Robinhood and Coinbase are now the world’s most popular iPhone apps

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Robinhood and Coinbase are now the earth'south near popular iPhone apps

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Usually, the meridian slots of the iPhone App Store are taken up past the familiar icons of TikTok, Snapchat and Instagram, but not today.

According to Sensor Belfry's tracking, the summit spots now belong to two investment apps: Robinhood and Coinbase. TikTok, YouTube, Snapchat and Instagram have to make do with slots 3-6.

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It's a similar  picture on the Google Play Shop. Here, Coinbase is sixth and Robinhood 7th, while the slots above are taken upwards with diverse free games and video calling favorite Zoom.

To exist clear, Sensor Tower'due south rankings rails momentum rather than the full book of downloads in order to make the charts more than reactive to the app world's movers and shakers. But even with this caveat, the leap for Robinhood and Coinbase is pretty astonishing, and reflects the sudden enthusiasm for coincidental app-based investment that has gripped the net in recent months.

Robinhood made waves back in January when it was the heart of the and so chosen "meme stock" smash that saw the r/wallstreetbets subreddit driving shares in GameStop up from $17 to a high of $347.51. This briefly saw Robinhood putting restrictions on the trading of sure shares, which pushed many onto alternatives like Webull (73rd on Sensor Belfry's rankings).

At the time of writing, GameStop shares sit at a much lower $154.69. But that's notwithstanding 810% up on the initial value. The interest at present isn't purely around GameStop, with certain r/wallstreetbets users attempting to drive up the value of the AMC theater chain, Bed Bath and Beyond, and the beleaguered BlackBerry visitor.

Coinbase is a bit more straightforward: it's a cryptocurrency trading platform that aims to simplify the procedure of buying the likes of Bitcoin, Ethereum and Litecoin by hosting the user's wallet onsite. With Bitcoin recently hitting over $64,500 a coin, there's no existent mystery equally to the app's popularity hither, although things have dipped a piddling since that high, and the currency sits just under $62,000 at the fourth dimension of writing.

While the two apps aren't directly related, the fact that their sudden burst of popularity has come up at the same time likely isn't a coincidence. Both allow inexperienced investors to plow a small amount of money into something much larger in a very short amount of time. For experienced investors, this kind of volatility is a red flag, only contempo success stories in cryptocurrency and meme stocks mask the huge risk of losing everything. The social media apps that usually occupy the top slots, for all their faults, don't behave that particular risk.

If you are tempted to download Robinhood and Coinbase, our advice is articulate: only invest what you can afford to lose.

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Freelance correspondent Alan has been writing about tech for over a decade, roofing phones, drones and everything in between. Previously Deputy Editor of tech site Alphr, his words are found all over the web and in the occasional magazine also. When not weighing up the pros and cons of the latest smartwatch, you'll probably find him tackling his always-growing games backlog. Or, more probable, playing Spelunky for the millionth fourth dimension.

Source: https://www.tomsguide.com/news/robinhood-and-coinbase-just-overtook-tiktok-as-worlds-most-popular-apps

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