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Robinhood reviews

Byadmin

Aug 1, 2020

Overviews of Robinhood 2021

The company was founded by B. Bhatt and V. Tenev, two students at Stanford University in 2013; their experience with the special approach to trading brought them a $3 million investment before the product launch. After the company went global, the company’s revenue grew to $176 million.

The company is headquartered in California, USA. The company’s trump card is the mobile app – it’s simple and easy to use, but in 2018 they also developed a web platform due to the influx of a large number of clients.

Robinhood is a member of FINRA and SIPC, which allows for half a million dollars worth of clent account insurance.

If coverage from SIPC proves insufficient, another partner, Lloyds, is willing to provide additional coverage.

In the winter of 2018, the company began providing terms for trading BTC (Bitcoin) and ETH (Ethereum)

There is support for the following tokens: ETC, BCH, BTG, DOGE, OMG, XMR, LTC, LSK, NEO, ZEC, XLM.

The company was created as a broker for US citizens, later added Australia as an important region, and is planning to expand its territory of influence to Europe and Great Britain. There is a chance that the company wants to add options trading.

In addition, they will offer real-time market data support for the following digital currency coins:

  • Ethereum Classic (ETC)
  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Dogecoin (DOGE)
  • OmiseGO (OMG)
  • Monero (XMR)
  • Litecoin (LTC)
  • Qtum (QTUM)
  • Dash (DASH)
  • Ripple (XRP)
  • Star (XLM)
  • Zcash (ZEC)
  • NEO (NEO)
  • Lisk (LSK)

Minimum initial deposit

There is no strict requirement to have a certain amount of money in the account to start trading, but if you want to have a Gold account, you need to have $2,000 in your account.

Spreads, commissions and leverage

The broker does not charge any account maintenance fees, but does charge a monthly fee, which is linked to the capital. For example, with a 5000+2000 margin, the monthly fee is only $10.

This settlement system allows you to confidently hold on to your position as a low-cost financial services broker.

Other trading fees

The company does not charge any commissions for depositing funds or using the account. There are no hidden fees either. ACH and the withdrawal of profits will not be charged. For the transfer of ACAT, the fee will be $75.

Robinhood offers bonuses and promotional codes, follow the news on the company’s website.

Robinhood Trading Platform

The developers announced the upcoming release of the platform for browsers, a waiting list of 640,000 people was formed. Of course, because the online platform seems more reliable, but still, it is clearly far from the market leaders. Here is a list of options that are available to users of the platform:

With Morningstar’s support, traders have access to ratings from leading analysts coupled with market analysis, current stock quotes and pricing data, identification of the most profitable near-term assets and recent stock orders, including ticker profiles.

The platform is simple, so there is a limit to charting and backstory testing. On the other hand, accessing all the features from the menu is unusually easy. The company has said it will publish a full guide on how to use the platform, this will only speed up the time it takes from signing up to opening the first trade.

Mobile app

Until 2018, there was only one mobile app, due to its focus on a younger audience, but here, too, customer opinions differ. You can download this app from official app stores.

Software reviews are quick to point out that the platform is clearly aimed at new traders. As a result, the user interface is simple but effective. Most likely, traders doing their research will have to do their analysis on other platforms and then come back and open a trade here.

Accessible functionality:

  • Opening positions
  • Creating and checking watch lists
  • Streaming security prices
  • Deposit and withdrawal of profits
  • News feeds
  • Checking and, if necessary, setting up security services.
  • Do rudimentary research

Customer service is always there to help you with any questions you may have at any time.

Robinhood in business

As the company says, nothing is easier than opening a trade. If you go to the watch list, and to the left hand of your finger, you will see an active button – “Buy”.

Among the things traders are not happy about: the small number of columns in the watch list, no option for technical analysis and the chart cannot be changed when the value of a stock has changed. Finally, there is no Horizontal (landscape) view.

Expert review of the platform

Robinhood allows our clients to trade stocks without commissions (for mobile users). Built-in tools will limit the risks of trading. The company has to work in a competitive environment all the time, among companies that own more advanced mobile applications with risky trading capabilities on volatile assets.

Payment methods

Once you have registered on the broker’s platform, you need to make a deposit to start trading. It is very easy to do this. The most convenient way is to link your bank account to your account at this broker. This will help both depositing and withdrawing funds directly.

We are currently considering alternative methods of funding your account, including electronic purses.

Robinhood types of accounts:

Standard (Classic) account – this type of account is activated automatically after registration. You don’t have to wait for the payment processing to deposit up to $1000.

Gold account – the account with the minimum deposit of $2,000, allows for larger deposits and has wide working hours. Commission is charged monthly and depends on the margin.

Cash account – Quite a popular account, first of all because of the lack of commission for share trades. You can choose this account at any time, even if you previously used any other of the company’s lineup. More detailed information on how to enter this tariff can be obtained from the company’s representative.

Additional features

Judging by the reviews, one can see that this company is oriented on traders who prefer simple strategies, because complex resources or instruments are absent here.

Robinhood is a highly specialized company (stocks, cryptocurrencies, ETFs), and does not provide information about asset types not represented on the platform.

The mobile app provides statistics on accounts, transactions, and monetary transactions. Of course, the latest news on stock exchange topics will be available, some articles, but you will not find any training videos, the presence of these would help clients make the most of market instruments, and as a result, increase their income.

This is a big omission, in the era of digital currencies not to provide information about blockchain, the differences between coins, etc.

Robinhood support can be contacted as follows:

Hotline

Email

Social networks

It is worth noting that not all questions are solved quickly, often the answer comes only the next day, but it’s not such a big disadvantage, you will get the most qualified help from the competent employees of the company on any questions that arise.

As you know, most questions are repeated, so there is a FAQ section with answers to the most popular questions.

The company does not provide information relating to tax legislation, it is recommended to refer to the tax office of your region if you have any questions of this nature.

Safety

As indicated above, the company insures the investment of its customers, in addition, the data is also under the protection of the company, the data is encrypted by TPS, logging into the platform can be a combination of username and password, as well as, as an addition, through the sms-password.

For owners of devices with fingerprint functionality, it is possible to set up login by fingerprint.

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