What is Robinhood.com? How does it compare to its competitors in the market? What are the outstanding features of this platform? These are the main questions that we shall be answering in today’s review. The following subtopics will form the fodder for our discussion are:
- What is Robinhood.com?
- The Features of Robinhood.com
- How does Robinhood Work?
- What is Robinhood Gold?
- The Fees charged on this platform
- Is Robinhood.com a Scam?
- Pros and Cons
Name of the platform: Robinhood
Official Website URL: https://robinhood.com/us/en/
Overall Rating: 
(2.9 / 5)
Recommended: Not recommended
P.S.
What is Robinhood.com?
Robinhood.com exists as a free-trading app that allows investors to earn an income as they trade in stocks, options, cryptos, and other assets, without incurring any fees. Robinhood has for a long time been the only free brokerage platform but has been getting competition from other upcoming platforms, and other big names doing away with the trading commissions and fees towards the end of 2019.
That said this platform still remains the top preference for most investors who are out to create a diversified portfolio of assets. The fact that it offers the chance for people to trade in cryptos is perhaps is one of the main reasons why it is more relevant in the present-day world. Robinhood.com presents both a website platform and a mobile platform just to ensure that you have the flexibility to make your money while settled and while on the go.
Robinhood also offers cash management with which you can earn interest on the cash you have held in your account, as well as pay bills using its unique Mastercard debit card. There are more than 75000 ATMs available to Robinhood’s customers, for them to withdraw cash at absolutely no fee.
The Features of Robinhood.com
Some of the main features offered by Robinhood include:
- Scheduled deposits- Robinhood lets you schedule automatic transfers on a periodic basis, depending on your moneymaking objectives. You can set the transfers to happen on a weekly, biweekly, monthly, and quarterly basis.
- Advanced order support – This platform offers several advanced order types including market orders, limit orders, as well as stop orders.
- Robinhood Instant – This feature gives you access to deposits (less than $1000), as well as immediate access to your money right upon selling your stocks. Most other platforms will have you wait for up to 3 business days.
- Day-trade tracking- You can track up to 3-day trades using this platform.
- Robinhood Gold- with this feature you can access after-hours trading, and large amounts of the instant deposits.
- Cryptocurrency trading- you can use this platform to invest in BTC, ETH, BCH, LTC, ETC, and to track many other currencies.
Robinhood has its fee-free stock trades that are aimed at enabling millennial investors to use their smartphones to earn an income. They can do this using their Android and iPhone Robinhood apps.
How does Robinhood Work?
There are many facets of this platform, but for this review, we shall be looking at how the Cryptos section works. Robinhood’s crypto trading service allows traders to buy and sell the following major cryptos: BTC, BCH, ETH, ETC, LTC, and DOGE.
Customers’ access to Robinhood Crypto is being granted on a gradual basis in the USA states, with more than 50% of the USA population being in a position to access the cryptos menu. For those who cannot purchase and sell cryptos yet, Robinhood has made it possible for them to view the prices and related data for 16 very popular cryptos.
You can trade in cryptos on this platform at no fee, which is actually something that most other platforms of this kind do not offer. Even the very popular digital wallets like Coinbase will charge you fees for the trades that you execute.
What is Robinhood Gold?
Robinhood gold presents investors with an opportunity to do margin trading. This is an opt-in service for which you have to bear a flat fee of $5 per month.
Expert traders can take advantage of this service to increase the chances of earning more money as they trade, since they have a better understanding of how the market works. For the new investors, however, margin trading can be quite risky and can lead to huge losses if things do not go according to plan.
The Fees charged on this platform
All the stocks, options and ETFs on Robinhood do not have any commissions or fees. There are, however, some other fees that you should be well-aware of, such as the fees you opt-in to the Robinhood Gold Service. You should also be ready to pay an interest of 5% for any margin that is higher than $1000.
Robinhood also charges a fee of $22.10 for every $1000,000 of principle on the sells. This is usually rounded to the nearest penny. These fees are usually charged to cater to the costs incurred by various regulators, including SEC. Moreover, this platform usually transfers a trading activity fee that amounts to $0.000119 per share for the equity sells, and $0.002 per share for the option sells. This fee never goes above $5.95 and is usually rounded off to the nearest penny.
Is Robinhood.com a Scam?
No. This platform is genuine, and one that many people have been relying on to trade for a long time. It has for a long time been used to trade non-crypto assets at no fee. The inclusion of cryptos
has only helped sweeten the deal for those who would like to have a diversified portfolio. The fact that it does not charge any fees on the crypto trades makes it an alternative for other digital wallets in the market. Unfortunately, when I looked at the customer reviews, there are a number of complaints about the quality of the services offered. With a rating of (2/5) stars on Trustpilot, one can have a hard time trusting Robinhood.com to deliver the high-quality services that they promise.
The platform has helped other people achieve their money-making objectives, but it still has some significant complaints, such as the customer service staff not responding to the emails sent by customers. Such issues are often overlooked, but can end up costing those who overlook them dearly.
Pros and cons
Pros
- Free trades
- Offers/ supports crypto trades
- No minimum deposits
- No minimum balance required
Cons
- The platform’s trading functionality is limited.
- Does not support mutual funds and bonds.
Final words and verdict:
Verdict: Legit
Overall rating : (2.9 / 5)
Robinhood.com is a genuine platform that is mainly out to make investing easy for everyone by ensuring that they incur zero costs. The platform has due to this managed to attract a large number of users. There are, however, some outstanding customer complaints that paint the picture that Robinhood.com’s customer service is not quite impressive. I, therefore, wouldn’t recommend this platform as much, but if you believe it has what you are looking for you can give it a try.
That said, you can begin investing using a new approach- Getting the right information and tips to enable you to trade in cryptos with better precision
Have a look at The Crypto Vigilante Today ( Tips From a Bonafide Investor who has a broader outlook on the crypto industry)
You’ve made it to the end of my review about what Robinhood.com is. My hope is that you picked enough facts to help you decide whether you will be using Robinhood.com or not. You can also have a look at what The Crypto Vigilante is, just to know how to make your next huge move in as far as investing in cryptos is concerned.
Your Friend,
Eric, investor, and team member on Gold Retired!
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