Robinhood App Review After 2 Years of Use

I’ve been trading stocks with the Robinhood app for over two years now. So I just thought that I’d, do an honest review for you guys, so you can decide for yourself if it’s, something that you want to use or not.

I’ll cover everything on the stock trading side of the app and then I’ll. Give you guys all the pros and the cons of Robinhood, so it’s, totally an honest review now, if you just found this channel, I’m Jason with honest finance and I make a lot of videos on different topics that’ll, give your life and your finances more value, so definitely subscribe if you guys want to, but now let’s just start talking about the Robinhood app.

If you’re not too familiar with Robinhood, they’re. Just another brokerage account, but the big reason that they’re, so popular is because they do not charge any trading fees, which is a big deal because, with most brokerages you’ve got to pay at least about six to ten dollars.

Every time you buy or sell stocks, which is just a waste of money, so if you bought just one share of a company for a hundred bucks, then you’d, have to pay the Commission right now and then you’d, have To pay the Commission again, when you sell the stock, I mean paying a commission isn’t that big of a deal when you’re buying a thousand shares at once, because you’re only going to be charged.

The Commission, based on the transaction and not on a per share basis, but because Robinhood doesn’t charge any fees. It’s, a lot easier for a beginner to start investing because he can just buy one share for about ten bucks, and then he doesn’t have to pay a commission which is a lot better for him to actually get started.

They don’t require a minimum balance to get started investing so technically you could start investing with Robin Hood with any amount of money. Now, if you’re new to Robinhood, I’ll got a link in the description which will give you and I both a free stock just for signing up.

If that’s, something you’re interested in it’s, a cool incentive, because, once your account signed up, you can use the referral link as well, and you can get free shares from all the people that you refer.

It to but I’ll, be honest. I’ve, never gotten a free share that’s worth more than 10 bucks, but maybe you’ll, be one of the few people that actually get lucky and get a good one. So, as far as this review goes, I’d, say that Robin Hood is definitely a good platform to use.

If you’re, a beginner or an intermediate investor. I say this because it’s a great place to buy individual shares, but if you’re looking for fancy features like a drip on your dividends or fractional share trading, then Robinhood is not the place to be.

But if you just want to make easy and simple trades that are commissioned free, then I would definitely consider using them and if you’re, looking to open up any retirement accounts like Roth, IRAs or IRAs, then definitely don’t.

You Robinhood, because, as of now, they don’t have any tax sheltered accounts. So just don’t even bother with that kind of stuff. So just plan on using Robinhood for all the different types of investments that don’t involve a retirement account and then also, if you plan on doing any type of automated investing where you don’t have to do much at all. Don’t use Robinhood for this kind of stuff, because, as of now, everything is fully manual with them and that’s, just how it is now.

As far as the platform goes, it started out as an app, but now it’s offered on desktop. So if you like to do stuff on your computer, then you can definitely do that. As of now, they offer all the major stocks ETFs REITs and they have free cryptocurrency trading and free options.

Trading as well. Robinhood also has a premium subscription service called Robinhood gold that cost 5 bucks a month, but they do give you quite a few features which I’ll list right here. Ok, so from my understanding this is really good timing, because these features are brand new to Robinhood gold and you’re gonna get access to premium research, articles level to market data, higher instant deposits and margin trading for only 5 bucks a month.

Now, if you, re-subscribed to Robinhood gold, and you want to use margin trading, they will let you borrow up to $ 1,000 interest free, but anything after that is gonna, be at 5 % interest as of right now, trading with margin is Something that I don’t recommend that most investors mess around with.

But if you are gonna go down that route, then Robinhood does have some pretty competitive rates. I mean there’s already plenty of risk when it comes to investing. So if you’re planning on doing margin, trading and something goes bad in the market, then it’s.

Only gonna compound your problems because of the borrowed money. Robinhood has also been working on what they call a cash management account, which is basically just a savings account, but so far they’re advertising that it’s, looking to be about 3 percent interest, which is really good.

It isn’t quite available, yet as of making this video, but hopefully soon they’ll, have it rolled out and if this video is making sense, can you please comment down below and say I got it so that I can understand If you guys are actually getting what I’m talking about thanks now, another really cool feature about Robinhood is that you’ll actually have instant access to your deposits as long as it’s less than a thousand bucks, and this is really handy because if the market crashed today and you wanted to quickly move on some stocks, then you couldn’t.

