Robinhood Review: Is It Really Free Trading?

This post may contain affiliate links. Please read my disclosure policy for more information.

I have been really interested in learning more about the stock market and figuring out this whole investing thing. I have my 401k and I just started a Roth IRA but I still don’t know much. I have been using Robinhood for about a month and I am pretty obsessed. I started with $40 and I have a little over $60 in my account currently. The best part is I have paid absolutely $0 in fees. It has been extremely user-friendly and perfect for beginning or experienced investors. Robinhood is a stock brokerage that allows customers to buy and sell stocks and ETFs with $0 commission and no minimum balances. There are no transfer fees either. I can trade stocks right from my phone.

The Robinhood app provides you with companies financials (how the company has done over the past day, week, month, 3 months, year, and 5 years). They also provide any important articles and information regarding that company so you can click those to learn more before you buy.

To get an absolutely FREE share of stock, use my exclusive link.

App Features

Your Account: See how your account is doing that day, week, month, 3 months, or year.

Stock Market Articles: Under your account information they provide news articles on how certain stocks are doing, stock winners/losers, company information, etc

Watchlist: Robinhood provides the popular stocks to follow but you can add or remove companies.

If There Are No Fees, How Do They Make Money?

Robinhood earns revenue by collecting interest on the cash in Robinhood accounts. This is similar to when a bank collects interest on deposits. Also with their Robinhood Gold option, you get 2x your buying power and can trade after hours. This costs as little as $6 a month and is completely optional (they don’t force it on you either).

What About My Personal Information?

Robinhood states that:

“Robinhood complies with a SEC customer identification rule of the USA Patriot Act of 2001.  This rule requires Robinhood to put procedures in place to verify the identity of any person seeking to open an account and to maintain records of their information.”

You will need to provide your personal information but it is completely safe. You can reach out to Robinhood if you have any concerns.Easy Investing | No Commission Fees | Phone App

 

How Safe is Robinhood?

The below is taken from Robinhood’s website.

“Robinhood Financial is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash).

Robinhood uses bank-level security measures to protect your personal information. Your password, social security number, and other sensitive data are encrypted. Our mobile and web applications communicate securely using SSL and 128-bit encryption.”

For more details, you can click here.

How Can I Get a Free Share of Stock?

By using my exclusive link you can get a FREE share of stock. You might even get Apple, Microsoft or Facebook. The stock prices range from $2.50-$200 and it is random so you do have a chance of getting a stock worth $200.

The steps to claim your free stock are as follows:

  1. Click on this link
  2. Create an account
  3. Download App
  4. Verify your email
  5. Robinhood will verify your account (won’t take long)
  6. Claim your free share!

The best part is you do not need to transfer any money or make any stock purchase to get the free stock. If you wanted you could hold on to only that share and never make another purchase. After 3 days you could sell that share and get a different one. After 30 days you can cash out, take the money, and run! Seriously there is no reason not to try Robinhood.

Wait, Can I Promote This Too?

Yes! Once you set up your account you will get your own exclusive link. Send this to your friends, family, coworkers, or whoever you want. If they use your link, then they get a free share and you do too.

Pros

  • Easy to Use App
  • No Fees
  • Simple Trading
  • FREE share of stock
  • Addicting (I check my account every day)
  • Great Way to Learn
  • Apple Touch ID Integration

Cons

  • Phone App Only (cannot check on your computer)
  • Basic Stock Research (you can find everything you need on the internet though)
  • Basic Stock Trading (still need additional retirement accounts such as 401k and/or Roth IRA)

Note: My exclusive link is not an affiliate link. I do not make any money by you creating an account. My link allows you to get a free share of stock (I get a free random share too) and then you can get the same link I have. I use this app myself and have had close friends set up accounts as well. Here is a review by NerdWallet in case you need more convincing.

If you have any questions about Robinhood or investing please let me know. I am always here to help!

UPDATE: In 2018 they will be launching a website so you can control/change your investments from your computer (not just your phone).

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