Robinhood App is a stock brokerage that hopes to bring commission-free trades of stocks to the masses. It’s an app-only brokerage that offers $0 commission trades on stocks – no minimums, no maintenance fees, and a streamlined interface that is intuitive to use. There is a lot more about the Robinhood App.
When they first came on the scene, I immediately thought of Zecco. Zecco was a brokerage founded in 2006 that promised commission-free trades too. The free trades got more and more restrictive. At the start, everyone had free trades. Then you had to have a minimum account balance of $25,000. Eventually, there were limits on how often you could trade until TradeKing acquired them in 2012.
Robinhood App Stock
So how is Robinhood different? Zecco was trying to be a full brokerage – you could trade stocks, options, mutual funds, and bonds. They would offer Forex, gold, and silver too. They had a multitude of tools and analyses. Zecco was trying to be a full brokerage but charge nothing. The Robinhood App is compatible with both iOS and Android devices.
Robinhood App Review
Robinhood is free but it doesn’t feel completely bare-bones which is very important.
- You get free trades and free trades are great. You can set market, limit, stop loss, and stop-limit orders. You are, however, limited to U.S. stocks and ETFs. That’s a fair trade. No short sales.
- They offer a cash management account so your cash is earning 0.30% APY when it’s not invested. A lot of other brokers will pay you a pittance for uninvested cash in a sweep account – but Robinhood hooks you up with a competitive rate.
- No account minimum and no maintenance fees unless you want paper statements ($5) or paper confirmations ($2). You don’t need paper statements and those fee rates are consistent with others I’ve seen. These are all good but they should be there, it’s pretty standard nowadays.
- The dashboard is sleek and minimalist. When you log in, you’re greeted with your account value, some historical charts, and relevant stories in a slider at the bottom. Green if you’re up, red if you’re down.
- Robinhood Instant: There’s a “feature” called Robinhood Instant. Normally when you sell a stock, you have to wait about three days for the funds to make it to your account. It’s known as “Stock Settlement” and it’s because of how the clearinghouses work (If you trade individual stocks infrequently, this will never come up). Instant would take away that three days wait. (another benefit is instant access of up to $1,000 on deposits to Robinhood).
Robinhood App Download
The Robinhood App Download can be done on both iOS and Android devices. Here is how to download the Robinhood App:
- Go to your device app store.
- Enter Robinhood on the search box at the top of the app store platform.
- Tap on the suggestion with the “Robinhood: Investing for All” app.
- Then tap on “Download” for Android while “Get” for iOS.
- After a while, the app will be downloaded and installed on your mobile device.
Now you can run this app to get its features and services.
How to use Robinhood App
To use this app you first have to sign up. The sign-up process takes about 5-10 minutes and you’ll need to provide some basic information – name, address, Social Security, birthday, and some other demographic information.
- Launch the Robinhood App on your device.
- Tap on Sign up.
- Select your country.
- Enter your email address.
- Create your Robinhood password.
- Enter your First name and last name.
- Provide your mobile number.
- Enter your date of birth.
- Provide your residential address.
- Verify your identity.
- Provide and link your bank details.
- Tap on continue.
- Link uour bank and deposite funds.
- Finally find a stock to buy and sell.
There you have it using this app is very easy and straightforward. The interface is simple and does not require any form of technical know hoe to understand.