Written by: Charlie Wells, Paulina Cachero

Translated by: Chopper, Foresight News

Trading apps that became popular for their zero commissions, fractional shares, and retail concept stocks, claiming "financial democratization," are moving towards elitism.

Robinhood, eToro, Revolut, and Public.com were often labeled as "young people trading stocks in their parents' basement." Now, these brokers are offering investors airport lounges, dinners, and F1 viewing rights. They have launched high-end credit cards with an annual fee of $695, providing exclusive elite concierge services for customers with account balances reaching one million dollars, and are venturing into complex tax planning, wealth management, and even trust accounts to compete with traditional venerable institutions.

A few months ago, 29-year-old David Easterwood pulled out a 17-gram Robinhood gold card to buy a cowboy hat, and the clerk said to him, "You must be really wealthy."

He indeed is. This Phoenix retail trader registered for Robinhood as soon as he turned 18 in 2019, with his first trade being a few shares of Ford, followed by stocks in food companies like McDonald's. He stated that his account "exploded" in 2023. According to screenshots he provided to Bloomberg News, he has made over $885,000 in profits since September that year.

In addition to having a Robinhood credit card, Easterwood has also activated Robinhood's concierge service, which is only available to users with assets over one million dollars or high platform activity.

"Whether my account has a hundred dollars or a hundred million," he said, "I will stay with Robinhood."

David Easterwood used his Robinhood gold card to purchase this cowboy hat

As the client demographic ages and accumulates wealth, this is the atmosphere that trading platforms are trying to create. During the pandemic, platforms like Robinhood capitalized on low costs, "financial democratization," and appealing to retail traders, shaping a young, anti-establishment, anti-Wall Street image.

The median age of Robinhood users has risen from 31 five years ago to 36 now. The company currently has over 300,000 customers with assets exceeding $100,000, a 250% increase from 2022.

Public states that its invitation-only concierge service for users with assets over $500,000 or high trading activity continues to expand. eToro's membership club program offers similar high-end benefits, with membership exceeding 720,000 at the end of last year, up from 579,000 the previous year.

The evolution of broker app products illustrates that the once fledgling innovators are catching up to mature users, and reflects that many developed economies are forming a K-shaped differentiation pattern: people with limited funds only have access to basic services, while those with substantial assets, even if their wealth started from retail concept stocks, are being courted by financial institutions to enjoy various privileges.

Public.com held a small dinner in New York in 2025, inviting members and content creators to discuss product updates and upcoming products

"The core of our strategy is to ensure that users who accumulate wealth on the platform don’t leave," said Deepak Rao, Vice President and General Manager of Robinhood Money. These companies do not want the hard-earned customers they cultivate to flow to Wall Street's large wealth management institutions like Goldman Sachs, JPMorgan, and Citigroup.

Abigail Sussman, a marketing professor at the University of Chicago Booth School of Business, stated that this transformation is very difficult, especially as broker apps shift to a high-end positioning that contradicts their initial brand image of "democratizing finance."

"It's much easier for a brand to move from high-end to mass market," Sussman said. While downscaling a high-end fashion brand may dilute its brand, it already has established credibility; upgrading fast fashion retailers is much more challenging. "Going backward, establishing a high-end image and status is much harder."

Nevertheless, these platforms continue to push forward.

The invitation to the launch event for Robinhood's platinum card and other high-end services states: "Experience our new products from a first-class perspective, helping every generation achieve their financial goals." The event was held at the TWA Hotel at New York's Kennedy Airport, introducing a credit card with an annual fee of $695 made of 99.9% pure platinum, as well as children’s trust and custodial accounts.

Robinhood CEO Vlad Tenev launched the Robinhood platinum credit card in March in New York

London-based fintech company Revolut is aggressively entering the private banking sector and plans to launch more products aimed at high-balance users. The company is also hiring multilingual private bankers to serve high net worth individuals, cross-sell products, and provide financial advice.

Public COO Stephen Sikes stated that better data, content, and AI tools make people more willing to manage tens of millions of dollars in assets themselves. The company has hired concierges to engage with high-value clients about trading, building relationships, and optimizing experiences.

Meanwhile, eToro CEO Yoni Assia stated that the platform's high-end membership program will be upgraded. Currently, the highest-level diamond members with assets over $250,000 can receive exclusive tickets for selected sporting events, access to airport lounges, and a Visa card that rewards stock for spending.

"Ultimately, I hope eToro becomes your family office," Assia said.

eToro CEO Yoni Assia

These emerging platforms face intense competition from traditional Wall Street institutions that have served wealthy populations for centuries. They enhance user retention through one-on-one exclusive services, private investment channels, and estate planning, maintaining generational clients. Meanwhile, traditional banks, with trillions in customer assets, are also optimizing their applications, weakening the core advantages of pure digital platforms. In this industry, an excellent experience and marketing are far less important than trust.

And the issue of trust has long plagued these digital brokers. After a surge in users during the pandemic, Robinhood faced significant setbacks. In 2021, the Financial Industry Regulatory Authority fined it $70 million for misleading customers and internal control failures, among other reasons. Robinhood neither admitted nor denied the allegations but stated that it had made multiple rectifications. In 2024, eToro agreed to pay $1.5 million to settle charges from the U.S. Securities and Exchange Commission regarding its unlicensed brokerage and clearing operations.

The benefits of Robinhood's new platinum card are very similar to popular products from American Express and JPMorgan: 5% cashback on dining, $250 in DoorDash credits annually, 10% cashback on hotels and rentals, free Robinhood gold card membership, and a $250 annual subsidy for autonomous travel.

Ted Rossman, senior analyst at Bankrate, focused on credit cards, remarked that this high-end card does not surpass competing products.

"To be honest, this card is not as good as the American Express platinum card or Chase Sapphire card," Rossman stated. For example, DoorDash credits have many restrictions and are far less appealing than they appear.

However, Nick Ewen, senior editor at The Points Guy, pointed out that the Robinhood card offers a different type of value: "Other points do not appreciate, while Robinhood is designed to let you grow your investment over the long term."

This is also why 32-year-old Polish investor John Ostrowski insists on using the eToro card. He chooses to receive 4% cashback in Mercedes stocks, valuing their dividends, and stated that this card gives him a new sense of identity.

"It's a social topic," he said, "My dad uses an American Express card, and I use an eToro card."

eToro hosted a members-only event in Dubai

However, even with a high-end aura, the novelty is still insufficient for some users. Some platforms' attempts to enhance retention through services have backfired.

"They arranged for a CPA to help me with taxes," said 42-year-old Jason Sabshon from New York, who qualifies for Robinhood's concierge service. The platform's logic is that reasonable tax planning can enhance investment returns, and handling taxes during the investment process can ease the stress of tax reporting. But Sabshon isn't buying it: "They said that person was from a company I had never heard of, and I'm not too comfortable."

39-year-old Kai Schukowski from Dubai has multiple brokerage accounts, but he stated that none treat top clients as well as eToro. A few months ago, he was invited to a high-end event the platform held at the top of the Dubai Opera's Belcanto restaurant, gathering top traders and executives, with an open-air cocktail event offering a view of the world's tallest building, the Burj Khalifa.

What impressed him was that the event was upscale and stylish, with real wealthy individuals present. He said, "They are not just influencers or people looking to get famous; they are genuinely rich people."