The online brokerage industry has seen significant growth in recent years, with several players competing for market share. Two major players, Robinhood and eToro, have distinct business models that set them apart from each other.
Robinhood's focus on US options and crypto trading has contributed to its large customer base of 27.4 million funded customers as of Q1 2026. The company's revenue mix is heavily weighted towards transaction-based fees from options and crypto trading, with an average revenue per user (ARPU) of $157 in Q1 2026.
eToro, on the other hand, offers a wider range of products across multiple geographies, including equities, commodities, and currencies. The company's customer base is smaller, with 3.81 million funded accounts as of Q4 2025, but it has a more diverse revenue mix that includes commissions from crypto and equities trading.
The comparison between Robinhood and eToro highlights the differences in their business models and revenue streams. While Robinhood's focus on US options and crypto trading has contributed to its large customer base and high ARPU, eToro's broader product offering and global reach have enabled it to tap into a wider range of markets and revenue streams.