Robinhood Review 2024
Minimum
deposit:
  • $2000

Trading platform:

  • WebTrader
  • In-house application
Regulation:
  • FINRA
  • SEC

Robinhood Review 2024

Updated:
Updated: March 19, 2024

6.91

/

10

TU Overall Score
The purpose of creating the TU Overall Score is to make the search for secure and reliable brokerage companies easier for the visitors of our website. We believe that it is a very important mission as, unfortunately, not every company in the financial industry is worthy of trust.

According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Minimum
deposit:
  • $2000

Trading platform:

  • WebTrader
  • In-house application
Leverage:
  • Depends on the type of asset
Trading features:
  • 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.

💰 Account currency: USD
🚀 Minimum deposit: $0 for standard accounts, $2,000 for Robinhood Gold account.
⚖️ Leverage: Depends on the type of asset
💱 Spread: No
🔧 Instruments: Stocks, gold, options, money management, cryptocurrency
💹 Margin Call / Stop Out: No

👍 Advantages of trading with Robinhood:

👎 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.

Evaluation of the most influential parameters of Robinhood

User Satisfaction Customer Satisfaction Score (CSAT) is a unique metric of Traders Union based on the analysis of user reviews posted on pages of each broker profile by the visitors of our website from all around the world. We have been collecting these broker reviews for over 13 years, and therefore, we know and understand the level of customer satisfaction with a specific brokerage company better than anyone else.

6.32

/10

Regulation and safety The score for this parameter is based on the licenses a company holds. The higher the level of the license, the higher the score. Obtaining licenses in other jurisdictions also improves a broker’s score. We divide all licenses into three levels:

Level 1 jurisdictions (high level of trust): CFTC – USA, FINMA – Switzerland, FCA — UK, ASIC – Australia, CBI – Ireland, JFSA — Japan, MAS – Singapore, FMA — New Zealand, IIROC – Canada, SFC – Hong Kong.

Level 2 jurisdictions (medium level of trust): CySEC – Cyprus, FSCA – South Africa, CBRC – China, SEBI – India, ISA – Israel, SECT – Thailand, DFSA – United Arab Emirates

Level 3 jurisdictions (low level of trust): FSC – Belize, FSC – British Virgin Islands, FSC – Mauritius, VFSC – Vanuatu, SCB – The Bahamas, BMA – Bermuda, CIMA – Cayman Islands

8.50

/10

Commissions and fees This parameter comprises a comprehensive analysis of all commissions and fees charged by a brokerage company, including trading and deposit/withdrawal fees. Also specific fees, for example the inactivity fee, are taken into account in the final score for the fees. Users can find detailed fees charged by a company in the broker’s profile.

8.30

/10

Trading instruments For this parameter, we evaluate the number of trading assets a broker offers access to in each group of financial instruments. We analyze the quotes a broker offers on Forex pairs, metals, indices, commodities, stocks, and cryptocurrencies. This parameter also includes evaluation of broker’s investment programs, for example access to copy trading, which we regard as an additional type of a trading instrument.

7.80

/10

Brand popularity Traders Union experts are confident that brand awareness mostly fully reflects the real state of affairs in a company – the more popular the broker, the more people trust it. The score for this indicator is based on the data analysis of such services as Ahrefs and SemRush, which show how often a company’s brand is searched on Google. In addition, indicators of the SimilarWeb service, which show the approximate number of visitors of the broker’s website, are also taken into consideration. We also review disclosed official reports of brokers, which allow for evaluating their client base.

7.90

/10

Customer support The score of this parameter is based on the number of available communication channels of a company’s support service. The quicker and easier it is to contact the broker’s support, the higher the score. We check every available support channel, test the speed of processing of requests and completeness of provided information through several interactions.

8.10

/10

Education This parameter provides an evaluation of a company’s capacity to work with beginners. Only quality training and provision of full and unbiased information can help novice traders and investors minimize the risks of losing money, even when working with top-ranked companies. Brokers with useful educational and informational tools, including webinars, tutorials, podcasts and articles, receive higher scores.

