Robinhood Markets Trading Platform Review
Hey guys! Today I will be doing a review of the Robinhood Trading Platform and their new app. You have probably seen ads lately informing you about their trading app that is easy to use, but is it the best online stock market trading platform? If you want to know more about it then look no further. I’ll cover everything you need to know here!
What is the Robinhood Trading Platform?
The Robinhood Markets Trading Platform is a financial system that helps people make money through online trading, not just the people that are already wealthy.
It is a trading platform that offers ZERO commission trading, which others charge for. Robinhood is fast, very simple to use, and you do not need a manual.
It is like binary options trading, which I’m sure you are familiar with. With binary options you bid on trades in the market and try to make money by guessing whether it will go up or down. However, there is NO GUARANTEE that you will make a lot of money doing this, contrary to what others may have you believe. Robinhood Markets Trading is different.
How Does the Robinhood Trading Platform Work?
The Rodinhood Trading Platform shows you how to invest in the stock market as you build your own portfolio. When you correctly bid on stocks (whether they rise or fall) you make a profit. You can trade stocks, options, cryptocurrency, and exchange-traded funds.
With Robinhood you can discover new stocks through the Collections area, and track your favorite stocks in a news feed that is personalized for you based on your recent views.
The sign-up and account funding process is quick and painless. All you have to do is answer a few quick questions, fill out your personal information (contact details, social security number, and the means by which you will fund your account). If you are approved then you will be notified in less than an hour.
You can transfer up to $1,000 from your bank account right away. However, larger deposits will take 4-5 business days to process. you can also set up automatic deposits weekly, bi-weekly, monthly, or quarterly if you wish.
All of this is very easy to do on the Robinhood Mobile App. Robinhood also recently introduced a new tab bar at the bottom of the app, which offers quick access to portfolio values, watch lists, transaction history, and account statements.
The good news is, your personal information is fully encrypted and securely stored so that no one can access it. They are a member of the SIPC, which means your account is protected with up to $500,000 of protection. You can find Robinhood Financial (which is the same thing as Robinhood Markets Trading) on the list of members on the sipc.org website.
Robinhood Trading Platform Pros and Cons
- Commission free trades (FREE to use)
- No account minimum
- Streamlined interface
- Doesn’t have research or trading tools
- Mutual funds and bonds are not supported
- No retirement account
- Limited customer support
Who is Robinhood Trading For?
Robinhood is for people trade rather frequently (because it is free), and for people who are mobile users. They have a very user friendly mobile app that makes it even easier to trade.
It is also good for people that have individual taxable accounts and margin accounts. Not to mention the fact that it is easy for people who trade cryptocurrency.
If you are just beginning your journey with online trading, then there will be somethings that will take some time to figure out. Robinhood does not offer very much training, so you will have to do your own research (although they are improving it). However, if you know what you are doing then you will probably REALLY like Robinhood.
How Much Does Robinhood Trading Platform Cost?
The Robinhood Trading Platform has no fees, and the minimum amount of money you can have in your account is $0. So if you are looking for a trading platform that will not cost any money for you to start investing, then you need to check out Robinhood.
Since there are no commission fees, you can trade and use Robinhood for trading as much as you want. This can save you TONS of money.
Robinhood has also cut out many other fees associated with trading. Such as service account fees, broker-assisted phone trades, and bank reversal fees went down to $9 (was $30).
The only thing you will have to pay for is the investment you want to purchase.
Robinhood does require a $2,000 minimum portfolio balance if you want to open a margin account, but this is the same thing that other brokers require (it is a Financial Industry Regulatory Authority regulation.)
Robinhood Trading Platform Gold Option
The Robinhood Trading Platform offers a Gold option called Robinhood Gold. It offers investors the ability to trade on margin (a.k.a. borrowed money). There is a flat monthly fee based on margin (or “buying power”) and account size.
If you are new to this, then you should know that margin trading is very risky, because you are trading on money borrowed by the broker and you can lose more than you invest. (Here is more info on how margin trading works).
The Robinhood Trading Platform offers limited customer support. With most brokers you can call them, email them, or send them a message. However, with Robinhood you only have the option of emailing them.
This can be a little frustrating, but then again you can trade as much as you want for free. So there is give and take. However, their Help Center answers most of the questions you may have.
The Robinhood Markets Trading Platform is, in my opinion, the best online stock market trading platform. It is a GREAT place for people to trade stocks, options, and cryptocurrency. It is easy to use their app and there are no commission fees so you can trade as much as you want.
Every broker has pros and cons, but I believe the people a Robinhood are doing their best to make trading and investing easy for everyone to do. Even though there isn’t a ton of training, it is a good place to start investing because it is free.
If you have any questions or have had experience with Robinhood, please leave a comment below!
If you are looking for another way to make money online that does not involve trading or investing, then you need to check out my #1 recommended program. They teach you step-by-step everything you need to know to start making money online. It is where I learned to create this website and build my own business. If I can do it, then anyone can! I can help you on the inside, just ask! 🙂