Robinhood is an investment and trading app that makes investing in stocks a lot easier. It is offered and developed by a company called Robinhood. More than ten million people have downloaded this app. One can understand the efficiency and competence of this app by the number of positive reviews that it has received so far.
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Recently updated on 20 May 2021, this broker-dealer app is living up to its standards. It does not charge any commissions when it comes to trading. From stocks to ETFs, and REITs to cryptocurrency, you can trade whatever you want to.
What is Robinhood?
Robinhood is a trade-related app that lets users invest and buy stocks without any commissions. Plus, to help you set foot in the world of trading, the first stock that you get is its own. Once you join Robinhood, you can get a better understanding of the financial market.
Plus, before making any investments, you can easily get hold of real-time market data. In addition, other trading tools like analyst ratings, relevant articles, and notifications about necessary events will also be at your service.
Moreover, the security system is quite strong, which protects the investor’s assets and personal information. The security system is specially regulated by the Securities Investor Protection Corporation (SIPC). The cash management system is extraordinary for receiving your paychecks, sending checks, paying bills, and more.
How to Download Robinhood for Desktop?
It is not possible to download Robinhood on PC as the app is designed for mobiles. However, you can use an emulator to perform this task. Follow these steps, and it will become a part of your PC within a few minutes.
- Download and install the Bluestacks emulator on your PC.
- Sign in to your Google Account.
- Type “Robinhood app” in the search bar.
- Click on the first search result.
- Download it.
- Complete the installation process.
- The app is ready to be launched.
Features of Robinhood
Robinhood app comes with a wide range of features that have contributed a lot to its success and popularity.
Streamlined User Interface
Without overwhelming the users, this app guides them most efficiently. You do not have to be a technological pro in order to understand how it works. Everything is organized and straightforward.
Even if you are using it for the first time, you will not have to seek any additional help from an expert. In other words, the user interface is not clunky at all.
In case you are a resident of Washington DC and 46 states, this broker app will offer you commission-free investing of cryptocurrency. However, if you live in Nevada, Hawaii, West Virginia, or New Hampshire, you will not receive this favor. From Bitcoin to Dogecoin, from Ethereum to Litecoin, it allows you to trade the cryptocurrency conveniently.
Moreover, you do not necessarily have to make a big trade. It is because this app allows you to make trades even in small quantities. Unlike other platforms, there are no minimums required.
No Minimum Account Balance
It is one of the first trading apps that does not require you to have a certain amount of balance. No minimum account balance policy makes it easier for novice investors to try their luck without any hurdles.
Moreover, fractional shares are also a part of this app that enables you to invest money in a company without worrying about its share price. In other words, you can invest small amounts in valuable stocks like Tesla, Alphabet, Amazon, and Apple.
Regardless of the share price, you will be able to invest whatever you want to, even if it is just $1.
One of the most appreciable features of Robinhood is this one. This particular attribute allows you to invest more money than you have in your bank account. However, to make use of this feature, you first need to make a Robinhood Gold Account.
Furthermore, the margin varies from case to case, but it usually starts from 2x. Meaning, if you own a total of $3000, you will be able to buy $6000 worth of stocks. The more you own, the more you can borrow from the broker.
Alternatives to Robinhood App
If Robinhood is not what you have been looking for so far or cannot download it because of some errors, don’t worry. Below mentioned apps are the best alternatives to the Robinhood app that make trading and investment a piece of cake.
Webull app is specifically beneficial for novice traders. Active and short-term traders can significantly gain many advantages as it allows them to save a reasonable amount on commissions.
To make things a little less complicated, it also offers a chain of trading courses. There is a demo trading account in Webull with original data as well. With the help of this feature, new traders can learn and get familiar with the app in an effective way.
Yet another great alternative to the Robinhood app, TradeStation, offers you commission-free options and stocks. This app is quite advanced but is still easy to operate. Other than stocks and options, you can also trade mutual funds, bonds, futures, and cryptocurrency through it.
Furthermore, TSGo and TSselect are its two offerings in which the former is the better one. Also, this app aids its users by providing them with a bundle of educational materials that can help in making them top-notch investors.
TD Ameritrade is an online brokerage and a perfect alternative to the Robinhood app. There are a variety of trading options for you to choose from. This app went commission-free in 2019, and since then, it has been one of the top-used trading apps in the world.
The investment opportunities will only be one click away, thanks to TD Ameritrade. Also, using this app is very easy and convenient. No technological hassle will come in the way of you and your investments.
Frequently Asked Questions
Q1. Is Robinhood App legit?
Ans: Robinhood is entirely legit and offers an outstanding trading experience to investors.
Q2. Is Robinhood App free?
Ans: Yes, the Robinhood app is absolutely free to download.
Q3. Is Robinhood suitable for beginners?
Ans: Yes, Robinhood is one of the best brokerages for novice investors.