In the world of investments, we have different services, platforms, and apps, and Robinhood is one of the most popular in 2019.
It became especially trendy when cryptocurrencies started to gain momentum because it offered a low-cost and easy way to start buying and trading them.
Anyways, in this review updated for 2019, I will let you know everything about it, to answer your question: Should you use it for investing and trading?
Summary: The Pros & Cons of Robinhood
Here you have my review properly summarized:
- Perfect for beginner traders and traders on the go
- Low cost for stocks trading (FREE US stock trading)
- Easy to use the website and mobile app
- Fast account opening
- Customer support needs improvement
- Only available for American and Australian citizens
Robinhood is the perfect solution if you are a beginner who has never traded before because its platform is intuitive and user-friendly.
You will have access to several markets and you can do US stock trading without pay a single fee. Free. A major advantage.
Also ideal for the traders on the go, because its mobile app is fast, well-designed and practical. You can buy and place your traders effortlessly.
However, they need to work on their customer support service (it can be rather slow), and it’d be great if they allowed people from other countries to join.
Other than that, it is a solid trading platform and I recommend it to you. It is fully licensed and legit, so, you can use it with confidence.
Is It Really Free? – A Proper Explanation
Many people join Robinhood because they read that they don’t have fees or commissions for using the platform or trading. Although it is true, you need to understand it properly.
They won’t bill you, but if you want to trade frequently, like day traders, you will need a fund of $25,000 USD.
Furthermore, they limit certain features, which you can only enable by getting their Gold premium subscription. If you want to trade frequently, I’d recommend you to get it.
The Platform for Crypto and Forex – Any Good?
I like how easy it is to use, and in fact, its platform is amazing for trading and buying crypto, forex, and stocks. As I mentioned in the summary, it offers an excellent User Experience so you can figure out most things by yourself.
It brings you the following advantages:
- Clean and beautiful interface
- Modern and interactive charts (fast loading)
- Corporate Actions Tracker
If they included some research tools and reports, it would be amazing, but unfortunately, Robinhood has got none. Another aspect to work on, guys!
Conclusion: Should You Use Robinhood?
I can recommend you Robinhood if you are a novice trader or someone who wants to place trades on the go.
They have certain restrictions, but other than that, they are a very solid platform and legit company.
Therefore, you can use it with confidence!