Robinhood Trading App: Robinhood is very popular among individuals who are interested in online trading. This application offers a platform for online trading and it has gained a lot of popularity instantly since it was initially launched in 2013. It’s unlimited commission-free trading along with easy-to-use features has made this mobile app a popular choice for the futuristic generation. Today, with the help of this post, we are going to share all the necessary details about Robinhood Trading App. If you are reading this, it definitely means that you are interested to get information about Robinhood, so without wasting any time let’s gets started.
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Robinhood Trading App Overview
For those who are not aware of Robinhood, it is a broker-dealer or online trading app that lets its users trade stocks, options, as well as ETFs with zero commission charges or payments. With the help of this online platform, the users can also buy and sell cryptocurrencies on this App. The users can easily trade cryptos such as Bitcoin, Ethereum, and Litecoin on Robinhood.
As Robinhood does not charge any trading commissions, it becomes very easy for novice traders for learning how to make money through this platform. It’s another benefit is that there is no requirement for its minimum deposit in order to get yourself started with trading on Robinhood App. The users can easily begin investing with Robinhood App with the help of any money amount.
The only downside that you may find in this app is that they don’t provide any tax-sheltered accounts such as the IRAs or any other kinds of retirement accounts. In addition to that, Robinhood doesn’t offer automated trading features as of today’s date.
Meanwhile, the users can trade on several instruments on the RobinHood App such as Stocks, ETFs, Options, Cryptocurrencies, and REITs.
Robinhood Trading App: Here’s How to set up an Account
The users can create an online account with Robinhood within five minutes as it is a very easy and simple process. Below here we have listed the complete guidelines for setting up an online account on Robinhood:
- In the first step, you have to visit Robinhood.com or simply download the Robinhood app
- Once you have installed the app, open it and click on “Sign up”
- After that, you will see a link “Claim your free stock now” click on that.
- Now you have to key in some credentials such as your name, email, and a password
- You will also have to provide your phone number and address. After that, fill in your Social Security Number, date of birth along with your citizenship.
- Next, you will see multiple-choice questions which you have to answer it accordingly.
- After that fill in your employment details and answers the questions that will be asked about your employment or company.
- At last, submit all the details and answers that you have provided while signing up for Robinhood Trading App. For this, you have to click on “Submit Application”
- If your account is approved, you are going to get an email that will confirm your online account within few seconds.
- In the last step after the approval, you have to link a bank account to your Robinhood account. After that, you will be able to instantly trade up to $1,000 as soon as your bank account is linked and funded.
Note: One must take note, the Robinhood App also offers one free share of stock to all its new customers. You are going to see about the company as soon as you finish up your signup process.
Robinhood Trading App: How to Make Trades?
As soon as you have created an account on Robinhood, now it’s time for making the trade. In order to make a trade on the Robinhood App, the process is not going to consume much of your time as it is very simple and easy to perform. The users can easily place market orders, limit orders as well as they can also stop orders. To help you out, we have listed these simple steps which are as follows:
- At first, open the app and fill in the company name in the search field in which you want to invest in.
- After that, you will land on the next page where you have to click on the option that says “Buy”
- Now you will enter the amount of money that you want to invest in the company
- As soon as you enter the amount, click on the “Review” button
- Select your order type and confirm your order
- At last, swipe up to submit the order
Robinhood Trading App: Investment & Fees
The popular online trading Robinhood lets its users have the ability for investing in stocks, Exchange Traded Funds (ETFs), as well as gold, and even cryptocurrencies. However, the individual can’t invest in bonds, mutual funds, or even stocks that trade on non-U.S. exchanges.
Talking about the fees of Robinhood, the best part is that you don’t have to pay a single penny for opening an account on the Robinhood app as it is totally free. In addition to that, no fee is charged on unlimited trades of stocks, ETFs, as well as on cryptocurrencies. However, if the user wants to purchase and sell gold, then the charges may start at $5 per month to trade.
Is Robinhood Legit Or Safe To Use?
Whenever we have to make any kind of investment online or any kind of deal that involves money transactions through an app, this is a very common question that pops into our minds every time. Likewise, there are many users who question about Robinhood Legitimacy. Well, you don’t have to worry about this online platform as it is very safe to use. Your money is completely safe on RobinHood as the app includes several security features and is protected by the Securities Investor Protection Corporation (SIPC). So, your money is protected by SIPC up to $500k for securities as well as up to $250k for cash claims. In addition to that, Robinhood is also regulated and controlled by the Financial Industry Regulatory Authority (FINRA), which proves this app’s legitimacy. So, when it comes to the security of investor’s money, Robinhood will not disappoint you and with its well-protected features, it makes it safer to use.