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Social trading firm eToro added the highest number with 5 million new users in 2020, a 38.46% increase from 2019. Robinhood enrolled 3 million new users in H1 2020 alone, a growth of 30% from 2019 users.

Elsewhere, Plus500 added 1.05 million users while Capital.com grew 3,600% to hit 766,703 users in 2020.

Interactive Brokers users grew by 56% to 1.07 million users, an additional 385,200 new customers in 2020. Freetrade, which had 65,000 users in 2019, increased the number by 235,000, a growth of 361% in 2020. Finally, IG registered a growth of 34% to hit 239,600 users in 2020.

Key factors inspiring user growth

A combination of factors have contributed to the growth of trading platforms users including stock market volatility, increased spare time during COVID lockdowns, cryptocurrency trading, and a surge in demand for commission-free trading.

Trading platforms are also expected to witness a continuous unprecedented growth this year in the wake of the WallStreeBets Saga.

According to TradingPlatforms.com, between the week of January 24 and January 30, searches for 'Stock trading apps' increased ten-fold in the United States.

Despite the contention surrounding Robinhood and the halting of GameStop stock trading, Robinhood recorded 3 million new app downloads in January alone (a 23% increase in its client base).

The report highlights the future prospects for trading platforms after a tremendous 2020.