This has been a turbulent time in the stock market during the COVID-19 Coronavirus Pandemic. There have been many people asking me how do I take advantage of this opportunity in the stock market. Well for the new investor who just wants to get their feet wet this well known investment app called Robinhood will let you get started in just a few minutes and if you click this link it will also give you 1 free share of stock when you enroll (no you dont get to pick the stock but it really is FREE and hey Amazon was once $2 or $3).
Known as the app that pioneered commission free trading, Robinhood opened the doors of finance and investing for beginners who are looking to get their feet wet in the stock market without paying crazy commissions or having to come up with large minimum account balances.
Robinhood charges $0 in commissions and the minimum to open an account is, you guessed it, $0!
As you know, all I do it figure out the best ways to make money online and residually so I throughly check out all opportunities I post to ensure my readers are protected and I am not wasting my time because no matter how much money you have you cannot buy back time.
Plain and simple, Robinhood is a beginner trading platform with very basic trading features. One key area where they shine is offering cryptocurrency as well as options trading. The fractional shares help smaller investors too!
Robinhood allows users to trade stocks, ETFs, options, and cryptocurrency completely free. There are no strings attached or hidden fees of any kind. With Robinhood, what you see is what you get!
Simple App Design
They have the most straightforward user interface of any investing app we have tested. This is a pro for some and a con for others. We can 100 percent say that Robinhood is a beginner-friendly app. Now as you become a more experienced investor you may find that Robinhood is lacking some features that you would like but then at that point you can feel free to upgrade to a brokerage that can better serve your investment level needs.
Robinhood Gold allows you to take advantage of several different features. It gives investors who can tolerate more risk the ability to trade on margin, which is also known as borrowed money.
You can increase your buying power by trading on margin. Robinhood extends you a loan to purchase stocks relative to your account value.
You need to have at least $2,000 in your account to open a margin account.
It also allows you to have instant deposits from your bank and professional research reports from Morningstar.
You must opt into the service, which has a flat monthly fee based on margin (Robinhood refers to this as buying power) as well as your account size. Margin trading is hazardous, and beginner investors should not be using it. If you’re new to investing and wary of risk, we say skip this option for now until you’re familiar with all the ins-and-outs.
Once you’re ready to go, you won’t be bogged down by account verifications.
Robinhood uses instant verification with many major banks. Bank transfers of up to $1,000 are available immediately for investing, and the same goes for profits of up to $1,000 from selling stocks.
Deposits more substantial than $1,000 will take around five business days to process.
Want to invest in a schedule? You can set up automatic deposits out of your bank account weekly, biweekly, monthly or quarterly.
Robinhood Minimum & Fees
They do not charge any hidden fees, and there are no strings attached. Don’t have the cash to open a sizeable account? No worries. Robinhood doesn’t have a purchase minimum, which means people can get started investing right away.
Of course, to invest, you’ll need enough to purchase the investment you have an interest in but with Robinhood you can start small, then increase your investing size and risk as you continue to gain more knowledge and experience in the investment world.
Thanks to fractional shares, you now only need $1 to buy a fraction of a share of any stock or ETF that trades on the platform.