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About Robinhood Reviews
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Robinhood is a mobile app and online investment platform that allows users to trade with no commission, account transfer, account setup, per-contract or maintenance fees. It designed its platforms to be simple and accessible for beginners or casual investors, and its Gold membership gives users access to bigger instant deposits and better data.
Pros & Cons
- Little to no fees
- Accessible to novice traders
- Mobile app
- Cryptocurrency trading
- Limited securities
- Single account option
Robinhood makes it easy for anyone to start investing — no experience is needed. Its simplistic web and mobile platforms make it easy to navigate, though more advanced traders may find tools and research lacking.
What is Robinhood?
Robinhood is a financial services company offering commission-free ETF, stock and option trades with all the tools needed to start investing. It has recurring investments and fractional trades and is one of the few brokers with cryptocurrency trading. There are no account minimums (unless you upgrade to a Gold account), and you can sign up for a Robinhood account from your smartphone in minutes.
If you receive income from your stock investing and want to put it into your retirement account, know that Robinhood currently only supports individual taxable accounts (or brokerage accounts).
How does Robinhood work?
You can trade stocks, ETFs, and options 100% commission-free and without per-contract fees with Robinhood. You can also buy fractional shares for as little as a dollar — a feature that pairs nicely with its recurring investment tool.
All you do is set your investing schedule and dollar amount, and Robinhood automatically invests your money for you. Robinhood’s fractional shares are also eligible for its dividend reinvestment program (DRIP), which automatically reinvests cash dividend payments back into the stock or ETF.
You can trade using Robinhood’s web or its mobile platform, which is available for Apple and Android. Both offer a minimalistic trading experience designed to meet basic needs, which is especially helpful for new or casual traders. You can manage your portfolio on the app, keep tabs on your money, view candlestick charts, access real-time data and listen to live earnings calls.
With Robinhood, there aren’t any commission, per-contact, account transfer, account setup or maintenance fees. You can buy fractional shares starting at $1. Like many brokers, Robinhood does charge an outgoing account transfer fee when transferring investments to other brokers — it’s $75 in this case.
Robinhood passes a regulatory transaction fee of $22.10 per $1 million of principal (sells only) for sales with a notional value greater than $500. It requires a trading activity fee of $0.000119 per share in equity sells and $0.002 per contract in option sells. This applies to sales of more than 50 shares and has a limit of $5.95 based on the execution of your order. Robinhood rounds both fees to the nearest penny.
Lastly, banks issuing American Depositary Receipts may charge custodial fees that generally range from $0.01 to $0.03 per share.
Is there a catch with Robinhood?
There is no catch with Robinhood. Its no-rate and low-rate deals are real, although more advanced users may find its research services and platform to be too bare-bones. Additionally, Robinhood does charge fees for certain actions, like outgoing transfers and applicable transaction fees.
Is Robinhood good for long-term investing?
Robinhood may not be the best for long-term investing because the company doesn’t support certain retirement accounts like Roth IRAs, which offer tax-free growth and distributions in retirement.
What is Robinhood Gold?
Robinhood Gold is an upgrade option that gives you access to premium features, like Level II market data, the ability to trade on margin and instant transfers up to your portfolio value (starting at $5,000 and up to $50,000).
Is Robinhood good for beginners?
Yes. Robinhood claims to be an investing platform for all. Its services are designed to be easy to use even for novice traders. However, all users should understand the risks of investing before starting.
Is Robinhood safe?
Robinhood is a trustworthy company offering a platform where trained and untrained people can do their own investing and reap the benefits. Because it markets itself toward everyday people rather than pro traders, its platform and feature list are very simple. This makes it easier for novice traders to enter the investing world, but experienced investors may be underwhelmed by its research, data offerings and securities.
