000 trades all right well 10 950 shares divided by 100 at an additional cost of about 6 cents means the premium you're paying to use robinhood over charles schwab for your stock trading is 6.57 right so if you want to save 6.57 cents you could go to charles schwab if you're going to trade about you know 11 000 shares in a year probably not really a big deal in fact i would just imagine most people are going to roll their eyes and go dude i'm just going to stick with robin hood and that's kind of exactly how i feel so there's a lot of media and press on robin hood in terms of oh rob notes stealing from their customers i mean really though do we care about paying the extra six bucks now let's say you're a day trader and every single day you trade 500 shares now i think there are about 252 trading days in a year not including obviously weekends or when the stock market is closed so 252 trading days okay let's go back to the calculator here 252 trading days times 500 shares a day because maybe you're a day trader or whatever divided by a hundred times six cents means your penalty for using robinhood as a day trader over charles schwab is 75 probably a pretty cheap cost of doing business if i had to say so myself but wait a minute that's not where robinhood makes most of their money and that's true in fact robin hood makes most of their money from options in fact if you look at their sec filing you'll see that 111 million dollars worth of their revenue came from options that's about 61 percent of their total revenue came from options and for options they make about 58 cents as a kickback per 100 shares which since 100 shares are one options contract we could basically say one option contract okay so robinhood's making 58 cents on an option contract and charles schwab and to e-trade are making 37 and 46 cents per option contract well let's go with the cheaper one let's try to compare ourselves to charles schwab charles schwab makes about point 37 cents on order flow from options trading okay so that's a difference of about 21 cents okay so let's say you're now a day trading options trader you're an options trader and every day you trade i don't know a hundred option contracts that seems like a lot you probably wouldn't trade that many i guess it depends on the value of the stock but let's just go with it a hundred option contracts every single day the market is open times 252 is about 25 200 option contracts in a year times the extra money that you pay at robinhood of about 21 cents over charles schwab is about 5 292 but wait a minute that might be the extra profit robin hood is making on the back end and by you using robinhood to trade your options instead of charles schwab but wait a minute charles schwab charges you .65 cents per option well wait a minute okay a hundred times 252 days times .65 cents per option contract charles schwab is going to charge you sixteen thousand three hundred eighty dollars in fees to do those option contracts so let's put this together if you traded these same options with charles schwab instead of robin hood you would save five thousand two hundred eighty dollars about because robin hood wouldn't be able to get that extra profit you technically or in theory save that money using charles schwab so you'd save that five thousand two hundred eighty dollars but for the right of saving that five thousand two hundred eighty dollars you will have to pay charles schwab sixteen thousand three hundred eighty dollars that means you're literally paying rip off charles schwab 11 088 more dollars for the same thing that you get with robin hood yeah so what robinhood makes some money in the back end so what they make big bucks on options trading and so yeah maybe just maybe when you open up the robin hood app there's a reason they put the options trades up front and the stocks below maybe just maybe they want you to trade options and they want to make it easy for you i think it's going up i think it's going down maybe they want you to gamify this and maybe that's why you get confetti and maybe all the fussy people at the brokerages who are like oh well well you know robin hood's throwing up confetti this was a real quote by the way listen to this okay this dude literally said here this tim welsh guy founder of founder and ceo of wealth management consulting firm nexus whatever says i think they should put up a cigarette warning label on robinhood because it could be more hazardous to your financial health the more you trade what is this guy smoking he says every study on the planet earth has shown day traders are not sophisticated and do not make money they gamify it they throw confetti after each trade they make it free but ultimately it's a loser's game this guy is literally making an argument bagging on robin hood by bagging on day traders he's not saying anything about robin hood he's making fun of robin hood for you getting confetti when you make a trade i think it's awesome when robin hood says here's confetti here congratulations you're actually investing your money like if anything there should be a cigarette label on excessive management fees from big syndications like real estate funds that charge you thirty percent i'm not going to mention any real estate funds um you know that's that should have a cigarette warning label robin hood is actually i mean we just did the math robin hood yeah so what they're making money on the back end but are we really gonna move everything over to charles schwab to save a few bucks on a few trades here or there doesn't make sense and on options because you don't pay an options fee at robinhood get out of town if you think it makes sense to go over to charles schwab and td ameritrade to go play options meanwhile you're paying 65 cents per options contract they're the ones charging way more and i honestly think this is a game of the established industry trying to do everything they can to bag on robinhood and don't get me wrong i have not had like only good things to say about robin hood i don't think they should have a trending stocks tab because people then end up throwing all their money into things like kodak or nicola when it runs up like crazy and then it grid like i okay i have my own qualms i've made plenty of videos about that before but this is not one of them if you're gonna do options and you're gonna trade stocks robinhood's great so there you have it folks i overall love robin hood you should love robin hood as well do whatever you can do to get yourself investing if you're not yet investing i use my investments as my emergency fund and i know to some that sounds crazy but i outline all my theories on that in my psychology of money course and stock course that i have we've got the real estate investing course and of course get in on that
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