Robinhood, to put simply, saved me a fortune on free trades and gave me the flexibility to make market decisions when convenient. I’d like to share my recent experience with Robinhood, and the reasons why I continue to use them as my main investment platform.
To sign up for an account on Robinhood feel free to use the below link. Robinhood gives out a free stock to your account when you sign up.
Top 3 impressions:
- Free trades: All trades are free. Robinhood does not explicitly charge you anything when you purchase stocks through their platform. I no longer have to consider buying stocks in bulk to minimize the trading fee with traditional brokerages. I also have the flexibility to purchase stocks at any time and in any quantity without being charged a fee.
- Mobile Application Ease of Use: The Robinhood mobile application is easy to use and has all the functionality needed to make trades for both stocks and crypto currency. There is no need to login to Robinhood via your browser. The app itself also supports bio-metric multi-factor authentication, allowing you to use your fingerprints to login. The app layout is simple and intuitive to use. It does not crowd the screen with information.
- Instant Deposits: I no longer have to plan ahead and wait for transfers to complete. Robinhood offers the ability to instantly access transfer funds of up to $1000 by default. This instant deposit comes with no charge to you, and quickly enables the purchase of stocks/crypto while the actual transfer is occurring in the background.
Robinhood is lacking in some areas, which can be alleviated with access to other investment/brokerage sites. This includes in-depth reporting/analysis on stocks and the purchase of fractional shares/IRAs/mutual funds.
However, this isn’t a problem if you use a combination of other investment/brokerage accounts in addition to Robinhood.
I use M1 Finance to trade fractional shares/mutual funds and IRAs.
For reporting and deeper analysis, I use the Seeking Alpha free mobile app along with my Charles Schwab account. Both of these sources provide much more detail than what Robinhood provides.
My method would be to do the research on Seeking Alpha and Charles Schwab first, and then purchase the stock itself on Robinhood afterwards.
In closing, Robinhood is just one of many different investment platforms that focuses on free trades, simplicity, and ease of use – which it does well. It’s becoming one of the fastest-growing investment platforms catering to the millennial generation.