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Reviewed May 17, 2023
If I could give negative stars I would. I have given Robinhood so many chances over the last 2 years. I’m completely done with this company. Their customer service staff is absolutely rude and awful human beings. If you are calling them for help you’re probably frustrated. If you are even a little frustrated with their service they and they can hear it in your voice they will arbitrarily put restrictions on your account and takes 7/10 days to get the restrictions lifted. They will play with your money. If you get a large sum deposited, restrictions, if you ask for help, restrictions, this is the worst company trust me, learn from my mistakes, DO NOT PUT YOUR MONEY INTO AN ACCOUNT WITH THIS COMPANY UNLESS YOU WANT TO RANDOMLY AND FOR LONG PERIODS OF TIME LOSE ALL ACCESS TO YOUR MONEY AND BE TREATED LIKE TRASH WHEN IT HAPPENS. If you put your money here you are a fool.
Reviewed Jan. 26, 2023
I have been trying to get my account verified for over 11 days. Their email support seems to be misleading and not secure at all. They send email every other day from a different person asking to send ** and when you send you get another one. I called explained everything and I was asked to upload to a secure location as they do not have any of my information. Where is all the ** GOING? They don't know and this is very dangerous. In my case even after uploading to the link they provided, they sent another email asking to upload. I believe it's an automated email pretending real human. T's been over 11 days and nothing, when I asked how long they need I was told 3 days. Now even when I call they don't call me back.
Last person I spoke to in their security department even made a funny with a comment "I understands you need your money, I will help you" as if he is trying to do me a favor. I still don't have my account verified. They play childish games. They are not secure and they make funny jokes. This is very rude and unprofessional and un-secure. I don't have time to go back and forth to play games..I just want my money and I don't ever have to use Robinhood. I hope someone Investigates where all the ** and documents people send are stored? And secure?. I bet it's not. This is the worst platform ever. I have been verified and trading with many other platform while robinhood is busy doing nothing. I believe now they are the next FTX. And my money is trapped in there.
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Reviewed July 16, 2022
Do not deal. They are not real, I never got any of my profits after I paid them. DO NOT LOSE your hard earned asset to them. Only Chasunaltd was able to help me get my money back from them. Once again, DO NOT DEAL!
Reviewed Feb. 5, 2022
Do not under any circumstance give these people your money. They are holding my money hostage right now which has cost me more than 3k while dealing with their useless customer service. They're not only incapable of getting me back into my account after my phone number changed, they won't reply with anything other than a copy and pasted email. Not only that, they'll send you the same one multiple times because the people you deal with directly make next to nothing, and then when you call them out and tell them to stop copy and pasting emails they just ignore you altogether. This is the single worst company I've ever done business with, and second place isn't even close. This isn't like buying food from someplace and then choosing not to go back... These worthless ** still have my money. These people should be arrested.
Reviewed Nov. 11, 2021
They will take your money without asking for anything except your bank account but when you try to buy stock or to get your money out they will require all sorts of verification and proof including govt. photo ID. BEWARE there is a reason they have 1 star ratings on most sites.
Reviewed Nov. 10, 2021
Had some unusual notification on my app after the Data Breach news. Got me real worried and tried withdrawing my funds out of panic when I got an Error. Even more distressed I tried a lot of numbers finally I was able to reach them at 1855 9O9 2795 and they were able to resolve my issue. Overall a 4 star review since my portfolio is growing despite all the buzz.
Reviewed Oct. 22, 2021
I love that Robinhood allows ordinary people to invest in the stock market and have a chance at earning on their own there. I love the insights the company gives and how easy the platform is to use. I loved how easy it was to set up. I love how easy it is to use. I also find very helpful the stock insights they provide.
Reviewed Oct. 14, 2021
I like the fact that you get a free stock, but I would like to see some kind of tutorial or introduction to stocks. For those of us who don't know anything about it but want to try it out. I really don't use it much anymore but it is a good platform to learn on your own without losing a ton of money. Most importantly it's free!!!
Reviewed Oct. 13, 2021
I felt that Robinhood was a good site to use. It was easy to navigate, instruction were clear and seems to have a way to contact company. The one reason I changed was because there were no papers to sign to allow my children to be beneficiaries.
Reviewed Oct. 12, 2021
I like the company. Their app makes investing very simple and easy. I do know they are sometimes criticized for their practices but it has not impacted me as I use them as a casual, low money investor just for fun.
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