Vlad Tenev
👤 SpeakerAppearances Over Time
Podcast Appearances
They pay next to nothing, right?
So you're telling me these customers, three or four of them that you have, trade tens of billions of dollars a day and they pay next to nothing.
Why can't I have that?
You know, I have my Schwab account.
They're charging me, I don't know, $10, $20 a trade.
Can I use your software?
And at first I was kind of like, that's ridiculous.
You can't use the software.
You have to be a developer.
It's, you know, for institutional customers.
But then I get to thinking, and I call my partner who is in New York on a sales trip.
The question was, can we go after retail?
Is there a retail product here?
And this guy's right.
All of the big discount brokerages are charging $10 a trade.
And we kind of knew how everything worked full stack, how you can connect to the market.
Yeah, absolutely not.
And they had high minimums.
Most of them would require $2,000 before opening an account.