Since there are many trading apps and platforms available it means that you can find the one that works the best for you, but it also means that you have to do some research of each and one of them because they all have unique conditions and features. In the following article, we are going to focus on RobinHood platform.
RobinHood was founded in 2013 by Vladimir Tenev and Baiju Bhatt. Their goal was to create a platform that will allow both experienced and inexperienced traders to earn money with commission-free stocks, options, cryptocurrency, and ETF trades. Another benefit is that there is no minimum deposit fee which is great for new traders to learn how it all works. If you want to start using this platform, you have to learn more about it, and we are going to give you some basic information.
First of all, the thing that has drawn so many people to this trading app is the fact that it is completely free to use. This means that any transaction you made will not be charged, which is really important and beneficial for young investors who don’t have a lot of experienced because this way they will have more funds to invest and won’t have to worry about additional costs.
What’s more, while on the subject of fees, you probably know that many trading platforms have a minimum deposit requirement. RobinHood doesn’t. Depending on the app and the country of trades, this fee can be anywhere from a couple of hundreds of dollars to a few thousand. This is another benefit of RobinHood app because it means that you can start trading immediately and only need the money to purchase an investment you want.
Furthermore, this is completely a mobile user-friendly app which means that you can navigate it easily. When signing up all you have to do is to leave some crucial personal information, contact details, Social Security number, and details on how you are going to fund your account. Within minutes, everything will be set up, and you will be able to start your transactions. Since your fingerprint is required when accessing the app, there is no need to point out how important is the security of your data to the company.
More, RobinHood offers longer trading hours. When it comes to the U.S. market, you can trade between 9:30 am and 4:00 pm. However, when using this app you can make investments at any time, from 9:00 am to 6:00 pm. Since the company’s goal is to provide its clients with the best features, you don’t even have to have a Gold membership in order to do this.
Lastly, we have to mention the Gold premium account. If you opt for buying this membership, you will have numerous additional features, which are not available at the basic accounts, at your disposal. For example, this account has Gold Buying Power which will allow you to borrow money from the company to buy stock. Just make sure to be informed about everything regarding this feature before using it.
All in all, if you are a new investor, RobinHood platform is probably the best for you. Even though there are no educational tools, you will still have access to information that you need in order to make a decision.