The Robinhood Investing brokerage platform full review
If investing seems like a daunting task, the Robinhood Investing brokerage platform is going to help you get started even if you don’t have a lot of money.
by Danilo Pereira
The Robinhood Investing brokerage platform: a disruptive trading platform with zero fees for young investors
The Robinhood Investing brokerage platform has already been established as one of the most competitive and innovative investing apps in the industry.
A long time has passed since the whole Gamestop incident took place, and inevitably competition has increased. However, Robinhood has developed a solid brand and has an especial appeal with younger, more tech savvy investors.
Its clean design and focus on the basics is still unparalleled, and the broker has recently added a new cash management feature, along with a recurring investment one.
One of the things people are the most attracted to in the Robinhood Investing brokerage platform are the low cash requirements. They charge zero to no fees and have no balance requirements to open an account.
Here’s a list with some key points about the Robinhood Investing brokerage platform.
|Promotion||Get 1 free stock in the price range of $2.50 to $225 once you’ve linked your bank account to the app.|
|Investment choices||Stocks, ETFs, options and crypto|
How does the Robinhood Investing brokerage platform work?
The Robinhood Investing brokerage platform is primarily an app, but you can also use its web-based platform which looks and feels very similar.
Buying and selling financial assets is as easy as pushing a button which literally follows you wherever you go on the app. In fact, the whole app is designed to make trading not only easy, but also fun for users.
The Robinhood app is not aimed at highly qualified investors. Quite the opposite. Not knowing how to read charts, use conditional orders or enter multiple orders simultaneously is no big deal for Robinhood’s users. The platform was designed for simplicity.
The app’s new “Recurring Investments” feature allows you to make automatic investments by simply setting up a date, amount and selecting the kind of financial asset you’d like to invest in. The app also allows you to earn 0.3% APY on the money you haven’t invested.
One final touch is that the account comes with a debit card, and Robinhood relies on 75,000+ ATM machines in their network in which you pay zero fees.
The Robinhood Investing brokerage platform’s pros and cons
Now that we have made introductions to the brokerage platform, it is time to have a clear look at some of its pros and cons.
- Little to no trading costs
- Simple and easy to use
- No minimum balance requirements
- Limited customer support
- Limited educational resources
- Few investment options available
Does my credit score need to be good?
The Robinhood Investing brokerage platform won’t run any credit check on you. The account works pretty much like a regular bank account, so you do have access to a debit card. However they do not offer credit cards, and that’s why they don’t screen new users’ credit scores.
Want to apply for the Robinhood Investing card?
To get the card, you will first need to open an account. You can do the application process by downloading the app and providing some personal and financial information. After you have done that you will receive an email in the next few days either confirming your account has been approved, or asking for some missing information.
We’ve prepared a step-by-step guide to opening your Robinhood account on the link below.
About the author / Danilo Pereira
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