8.60

/10

Geographic Distribution of Robinhood Traders

Popularity in

98.61%
US
United States
2.4%
PR
Puerto Rico
2.37%
IN
India
2.24%
CA
Canada
2.15%
GB
United Kingdom
2.12%
NL
Netherlands
2.1%
SE
Sweden
2.09%
AU
Australia
3.92%
Others
Others

Video Review of Robinhood i

User Satisfaction i

17 comments
Total score:
7.9 /10

Share your experience

  • Best
  • Last
  • Oldest
Avatar
Avatar
AruchieMn
1 year ago

The website of the company seemed uninformative to me. It seems that the company is completely raw. Many underlying assets are offered, but no specific examples. Compared to any other stock broker, there is no desire to open a new account here.

Avatar
Avatar
sajeewakap
3 years ago

By Robinhood
I can say that the broker is nlrmal. They have been working for a long time and the quality of service is good. They are constantly introducing something new. I really like their mobile terminal. Convenient thing. Even now, in isolation, I use it at home.

Avatar
Avatar
TRISHAN
3 years ago

Traded normal, no glitches or delays, and otherwise normal. In general, Robinhood showed itself excellently at the auction, everything is fine. You can, of course, correct the conditions a little, but this is not the main thing)

Avatar
Avatar
aminebenkhelifa
3 years ago


I figured out Robinhood’s ins and outs, and made the right decision. Then I made a deposit and started trading on a real account. There were no troubles, and the spreads are low, the execution is fast, the interface is cool, you can quickly get used to it. I've been tight with Robinhood for about three years, and so far, this broker makes me thrilled. Everything is done at the highest level! They have low spreads and fast order execution. There have been no problems with the withdrawal. Everything works as it should, as it's a solid broker. Withdrawals sometimes come with a delay, but the main thing is that they come. There is adequate support. I have been trading for six years now and this is one of the best brokers that I have found. All controversial situations are resolved. I have not seen this before, which is why I am writing. I am glad to cooperate, and I recommend Robinhood to anyone.

Avatar
Avatar
Sahayu
3 years ago

My sound advice to beginners from a trading shark is to think twice before choosing this broker. It should be the time of your life. Do not be too lazy to read all the conditions: yes, yes, thoroughly, before opening an account here. Then you won't have to pay extra commissions. The services are handy, there were no problems with the withdrawal of funds. So you can work comfortably. The broker is by far the best I've tried. So far, everything is running smoothly. I'm not looking for another broker. Many years of successful work experience and tens of thousands of active participants testify to the broker's high trustworthiness. In general, the broker offers standard terms of cooperation. But it should be noted that all the necessary bases for trading in any category of traders, from beginners to experienced professionals, has been created here.

Avatar
Avatar
sanel
3 years ago

Many US citizens use the services of this Forex broker. The company provides very interesting conditions, especially for novice players. It is reliable and fosters the success of its users. I've been trading for four years and have no complaints. For the last half a year, I have been sitting pretty and trading through a mobile application. It's a one-of-a-kind broker. Besides solid technical support, you can always consult on market conditions. They will give sound advice. I am a decent broker. I prefer it because I already have an investment account. There were never any problems. It's a very convenient trading platform. Don't hesitate to sign up and start trading today.

Avatar
Avatar
imranirshad123
3 years ago

I opened an account using a mobile device, but the functionalities are standard when using the web interface. Opening an account is extremely fast: it took about 10 minutes to apply, and the verification process took less than one day. The first step in opening an account is to apply. You must provide your personal information, including address, date of birth, and social security number. After providing your personal information, you will need to answer a few short questions about your trading experience. Everything went very quickly and smoothly.

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.

Anton Kharitonov

Anton Kharitonov

Financial expert and analyst at Traders Union

Latest Robinhood News

19.03.2024
​Brokerage company Robinhood has officially announced its entry into the UK market. "Robinhood is now available to everyone in the UK," reads a message
07.03.2024
​Brokerage Robinhood said that in less than a year since its launch, trading volume on the Robinhood 24 Hour Market during the overnight session has
05.03.2024
​US-based investment company Robinhood has announced the expansion of the range of meme tokens available on the platform. According to information
16.02.2024
​Robinhood launched the 24 Hour Market last year to provide access to investing 24 hours a day, 5 days a week. On February 15, Robinhood released an
14.02.2024
​US-based Robinhood has released its financial report for the fourth quarter of 2023, which showed significant revenue growth. For the period under
07.02.2024
​MetaMask's cryptocurrency and NFT wallet, a product of blockchain software company ConsenSys, has partnered with Robinhood to allow users to directly
02.02.2024
​Investment firm Robinhood has announced the expansion of its office in Toronto, Canada. The initiative underscores the company's commitment to hiring
17.01.2024
​Broker Robinhood has added billions of Shiba Inu (SHIB) tokens to its holdings amid a sharp drop in the asset's value. In the past 24 hours,
11.01.2024
​Investment firm Robinhood is preparing to expand its offerings by giving clients early access to spot Bitcoin exchange-traded funds (ETFs). Vladimir

