Toss Securities, a mobile dedicated stock brokerage service from Viva Republica has attracted more than 3 million stock trading accounts within 3 months of launch.
With 9.14 million individual stock traders as of December 2020, approximately 32.8% of all individual stock traders have signed up for the service.
How, then, could Toss Securities attract users within a short period?
The free promotion for listed stocks greatly motivated new users to sign up.
During a five-day promotion in February, more than 1.7 million new users signed up at Toss Securities.
The second round in May attracted about 700,000 new users.
It was viral marketing, considering Millennials and Generation Z have a certification culture on social media. The result was successful.
Furthermore, viral marketing 100% did not result in people signing up for specific financial events.
With the complex UI and UX of the old South Korean securities or banking app infamous, the UI and UX of the Toss securities app were cool.
The simplified, Toss-focused UX could also shake up the market of the old stock trading apps, as they showed with the real estate service in 2015.
Instead of the ARS-based or additional software installation authentication process, the team embedded their in-house authentication for the simplified UX.
Finally, a Super App strategy landed softly within the new market.
The securities service appears as a tab within the Toss application with 19 million users.
It is expected that it would have been easy to open an account through the stock tab, which is constantly exposed to users who frequently access the app.
However, both the Toss Securities and the successful outcome are criticized.
Simplified information is a limitation for an individual trader who is used to sticking charts or other information.
The trading fee with 0.015% as a fixed amount becomes a barrier, while other stock trading apps offer free fees or pass them off as free.
Nevertheless, inevitably, the market is now watching for explosive growth.
Therefore, the market is waiting for more numbers to be released, such as actual usage and transaction volume.