Robinhood is a stock intermediary that has without a doubt been a hit from its beginning. Presently, the site flaunts in excess of 10 million clients and facilitated billions in exchanges. In this Robinhood App review, we’ll go over the reasons why this organization is so famous.
What Is The Robinhood App?
The Robinhood App is a commission and fee free-trading app that lets investors trade stocks, options, exchange-traded funds, and cryptocurrency.
In addition, the Robinhood App even offers a cash management account where you can earn interest on your money and cover your tabs with a Mastercard charge card. You can likewise withdraw money from more than 75,000 ATMs for FREE. In addition, there are no account minimums, no transfer fees, and no foreign transaction fees.
See Also: Best Stock Trading Apps of 2020
How Does Robinhood Work?
Robinhood works like most stock investing platforms. You will have to signup to use Robinhood which takes just only minutes and requires just your essential information. Robinhood has streamlined this entire process.
Once you create an account, you can either use their service on the web or through the Robinhood mobile app. Both of these options have a great user interface to work with, but most users will use mobile according to Robinhood.
To actually buy and sell on Robinhood, you will have to transfer money into your account. One of the best features of the Robinhood App is instant deposits. When you fund your account, you will have instant access to up to $1,000 without waiting for the money to transfer in. This means you can get started with investing as soon as your account clears.
If you have never traded stocks before it can be overwhelming even with their emphasis on being beginner-friendly. When you break it down, you just search for the stocks, tap the trade button, and select the buy or sell option. It’s really that simple.
Though Robinhood does offer some different ways to buy stocks and options, getting your feet wet and learning investing basics could not be simpler.
Robinhood App Features
|Stock Trades Fee||$0|
|Options Trades Fee||$0|
|Investment Types||Stocks, ETFs, Options, Cryptocurrencies|
|Access||Web Based, iPhone App, Apple Watch, Android App,|
How To Create A Robinhood Account
Creating your Robinhood account is very easy and quick to complete. Please keep in mind, you must have the account verified first.
- Must be 18 or older
- Must have a valid social security number
- Must have a legal US residential address
- Must be a US citizen, US permanent resident, or have a valid US visa
How to complete Robinhood Account:
- Fill in your personal information, such as your address, date of birth, and social security number.
- Answer short questions relating to your trading experience.
- Verify your identity with your driver’s license/identity card/passport. A photo of the documents taken with your mobile will do.
Robinhood App Pros & Cons
No account minimum
- No fees
No retirement accounts
No mutual funds or bonds
Robinhood offers commission-free US stock trading without withdrawal and inactivity fees. It’s mobile and web trading platforms are user-friendly and well designed.
On the downside, Robinhood provides only a limited selection of assets, focusing mostly on the US market. Customer support is available via e-mail only, which is sometimes slow.
Robinhood is the low-cost brokerage firm, offering $0 commissions. This price doesn’t come without sacrifices in other areas; so other brokerage houses overall may provide more competitive services.
- Ally Invest
- TD Ameritrade
- Charles Schwab
Summary & Conclusion
Robinhood offers commission-free trading, and there is no withdrawal or inactivity fee. Robinhood has awesome, user-friendly mobile and web trading platforms. Account opening is extremely easy and fast.
Robinhood does have some drawbacks though. Their trading is currently limited to the US market. You can only open one account type – taxable. They don’t offer bonds or mutual funds. Customer support can only be reached via e-mail and it can take some time to get an answer. It provides educational articles but little else to guide you through the world of trading.
If you are new to trading and need an easy platform to use, Robinhood is your best choice.
Best Investing App For Beginners
Robinhood provides free stock, options, ETF, and cryptocurrency trades, and there are no account minimums. Unfortunately, mutual funds and bonds aren’t offered, and only taxable investment account types are available. Still, if you are new trading and need an user friendly platform, Robinhood is a great choice!