Dynamics of Robinhood’s popularity among
Traders Union’s traders, according to 2023 data

Logo TU
20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.

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.

Important!

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

Information
Analysts of the Traders Union have reviewed the trading conditions of Robinhood Markets for implicit and explicit commissions and fees. Hidden commissions were not revealed. The broker does not charge a trading fee for the replenishment of the deposit or the withdrawal of funds. No commission is charged for order execution. Please note: there is no commission for assets from the US market only. A trading fee is charged to traders for trading European stocks.
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:

1

provides investment instruments;

2

offers the ability to trade from mobile devices;

3

has a quick and easy registration procedure.

4

Good broker for day trading, including stock and crypto day trading.

Can you day trade Crypto on Robinhood without $25K?

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:

Account Type
Description
Robinhood Instant
Initial margin account type, which provides fast transaction processing and access to instant deposits;
Robinhood Gold
Differs from Robinhood Instant in access to greater purchasing power (increased leverage);
Robinhood Cash
This account assumes no commission for the execution of transactions during trading sessions and outside it, but there is no access to instant deposits on this account.

 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

Information

Robinhood Markets not only allows clients to invest but also explains the basics of investing.

What information is presented in the "Training" section
Information not on the Robinhood website
Tutorial articles
Educational videos
Glossary of terms
Educational webinars and seminars
 
Trading books

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)

Information

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.

  • 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

Information

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
Official site
Contacts

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.

1

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.

Robinhood Review - Official website
Robinhood Review - Official website
Robinhood Review - Official website
2

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.

Robinhood Review - Trading account
Robinhood Review - Trading account
3

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.

4

The following functions are available to users in their personal account:

 1. Profile settings.

Robinhood Review - Profile Settings
Robinhood Review - Profile Settings

2. Transaction history.

Robinhood Review - Transaction History
Robinhood Review - Transaction History

1. Profile settings.

Robinhood Review - Profile Settings
Robinhood Review - Profile Settings

2. Transaction history.

Robinhood Review - Transaction History
Robinhood Review - Transaction History

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.

All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

Articles that may help you

How To Use Apple Pay To Invest In Stocks
For Beginners
How To Use Apple Pay To Invest In Stocks
Peter Emmanuel Chijioke - April 2024
How to Use the ICT Trading Strategy
For Beginners
How to Use the ICT Trading Strategy
Oleg Pylypenko - April 2024
Gold News, Free Price Forecast And Daily Analysis - TU
For Beginners
Gold News, Free Price Forecast And Daily Analysis - TU
Andrey Mastykin - April 2024
Is Gold Bullish Or Bearish Tomorrow?
For Beginners
Is Gold Bullish Or Bearish Tomorrow?
Andrey Mastykin - April 2024
Is Webull Safe? Is Webull Legit? Honest Answers About Webull
For Beginners
Is Webull Safe? Is Webull Legit? Honest Answers About Webull
Andrey Mastykin - April 2024
How To Use RSI Indicator To Trade Stocks
For Beginners
How To Use RSI Indicator To Trade Stocks
Chinmay Soni - April 2024
The Best Time to Trade Stocks: Market Trends and Strategies
For Beginners
The Best Time to Trade Stocks: Market Trends and Strategies
Vuk Martin - April 2024
Most Famous Stock Traders: Mindset And Cases
For Beginners
Most Famous Stock Traders: Mindset And Cases
Alamin Morshed - April 2024
How Much Can I Make Trading Stocks?
For Beginners
How Much Can I Make Trading Stocks?
Jason Law - April 2024

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.

Traders Union Recommends: Choose the Best!

Logo eToro
Open an account
Your capital is at risk. 
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Logo Revolut
Logo eOption
Open an account
Your capital is at risk. 
Via eOption's secure website.