deposit:
- $2000
Trading platform:
- WebTrader
- In-house application
- FINRA
- SEC
Robinhood Review 2024
deposit:
- $2000
Trading platform:
- WebTrader
- In-house application
- Depends on the type of asset
- Trading without commissions
Summary of Robinhood Trading Company
Robinhood is a moderate-risk broker with the TU Overall Score of 6.91 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Robinhood clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews. Robinhood ranks 16 among 79 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
Robinhood markets is focused on working with traders from America but does not provide opportunities for active trading in currency pairs.
Robinhood is an investment company that has provided services on the stock market for over ten years. Its owners engaged in software development for hedge funds ab initio and then teamed up to create a company that makes investing available to all. The broker is licensed to provide its services and is a member of the Financial Industry Regulatory Authority (FINRA, CRD#: 165998/SEC#: 8-69188) in the United States. There is no information about the broker receiving awards for their activities.
👍 Advantages of trading with Robinhood:
- trading stock market instruments without paying commissions;
- the ability to trade from mobile devices;
- hassle-free registration procedure.
👎 Disadvantages of Robinhood:
- the broker does not offer Forex instruments for trading;
- there are no offers for receiving passive income;
- training materials on the website are limited;
- the company works with clients exclusively from the US;
- lack of online support.
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Expert Review of Robinhood
Robinhood (Robinhood Markets) has been providing investment services for about ten years and has been a Traders Union partner for more than a year. It fulfills all its obligations to its clients (the traders), which speaks admirably of its reliability. Robinhood provides three types of accounts for customers, which can be changed at your discretion after registration.
Only US residents can work with Robinhood. At the same time, the broker is concerned about users' financial security and, upon registration, asks for information about their investment and trading experience. The main complaints against the broker come from foreign clients who are unable to withdraw their earned funds.
The Robinhood Markets website provides investors with basic information about the company and the principles of investing to make money. The trading conditions are not indicated in full. It is also worth noting that the broker's focus is on clients from the United States. English is the only interface language.
Latest Robinhood News
Dynamics of Robinhood’s popularity among
Traders Union’s traders, according to 2023 data
Investment Programs, Available Markets and Products of the Broker
Robinhood provides a range of brokerage services on the market. Customers can purchase shares and receive bonuses from the company's income or sell shares over time: their value increases as the company develops. However, the company does not have programs for generating passive income that is expected among traders. Investing is possible by buying and selling stock assets or cryptocurrency, but there are no services for copying transactions or PAMM accounts with managers at Robinhood Markets.
If you are a large investor and plan on investments over $ 10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Robinhood affiliate program
"Invite 3 - Get 4". Each client of the company can become a member of the referral program. It is enough to use the Robinhood app and invite friends there. For every third client attracted, the trader receives a bonus in a random promotion to his account. The cost of a share can range from $2.5 to $200.
Trading Conditions for Robinhood Users
Robinhood allows US users to trade stock market assets without commissions. Investors are offered three types of accounts, which can later be changed, but a Robinhood Instant account is automatically opened upon registration. The company does not provide detailed information on trading conditions.
$2000
Minimum
deposit
1:500
Leverage
24/5
Support
💻 Trading platform: | In-house application and web platform |
---|---|
📊 Accounts: | Robinhood Instant, Robinhood Gold, Robinhood Cash |
💰 Account currency: | USD |
💵 Replenishment / Withdrawal: | Through a bank card linked to your account |
🚀 Minimum deposit: | $0 for standard accounts, $2,000 for Robinhood Gold account. |
⚖️ Leverage: | Depends on the type of asset |
💼 PAMM-accounts: | No |
📈️ Min Order: | No |
💱 Spread: | No |
🔧 Instruments: | Stocks, gold, options, money management, cryptocurrency |
💹 Margin Call / Stop Out: | No |
🏛 Liquidity provider: | No |
📱 Mobile trading: | Yes |
➕ Affiliate program: | Yes |
📋 Orders execution: | Market |
⭐ Trading features: | Trading without commissions |
🎁 Contests and bonuses: | No |
Robinhood Commissions & Fees
Account type | Spread (minimum value) | Withdrawal commission |
Robinhood Instant | From $1.5 | No |
Robinhood Gold | From $1.5 | No |
Robinhood Cash | From $1.5 | No |
We also checked the commission level at Robinhood and compared these figures with other well-known brokers. According to the research results, each of the companies was assigned a commission level: low, medium, or high.
Detailed Review of Robinhood
Robinhood is a broker that helps the user preserve their capital and increase it through profitable investments in the stock or cryptocurrency market. The company is keen on assisting the trader in earning money for its traders. Therefore, there are no or minimal commissions for transactions.
