> Brokers are required to, yes. Correct. And Robinhood is a broker, so it is also required to. > Robinhood doesn’t submit orders directly to exchanges Corre

> Brokers are required to, yes. Correct. And Robinhood is a broker, so it is also required to. > Robinhood doesn’t submit orders directly to exchanges Correct, but irrelevent. > it always passes through a middle man Correct. > who has to collect some fee for their service. Incorrect. They are not charging Robinhood (or their customers) a fee. Robinhood's clients get the NBBO, as required by law, full stop. There's no trick here.