Multiple investment options under one roof
The Robinhood app is a financial app that lets you buy stocks, ETFs, cryptocurrencies, and other investment options in one platform. They also allow you to buy these options without paying any commission or trade fees.
Beginner friendly investment tool
Robin Hood lets you invest in various stocks, cryptocurrencies, and much more under one software.
Many finance platforms allow you to buy cryptocurrencies while others only let you invest in stocks or options. Robin Hood lets you make multiple investments under one software. This is where you buy Nasdaq shares and Bitcoin Cash coins without switching between multiple apps. The shortcoming of finance software is how it only offers popular options. It does not offer stocks from foreign countries such as the Alibaba Group Holdings Ltd or other cryptos like Ripple.
Free trades and investment
The selling point of the company is to let you buy or trade without paying commission fees. This is a big deal for investors and traders since other platforms have 0.1% to 0.5% fees for each transaction. The lack of fees translates to a bigger return to your investment.
Customer support snail mail
I had a problem with my deposit and needed to get in touch with a customer rep. I can only reach them through email and they took three days to reach me. Fortunately, they were able to get my funds to reach my account wallet in a reasonable time period.
App data interface
The mobile app provides a user-friendly interface that gives you an investment option statistics, charts, and other useful information about it. The Buy and Trade button is always in sight to let you invest in an option that you are interested in. The app does have a delay in price updates. Fortunately, this is only less than a minute.
Where can you run this program?
The Robinhood app can run on Android and iOS phones.
Is there a better alternative?
There are other investment apps that do not charge you with any commission fees like M1 Finance. While the app only lets you invest in stocks and ETF options, it has a tax efficiency mode that brings down your taxable income and optimizes your cash balances.
Our take
Robinhood is for anyone new at buying investment options. The app provides the most popular stocks, cryptocurrencies, ETFs, and other options. It also has a simple user interface that anyone can use. However, the lack of foreign stocks, alternative cryptocurrencies, and other investing options may put off serious investors. In addition, the charts does not provide other useful indicators like Bollinger Bands or RSI.
Should you download it?
Yes if this is your first time to buy stocks or crypto coins.
