What is Robinhood?
Robinhood is a simple, easy to use app that allows you to dip your feet into investing in the stock market with no stress involved. Originally only available for iOS and Android, Robinhood has expanded to the browser with a new web application.
Why should I choose Robinhood?
There are many reasons why Robinhood is the best platform for both beginners and seasoned traders. Firstly, the iOS app is so intuitive and well designed that it was the first financial app in the history of the App Store to win an Apple Design Award.
Obviously, while the design of the app is nice, it’s not what makes Robinhood such an amazing beginner platform. What makes Robinhood amazing is it’s commission-free philosophy. You can invest in stocks or ETFs, buy cryptocurrencies, and trade options without paying any commission fees at all. Many other brokerage accounts charge a fee for each stock purchase or options trade, but all such fees are absent from Robinhood. From the time you sign up to the time you’re trading stocks it’s quite literally less than five minutes.
A more recent offering, Robinhood Gold is a premium level account tier that is advertised as “a suite of powerful tools, data, and strategies”. For five dollars per month, you unlock four features:
- Bigger Instant Deposits
- Morningstar Research
- Level II Market Data from Nasdaq (advertised as Coming Soon as of May 4, 2019)
- Investing on Margin
Any Robinhood member is entitled to a 30 day free trial of Gold by signing up through their account settings in app or on the web. After the trial, you will be charged $5.00 per month. Additionally if you use more than $1000 of margin you will pay 5% interest on any amount over one thousand dollars. This interest payment is added your five dollar base payment and charged monthly.
(See more information about Gold on the Robinhood Help Center)