This is a picture of a cellphone that has a brokerage app open on it's screen. SOPA Images/Getty Images SOPA Images/Getty Images
Commonstock is a social investment app for retail traders. It's not like Reddit.
The app was launched in August 2020 and allows users to connect their brokerages to verify their wagers.
Commonstock founder, John Bloomberg, wants the app to be the "Bloomberg Terminal of main street."
Robinhood is a new broker app that connects retail traders and brokerage apps.
Commonstock is an app that aims to bring together retail traders who want to trade and gain insight into the market. It's similar to Reddit but less chaotic.
Reddit investing threads such as Wall Street Bets are populated with millions of traders, but there is no talk of trading stocks to the moon, buying shares with diamond hands or shorting stock. There are few memes and few exchanges among retail traders who call themselves "apes".
One thing that is common between both platforms is the fact that posts get "upvotes."
Commonstock's Chief Executive Officer and founder David McDonough wanted to stand out from the wildly popular and controversial Wall Street Bets forum.
He explained that the idea behind the app is to "empower retail traders with sound financial and market insight to be "discovered through the noise and the memes and troll accounts that exist on other platforms."
McDonough explained to Insider that while jokes and sarcasm are not uncommon, there is also a lot of real knowledge. Retail traders can connect their brokerage accounts to their Commonstock profile using the app to prove they "have skin on the game," McDonough said.
I wanted to check it out for myself so I downloaded the app and created a profile. I also opted to link my brokerage account.
There were many options available, including Robinhood, Coinbase and Webull. Charles Schwab, Charles Schwab, Fidelity Investments, and Charles Schwab are just a few. I linked my Robinhood account, which I had previously opened for a review.
After being linked, my username was given a blue Commonstock logo beside it. This is similar to Twitter's blue checkmark. My portfolio also appeared on my profile showing the one dollar I had previously invested in Vanguard ETFs.
Profiles show all followers' assets in dollars to further support a user’s authority. The count was zero because I don't yet have followers. A post is similar to writing a tweet. Users have 500 characters and can click "link a trade" to support what they are saying.
The homepage feed of the app looks like a mix of Twitter and Trading app Public.com.
Screenshot taken from Commonstock.com Screenshot taken from Commonstock.com
The few upvotes for investor posts revealed the relative newness and novelty of the platform. It was launched just over a year ago, right before meme stocks became a permanent fixture in the market landscape.
McDonough did not share information about the number of users, but he stated that the platform is looking to reach millions of people worldwide over the long-term.
He hopes it will eventually be the "Bloomberg Terminal on Main Street."
He stated that "that's really our goal" and said, "That's really what we aim to be: a central community at the top of each brokerage and help create more engaged investors across all asset classes."
Reddit's investing threads are a great resource for story ideas. I miss the entertainment that meme culture provides. It was a pleasure to be able to sort through the clutter and find out what people were investing in.
Although the platform is still in its early stages, it appears that it will become a valuable tool for those who want to discuss stocks with other retail investors.