Robinhood app: Stock trading is a risky investment and with the rise of new technology, there are more options than ever for stock traders. Robinhood is an app that offers stocks without any fees or commissions and has some cool features like real-time updates on your portfolio. However, when using these types of apps you should be aware of the risks involved when investing in stocks. There may also be limitations to what type of stock can be bought through this app which could affect its legitimacy. If you’re looking for a quick way to get into the market, then it might just work out for you but if not then there’s no harm in going with one of the more traditional methods that have been around for decades longer than this upstart company has existed. But before you decide to throw your money at the trendiest investing idea available, read on to see how this app might not be all it’s cracked up to be.
To start with, let us talk about what this app offers. Robinhood is an app that offers stock trading without having any commissions or fees attached. According to their website, they have no account minimums and there are no hidden fees or charges which makes them a good alternative for those who don’t want to deal with the usual structure of a traditional brokerage firm. This allows you to buy stocks from your phone and track them in real-time as well as see your portfolio anytime you want so there are some nifty features built into the platform. But before deciding if you should use this instead of a normal broker, let’s look at some drawbacks to using an app like this.
A major drawback to using Robinhood is the lack of security for your money. A traditional brokerage firm has safeguards built in to protect your money and make sure you get what was promised when you invested in that company. They have also been around for years so they have had time to build up their reputation and even if something does happen then they will be held accountable by one of the financial regulators out there. There are no such protections with apps like these so it puts all of the responsibility on yourself which makes it riskier than just opting for a regular investment firm instead.
Read more about how to transfer crypto from robinhood
Free stock trading app
A free stock trading app is a great way to get into the market without spending any money. Robinhood is a great example of such an app. It has no commissions and no account minimums, so you can start saving your money right away. It also has nifty features like the ability to buy stocks from your phone and see real-time access to your portfolio.
What is a broker and what does it do for me
A broker is someone who helps you buy and sell stocks. They usually have a minimum account balance that you need to open an account with them, and they also charge commissions on each trade that you make.
No commissions, no account minimums
Continuing on the topic of no-commissions and no account minimums, Robinhood is a new player in the stock trading field as they will not do any under-the-table or shady deals. This company also has nifty features such as buying stocks from your phone and real-time access to your portfolio so you can see what’s going on with your money.
Features of the Robinhood app
The Robinhood app has several features that make it an attractive option for stock trading. These include:
- No commissions: Robinhood does not charge commissions on stock trades, which can save you a lot of money over time.
- No account minimums: You can start saving your money right away without having to go through all that hassle of opening an account with a broker.
- Buy stocks from your phone: You can buy stocks straight from your phone, making it easy to stay on top of your portfolio.
- Real-time access to your portfolio: You can see how your stocks are doing in real-time, so you can make quick decisions about whether to hold or sell.
Is this safe to use or should I use an actual broker instead?
I would recommend using a broker instead. The Robinhood app says they don’t have a minimum account balance and that there are no commissions, which is great if you’re just looking to save money on your expenses. However, the real question is whether this app is safe to use. It’s going to be tough to tell until the app has been around for a while and it’s been tested by people who know what they’re doing. I would recommend you stick with an actual broker for now if you have any reservations about the safety of this app.
Conclusion
The Robinhood app is a new player in the stock trading field, but with no commissions and account minimums does it have what you need? Based on our research, we think so. We love that this company doesn’t do any under-the-table or shady deals. They also have nifty features where you can buy stocks from your phone and see real-time access to your portfolio. This may be enough for some people who are looking for something simple without all of those extra fees that most brokerages charge these days. If you want more information about how the Robinhood app works before signing up, just contact us!
