For beginners, investing can seem intimidating and time-consuming. Due to the dramatic growth in technology, there are mobile apps that can assist you on your investment journey. Not everyone has time to meet with a stockbroker, nor does everyone trust the methods some brokers try to use. If any of these statements relate to your situation, consider starting with an investment app.
The main focus today is the Robinhood investment app. Robinhood offers commission-free stock that is accessible to anyone. It has a website and a mobile app so you can access the app anywhere you go. Both of the platforms have a similar setup and comparable features. However, this application stands out because of its fantastic trading platforms and free trading. Some say that Robinhood is the pioneer of free investing!
This mobile investment company was founded in 2013, which typically appeals to more youthful generations. Robinhood allows investors and customers to begin with just $0 down! It is a free-trading app that doesn't make you pay for commissions. The app is free of charges for the stock, trading, and other options. Another great feature of this investment app is that you can trade, buy, and sell your stocks and shares internationally. Most speculators say this app is still a great choice. The Robinhood app has many other great features to offer any investor!
The Best Uses for Robinhood
The creators of Robinhood wanted to make investing simple and accessible no matter who or where you are in the world. This app offers the basic principles of investing and is an excellent option for any newcomers to the world of investing.
Here are the best uses that come from this app:
It is also great for anyone who uses their phone for all hours of the day. Robinhood makes it easy to keep tabs on your accounts and money anywhere at any time. If you're looking to cut costs and manage your own investments and budget, Robinhood should be your go-to.
Pros and Cons of Robinhood
While there are many fantastic features that this app offers, there are still some downsides. Like everything else in this world, nothing is perfect, and you cannot expect too much from something like a mobile app. Yes. It does cover a lot of investment needs but still lacks in some significant aspects.
First, let’s discuss the pros this app has to offer.
- No minimum requirements for your accounts
- Simple and modernized interface
- Free cryptocurrency trading
All of these incredible features make this mobile app hard to pass up. While its competitors are continually adding new and improved features, Robinhood tries to stick to what it knows. There is no reason to go changing something that isn’t broken!
However, some speculators say this app needs a little updating. The con list is relatively short but names some crucial aspects that Robinhood should adopt.
Here are some cons that come with this app.
- There is no retirement account option
- No mutual funds or bonds are offered
- Limited customer support helplines
Some customers see it as a turn off that there is a limited customer support helpline. For instance, if your app crashes or if you are experiencing minor problems, you may have to wait until the next day to get a response. Not many investors prefer mutual bonds, but it may cause problems if you are married and try to share funds with your partner. Lastly, some people don’t mind that there is no retirement account option because they prefer using their commercial banks.
Main Benefits of Using the Robinhood App
Just like the sky, every star has its shining moments. The Robinhood app has many other features that make this app stand out from the rest. Let's discover some other fantastic qualities that Robinhood has!
Easy to Use
The Robinhood app was made to be simple, clean, and easy to navigate from any device. From the very beginning, Robinhood ensures a likable appeal. The sign-up and account funding processes are so simple that a toddler could do it. You gain access to the app very quickly after signing up, which allows you to begin your journey as soon as you like. Most users are accepted within two hours after entering their personal information.
Yes, it does get better. The Robinhood team is continuously updating and making improvements to their research of each stock or bond. This company is taking strides towards increasing the number of tools and research available to customers. The research includes- analysts' ratings, lists of top stocks, earnings calendars, and links to earning shares.
Robinhood also allows customers to enable notifications about new price alerts. The team is always informing users about new or changing prices of specific stocks they have shown interest in on a watch-list.
For new investors or younger speculators, this app is a great place to embark on an investing journey. Many stockbrokers and other people try to over-complicate the idea of investments. Robinhood is the definition of simplicity when it comes to basic investing. If simple is your middle name, consider Robinhood over other investing apps.
In conclusion, Robinhood is a high starting point for anyone looking to invest in small stocks. This app is free and offers several significant aspects. However, like every app, there is always going to be a downside. Try to keep your expectations at a reasonable level. Be sure to do your own research about individual stocks and shareholders. Don't rely solely on an app. Yes. The Robinhood team is continually updating the research, but tools are limited. Applications are meant to be helpful, but not hand you everything on a silver platter.