Do that unless you actually have the cash waiting, but with this feature you can actually that’s, the money instantly as long as it’s less than a thousand bucks, and the reason that you generally don’t have Access to your money instantly is because banks take three days to transfer that money.

So if you wanted to buy a share right now, you generally can’t. Do that? Because you got to wait the three days, but because of the instant deposit feature from Robin Hood, you can get those funds instantly as long as you’re in good standing with your bank getting the money to Robinhood because it’s.

Not like you can just deposit seven hundred bucks to Robinhood when you don’t even have the money in your bank account to begin with, and also you’re gonna have access to the same feature if you sell shares with Robinhood, because, generally you have to wait three trading days to get your money, but with Robinhood you’re gonna have instant access to those funds so that you can invest in something else as quick as you want now.

Just keep in mind, though, that if you want to withdraw money from Robinhood, you are gonna have to wait three trading days, because legally, that’s, the way that it works and you can’t, do anything about it.

So, overall, the instant deposit features pretty cool. If you’re working with money, that’s less than a thousand bucks. But if you are a Robinhood gold member, you can up that all the way to fifty thousand dollars.

As long as your account has that same amount in it, Robinhood also has a few different order, types that you can choose from when you’re trading stocks, so just be aware that you, don’t, have to buy everything at market Value and that’s, a good thing and then, if you’re ever browsing around Robinhood, they also have a ton of different articles that you can read based on the stocks that you’re following and that you’re interested in now when it comes to researching individual companies.

Robinhood gives you a tiny bit of information, but not very much. They do at least give you a one to five year: history, the p/e ratio and then dividend yields. But as far as financials go, you’re gonna have to go elsewhere to find that type of information.

But if you do end up leaving Robinhood to find out more about a company, I’d, recommend checking out Yahoo Finance because they have really good information on dividend. History, company’s financials and a whole bunch of other stuff.

That Robinhood does not have, but at the end of the day, my overall experience with Robinhood has been really good because it’s, a really simple platform to understand, and it’s really good. For beginner investors they’re.

Definitely not for everybody, but in my experience, Robinhood has changed the industry with their free trades and they only keep getting better. Now. Once again, I’m Jason with honest finance, and I make a lot of videos on different topics that’ll, give your life and your finances more value.

So if you guys are interested in that type of content definitely subscribe to the channel, but that’s all for now, I’ve, been trading stocks with the Robin Hood app for over two years now. So I just thought that I’d, do an honest review for you guys, so you can decide for yourself if it’s, something that you want to use or not.

I’ll cover everything on the stock trading side of the app and then I’ll. Give you guys all the pros and the cons of Robin Hood, so it’s, totally an honest review now, if you just found this channel, I’m Jason with honest finance and I make a lot of videos on different topics.

That’ll, give your life and your finances more value, so definitely subscribe if you guys want to, but now let’s just start talking about the Robin Hood app. If you’re, not too familiar with Robin Hood, they’re, just another brokerage account, but the big reason that they’re, so popular is because they do not charge any trading fees, which is a big deal because, with Most brokerages you’ve, got to pay at least about six to ten dollars.

Every time you buy or sell stocks, which is just a waste of money. So if you bought just one share of a company for a hundred bucks, then you’d, have to pay the Commission right now and then you’d, have to pay the Commission again.

When you sell the stock, I mean paying a commission isn’t that big of a deal when you’re buying a thousand shares at once, because you’re only going to be charged. The Commission, based on the transaction and not on a per share basis, but because Robin Hood, doesn’t charge any fees.

It’s, a lot easier for a beginner to start investing because he can just buy one share for about ten bucks, and then he doesn’t have to pay a commission which is a lot better for him to actually get started.

They don’t require a minimum balance to get started investing so technically you could start investing with Robin Hood with any amount of money. Now, if you’re new to Robin Hood, I’ve got a link in the description which will give you and I both a free stock just for signing up.

If that’s, something you’re interested in it’s, a cool incentive, because, once your account signed up, you can use the referral link as well, and you can get free shares from all the people that you refer.

It to but I’ll, be honest. I’ve, never gotten a free share that’s worth more than 10 bucks, but maybe you’ll, be one of the few people that actually get lucky and get a good one. So, as far as this review goes, I’d, say that Robin Hood is definitely a good platform to use.

If you’re, a beginner or an intermediate investor. I say this because it’s a great place to buy individual shares, but if you’re looking for fancy features like a drip on your dividends or fractional share trading, then Robin Hood is not the place to be.

But if you just want to make easy and simple trades that are commissioned free, then I would definitely consider using them and if you’re, looking to open up any retirement accounts like Roth, IRAs or IRAs, then definitely don’t.

