Investing with Robinhood
You've probably heard of Robinhood if you've been thinking about investing. Robinhood is one of the most popular zero-commission stock brokers available and is available on Apple and Android devices as well as on desktop. More some investors, Robinhood is a great broker, but for more experienced traders, it may not be. Here are some pro's and cons to give you an idea if Robinhood is for you:
Pros:
- $0 Commissions: No Fees
- $0 Account Minimum: Most brokers have minimums of a few hundred or thousand dollars.
- Mobile App: Much better-looking than most brokers' mobile app
- Stocks, Options, and even Cryptocurrencies available
- Beginner Friendly: Very easy to use and the zero-fee system allows you to trade small.
Cons:
- Customer Support: Email only. They don't have a phone call option
- Charts are Very Basic: Not a huge problem since you can use other charting platforms and use Robinhood for your orders.
- *Not Friendly for Highly-Active Traders/Scalpers: Most people can disregard this since this is a more experienced type of trading. If you trade very fast (in and out within a few minutes), Robinhood does take a few seconds to place an order and execute.
I highly recommend using Robinhood for beginners, so you can open a small account so you don't risk a lot of money. With other brokers, trading small is difficult because trading fees eat at your profits really fast. For more experienced traders with a higher bank roll, you'll probably want to use a more advanced broker.
Next Post: The 2 Best Stocks To Buy In 2020
Get a Free Stock! : Get a free stock when you sign up with Robinhood with my referral link:
Feel free to contact me if you have more questions about Robinhood!
Comments
Post a Comment