Robinhood app is one of the best and free trading applications available online through which, the investors can easily trade in stocks, options and can also exchange that traded funds and cryptocurrency even without paying any sort of additional or hidden fees and commission. And also it is one of the best and only broker platforms that are providing the option of free trade to the people. Online there are several big online brokers available but they are charging a high amount of subscription fees.
However, the Robinhood app is just like a light in the dark for all those who are willing to have a free platform. With the help of this platform, the investors are getting an amazing opportunity of trading in cryptocurrency. The best part about this application is that it provides both mobile as well as web training.
Robinhood app is undoubtedly best for all mobile users, margin accounts, cryptocurrency, and individual taxable accounts as well.
What are the Major Benefits of the Robinhood App?
There are some sections where the Robinhood app shines amazingly. Let’s take a look overall.
There is nothing better than free. It provides 100% commission-free stock along with options, cryptocurrency and IETF as well. Apart from this, the investors get an amazing opportunity it will not be wrong to state that every dollar you save on the commissions is a $ that gets added your savings. Along with providing free options, there are some amazing low-cost options also available as compared to the other platforms.
Robinhood app does not have only one account and it means the investors can easily get started right away from anywhere. Of course, in order to invest, it is important to have enough investment.
Just like other major platforms, the Robinhood app has also introduced fractional shares. This means you can also pay as little as $1 for the portion of a share. Even if the whole price of the share is in hundreds of dollars then also you can pay the minimum amount according to your portion. With the help of this feature, it becomes easier for you to maintain the diversify the portfolio.
Ease of use
if you are one of those who use smartphones a lot then you will be glad to know that the signup process and the working process is absolutely easy and complexity free.at this platform, you can easily complete the registration process just by selecting the answers to a few questions. This means that within an hour, your account will get verified and you will be able to continue trading.
Robinhood app gold
At this platform, the investors also get the chance to trade on the margin that is the borrowed money. To avail of this service, the investors need to pay a monthly amount of $5. for all the new investors it is necessary to understand that investing with the help of borrowing money can prove to be risky for you.
What are the Disadvantages of this Platform?
Since every coin comes with two faces. Along with the advantages, there are some disadvantages also associated. The factor where the Robinhood app application falls short includes:
Here, it does not support mutual funds and bonds. It also does not include the automatic dividend-reinvestment program that means the dividends get credited to the accounts as cash rather than reinvested.
One account option
When it comes to investment, this platform only supports the individual taxable account. For most of the investors, investment through the taxable brokerage account should only be availed after investing at least 10% to 15% of their income for retirement.
Usually, it happens that when a person is willing to get a solution to their problem look towards the phone support. But here, no phone support is available. In order to get the problem solved, you need to take the help of email options. The company does not publish any phone numbers.
Is the Robinhood App the Right Choice for you?
If you are one of those who gives the cryptocurrency trade or the streamlined trading platforms of utmost importance then it is the best choice available for you. However, there are several online brokers available who have joined this platform and offering commission-free trades. Even casual investors can also afford to shop for their traders through this platform.
Finally, it can be stated that it is a nice choice for you and you can consider stepping towards it