You Robin Hood because, as of now, they don’t have any tax sheltered accounts. So just don’t even bother with that kind of stuff. So just plan on using Robin Hood for all the different types of investments that don’t involve a retirement account and then also, if you plan on doing any type of automated investing where you don’t have to do much at all. Don’t use Robin Hood for this kind of stuff, because, as of now, everything is fully manual with them and that’s, just how it is now. As far as the platform goes, it started out as an app, but now it’s offered on desktop.

So if you like to do stuff on your computer, then you can definitely do that. As of now, they offer all the major stocks ETFs REITs and they have free cryptocurrency trading and free options trading as well.

Robin Hood also has a premium subscription service called Robin Hood gold that cost 5 bucks a month, but they do give you quite a few features which I’ll list right here. Ok, so from my understanding this is really good timing, because these features are brand new to Robin Hood gold and you’re gonna get access to premium research, articles level to market data, higher instant deposits and margin trading for only 5 bucks a Month now, if you, re subscribed to Robin Hood gold, and you want to use margin trading.

They will let you borrow up to $ 1,000 interest free, but anything after that is gonna, be at 5 % interest. As of right now, trading with margin is something that I don’t recommend that most investors mess around with.

But if you are gonna go down that route, then Robin Hood does have some pretty competitive rates. I mean there’s. Already plenty of risk when it comes to investing. So if you’re planning on doing margin, trading and something goes bad in the market, then it’s only gonna compound your problems because of the borrowed money.

Robin Hood has also been working on what they call a cash management account, which is basically just a savings account, but so far they’re advertising that it’s, looking to be about 3 percent interest, which is really good.

It isn’t quite available, yet as of making this video, but hopefully soon they’ll, have it rolled out and if this video is making sense, can you please comment down below and say I got it so that I can understand If you guys are actually getting what I’m talking about thanks now, another really cool feature about Robin Hood is that you’ll actually have instant access to your deposits as long as it’s less than a thousand bucks, and this is really handy because if the market crashed today and you wanted to quickly move on some stocks, then you couldn’t.

Do that unless you actually have the cash waiting, but with this feature you can actually that’s, the money instantly as long as it’s less than a thousand bucks, and the reason that you generally don’t have Access to your money instantly is because banks take three days to transfer that money.

So if you wanted to buy a share right now, you generally can’t. Do that? Because you got to wait the three days, but because of the instant deposit feature from Robin Hood, you can get those funds instantly as long as you’re in good standing with your bank, getting the money to Robin Hood because it’S not like you can just deposit seven hundred bucks to Robin Hood when you don’t even have the money in your bank account to begin with, and also you’re gonna have access to the same feature.

If you sell shares with Robin Hood, because, generally, you have to wait three trading days to get your money, but with Robin Hood, you’re gonna have instant access to those funds so that you can invest in something else.

As quick as you want now, just keep in mind, though, that if you want to withdraw money from Robin Hood, you are gonna have to wait three trading days, because legally, that’s, the way that it works and you can’T do anything about it, so, overall, the instant deposit features pretty cool.

If you’re working with money, that’s less than a thousand bucks. But if you are a Robin Hood, gold member, you can up that all the way to fifty thousand dollars as long as your account has that same amount in it.

Robin Hood also has a few different order, types that you can choose from when you’re trading stocks, so just be aware that you, don’t have to buy everything at market value and that’s. A good thing, and then, if you’re ever browsing around Robin Hood, they also have a ton of different articles that you can read based on the stocks that you’re following and that you’re interested in now.

When it comes to researching individual companies, Robin Hood gives you a tiny bit of information, but not very much. They do at least give you a one to five year: history, the p/e ratio and then dividend yields.

But as far as financials go, you’re gonna have to go elsewhere to find that type of information. But if you do end up leaving Robin Hood to find out more about a company, I’d, recommend checking out Yahoo Finance because they have really good information on dividend.

History, company’s financials and a whole bunch of other stuff that Robin Hood does not have, but at the end of the day, my overall experience with Robin Hood has been really good because it’s. A really simple platform to understand and it’s, really good for beginner investors they’re, definitely not for everybody, but in my experience Robin Hood has changed the industry with their free trades and they only keep getting better.

Now. Once again, I’m Jason with honest finance, and I make a lot of videos on different topics that’ll, give your life and your finances more value. So if you guys are interested in that type of content definitely subscribe to the channel, but that’s all for now.

Leave a Comment