Robinhood is a free-trading app where you can trade stocks, exchange-traded funds, and cryptocurrency without paying commissions or fees. It stands out from other trading apps as it allows brokers to trade for free. With free trades and no account minimums, this is the best brokerage platform for new investors. It’s a great platform to practice what you’ve learned from fellow traders, classes, and other educational resources.
Robinhood is an online brokerage application named after a folk hero. Instead of ‘stealing from the rich and giving to the poor’, the app’s mission is to democratize finance for all. It’s the perfect platform for traders who are just starting out. They can hold stocks that pay out dividends. They also have the option to reinvest the profits into additional shares thanks to the app’s dividend reinvestment feature.
When you’re reinvesting your dividends, this allows you to earn from the compounded interest of your stocks. The app is free and safe to use; Robinhood is a member of the Securities Investor Protection Corporation (SIPC) so, all your funds are insured for $500,000 for securities and $250,000 for cash claims. They are also regulated by the Securities and Exchange Commission (SEC) While the app is targeted at a younger group of traders, the app follows traditional protocols.
For example, the app barred the purchase of GameStop and AMC shares when developers noticed a large number of users driving up the stock price of certain companies. This was considered ‘recent volatility’ and closed out users’ positions to stop them from buying more stock. Traders should also note that Robinhood offers the most basic or necessary features to trading like its stock research tools. More comprehensive trading apps are TD Ameritrade, Charles Schwab, and Fidelity.
Robinhood is a good place to start trading or investing. You can rest assured that your money is safe as the total insurance coverage of $750,000, and is regulated by major government agencies. There are more comprehensive brokerage applications, but Robinhood keeps things simple; the features you will find here are limited but they are enough for all kinds of traders. From the risk-averse to the risk-takers, this app is for you.
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