Free stock investing app
Robinhood is a free stock investing app available on iOS. The app allows users to purchase, monitor, and earn stock in publicly traded companies. The app is marketed towards all users who want to invest in the stock market and offers free stock just for signing up.
Features
Robinhood has the basic features most stock investment apps offer. For example, A real-time display of the current stock prices, top 100 lists, and an active portfolio are among these features. The primary benefit to using Robinhood is the free stock provided at the creation of a new account. The stock is chosen randomly from one of the available retail stocks. This free stock is provided to the user when they first make an account and when a referral link is used to create an account.
Competition
Robinhood has quite an impressive amount of competition in the world of stock investing apps. The most prominent examples of this competition are Webull and Public, two free trading apps that also provide free stocks.
Webull provides the user with up to four free stocks that, when combined, can offer up to $3,700 in free stocks. Half of your free stocks (valued at up to $250 each), are given at account creation, while the remaining stock (worth up to $1,600 each), is provided when you make an initial deposit of $100 or more.
Public provides a free, fractional share of your choice in a Fortune 500 company such as Tesla or Amazon. Each account made with a referral link you’ve shared gives you an extra fractional share of a stock of your choice. These shares can be worth up to $100.
Our take
Robinhood is an app that does its job just as it claims: providing a source of investing. However, recently traders have been turned off by the app for taking part in shady dealings aimed at harming lower-class traders. These practices resulted in a class-action lawsuit against the company. Alongside its bare-bones approach, it’s confusing and hard to grasp for new traders.
Should you download it?
No. There are better alternatives to the Robinhood app.
