Robinhood Review: Zero-Commission Investing App
- What is Robinhood?
- How does Robinhood work?
- How much does Robinhood cost?
- Robinhood features
- Who is Robinhood best for?
- Who shouldn’t use Robinhood?
- Robinhood vs. competitors
- Pros & cons
- The bottom line
What is Robinhood?
How does Robinhood work?
How much does Robinhood cost?
- If your portfolio value is over $10,000, you get $10,000 in instant deposits.
- If your portfolio value is over $25,000, you get $25,000 in instant deposits.
- If your portfolio value is over $50,000, you get $50,000 in instant deposits.
Regulatory transaction fee
Trading activity fee
American depositary receipt (ADR) fees
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin CV (BSV)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
Who is Robinhood best for?
Experienced traders that want to trade on margin
Who shouldn’t use Robinhood?
Investors that are interested in bonds
Anyone looking for a retirement account
Robinhood vs. competitors
|App||Pricing||Starting minimum balance|
|Robinhood||$0 - $5/month||$0 for any plan, but $2,000 to open a margin account|
|Betterment||0.25% annual digital; 0.40% annual premium||$0 digital, $100,000 premium|
|Ellevest||$1 - $9/month||$0 for all of the plans|
|Stash||$1 - $9/month||$1|
Pros & cons
- Robinhood offers the ability to dabble in the world of investing without making any serious commitments. You can sign up for Robinhood with no monthly fees and no minimum account balances. This is what makes the platform so approachable for new investors.
- Robinhood offers the ability to invest in cryptocurrencies in most states. Cryptocurrencies are newer to the world of investing and have proven to be quite popular in recent years. If investing in cryptocurrencies appeals to you, then it’s good to know that you can choose this investment type with Robinhood.
- Robinhood doesn’t have nearly as many investment products as some of their competitors. While the sign-up process is simple and the platform is relatively approachable, you may find yourself wanting more soon after you sign up. The fact that Robinhood doesn’t offer the goal-based strategy of some of their competitors can be a deterrent.
- Some may find Robinhood’s customer support to be lacking. When you visit the website’s support page, you’ll notice that there’s no phone number to be found. Instead, Robinhood offers a long list of frequently asked questions and a link to email Robinhood’s support team for further assistance.
The bottom line
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