I’ve been using Robinhood since December of 2016. At the time I had a surplus of money from my co-op (extended internship) and I had been researching about the stock market for weeks. I found Robinhood and it fit my criteria at the time of a cheap easy to use mobile stock trading platform and I started trading on it. At first, I deposited $150 and started playing around that. As I am writing this now I have $8,000 deposited in Robinhood and plan to add more as funds become available.
Robinhood offers an easy trading platform with no commissions, hidden fees, or up front opening costs. Under the free service with the Robinhood Instant upgrade (still free) you can trade during normal operating hours, instant deposits up to $1,000, and immediate access to funds from selling stock without waiting 2 days for settlement. These features make Robinhood an ideal platform for investors with limited funds or those who are just starting to invest for the first time.
Using traditional investing platforms limited fund investors would get ate up by $5-$10 commissions on trades. Another feature I love is the real-time notifications and alerts to the market, for example if one of my positions gains or losses 5% during intraday trading I can get a notification on my phone. These notifications can help a beginning investor capitalize on certain opportunities without being glued to his or her phone or computer screen. The detailed account statements every month help keep track of transactions as well as the detailed, filterable activity menu.
Robinhood does lack in some respects, one of those being its information and news to the stocks. Investors would be better off using a different investing platform or website to gather news and information on the stock as Robinhood’s information is sometimes delayed and not up to date. This in addition to slow refresh times makes Robinhood a less than ideal tool for research and due diligence.
We are still waiting for the web platform and options trading to come out in 2018. I believe these two aspects would make Robinhood a well-rounded platform and further increase its usability. Robinhood also has a monthly subscription feature called Robinhood Gold, which allows users to trade on 2x margins, trade pre-market and afterhours, and have larger instant deposits. I do not use Robinhood Gold nor do I ever plan to. I do look forward to the options trading feature coming out soon, I believe Robinhood would be a great inexpensive platform to dabble in options trading.
Look for updates and more reviews to come as features are added.
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