A few facts about Robinhood that may be useful for traders selecting a broker:
-
there are three types of accounts;
-
trading in all assets is available 24/5, except cryptocurrency, which is available 24/7;
-
on average, it takes only five minutes to open a trading account.
Robinhood is one of the best investment brokers
Robinhood Markets is a company that has set itself the goal of making investing affordable for everyone, regardless of financial capabilities. The broker is actively developing in the field of investment, expanding the number of trading instruments and improving the quality of service.
Trading at Robinhood markets is carried out on its proprietary online platform, requiring additional software installation. Trading is available both on a personal computer and on mobile devices.
Useful Robinhood services:
-
FAQs. This section contains detailed answers to frequently asked questions about Robinhood investing, regulation and licensing, account deposits, and withdrawals.
Advantages:
provides investment instruments;
offers the ability to trade from mobile devices;
has a quick and easy registration procedure.
Good broker for day trading, including stock and crypto day trading.
How to Start Making Profits — Guide for Traders
There are three types of trading accounts at Robinhood Markets. However, upon registration, the user automatically opens a Robinhood Instant account, which can subsequently be changed. The main difference between accounts is the commission's availability for the execution of transactions and access to instant deposits.
Account types:
It is impossible to test the company's trading conditions without financial risk since there is no virtual account at Robinhood Markets.
Bonuses Paid by the Broker
The only bonus available to Robinhood customers is for participating in its referral program. The company does not provide any other remuneration.
Investment Education Online
Robinhood Markets not only allows clients to invest but also explains the basics of investing.
The user won’t learn the ropes about the stock market without risks since there are no demo accounts in Robinhood.
Security (Protection for Investors)
The cryptocurrency arm of the broker Robinhood Crypto LLC is licensed to provide services (license number 61417) issued by the State of Georgia and a fund transfer license obtained in New Jersey (license number 1803456-C22).
Robinhood Markets is a member of FINRA, the US Financial Services Regulatory Authority, and is overseen by the US Securities and Exchange Commission (SEC).
👍 Advantages
- Licensed to provide services in the United States
- The presence of a regulatory body
👎 Disadvantages
- The regulator does not accept claims for compensation for moral damages
Withdrawal Options and Fees
-
The client needs to submit an application in the personal account in the "Withdrawals" section to withdraw money. There are no restrictions on the number of requests, but you cannot withdraw more than $50,000 in one business day. There are no data on withdrawal fees.
-
Account replenishment and withdrawal of funds are carried out using a bank card, which the trader initially linked to his trading account.
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Crediting funds for replenishment takes about a day, for withdrawal from 2 to 5 working days.
-
You can withdraw funds in the same currency in which the account is opened.
-
To replenish an account or withdraw funds, the user must go through the verification procedure.
Customer Support Service
Robinhood does not provide customers with the ability to resolve their issues through support. The only way to resolve questions is through an online questionnaire and/or search for answers in the FAQs section.
👍 Advantages
- A voluminous FAQs section with detailed answers to basic questions
👎 Disadvantages
- Lack of online support from specialists
A trader can get help by:
-
filling out an online questionnaire.
The user must be registered on the Robinhood website to receive assistance.
Contacts
Foundation date | 2013 |
Registration address | 85 Willow Road Menlo Park, CA 94025 USA |
Regulation |
FINRA, SEC |
Official site | robinhood.com |
Contacts |
Email:
support@robinhood.com,
|
Review of the Personal Cabinet of Robinhood
You must complete the registration procedure to become a Robinhood client and receive financial rewards for trading from Traders Union. We will give you step-by-step instructions and tell you about the functionality of your personal account.
Complete a quick registration on the Traders Union website, follow the referral link to the Robinhood broker's page and click on the "Sign Up" button.
Fill in the form with your personal data using English only. The questionnaire appears in parts. All data must be correct, and all fields are required.
After filling out the questionnaire, you will be taken to your Account. You can start trading after you link your bank account to your Robinhood Markets account.
The following functions are available to users in their personal account:
Additionally, the following sections are presented in the personal account:
-
documents (for verification);
-
banking (linking an account to a card);
-
free promotions (bonuses), if any.
Read also about other stock brokers:
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FAQs
Do reviews by traders influence the Robinhood rating?
Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about Robinhood you need to go to the broker's profile.
How to leave a review about Robinhood on the Traders Union website?
To leave a review about Robinhood, register on the Traders Union website or you can also leave a review through Facebook.
Is it possible to leave a comment about Robinhood on a non-Traders Union client?
Anyone can leave feedback about Robinhood on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.
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