What is Robinhood? Robinhood is a completely mobile based investing platform. The app acts a a brokerage with NO trading fees. The Robinhood app is compatible with both IOS and android devices making it accessible to almost anyone with a smart phone. In addition, there is no minimum balance to get started. You can literally start with one dollar. When investing with larger brokerages, commission fees can be upwards of ten dollars, and if you don't have much money to start out with in your brokerage account, that can be a ton.
Although there are many bonuses to using the Robinhood platform, there are also a few downsides. The first is that the only type of charts available on the app are simple line charts which may not give traders enough information. However, this can be fixed by using the TD Ameritrade platform or Investing.com, both of which are free to sign up for. The other draw back is that it is hard to buy stocks at the exact price you want. If you are a seasoned investor with a large amount of funds, you may want to use a brokerage like TD Ameritrade or Scottrade.
Overall, Robinhood is an exceptional platform, especially for beginners. If you are just starting out in the stock market, Robinhood is definitely the best place for you. The commission free trades are amazing. As you begin taking larger and larger positions, you may want to move over to a more traditional platform. Hope this was helpful?
Although there are many bonuses to using the Robinhood platform, there are also a few downsides. The first is that the only type of charts available on the app are simple line charts which may not give traders enough information. However, this can be fixed by using the TD Ameritrade platform or Investing.com, both of which are free to sign up for. The other draw back is that it is hard to buy stocks at the exact price you want. If you are a seasoned investor with a large amount of funds, you may want to use a brokerage like TD Ameritrade or Scottrade.
Overall, Robinhood is an exceptional platform, especially for beginners. If you are just starting out in the stock market, Robinhood is definitely the best place for you. The commission free trades are amazing. As you begin taking larger and larger positions, you may want to move over to a more traditional platform. Hope this was helpful?
Course:
YouTube Channel
Facebook Group:
Great for Buying and selling...Only use limit orders as this is not a direct broker & most importanly Use TOS to Chart and check B/S before buying or selling on RH. Can be very big diference between the 2... I trust TOS Bid/Ask......peace
ReplyDelete