Buzz
Typically, buying or selling stocks means paying a fee between $7-$10 per transaction, which adds up over time. Robinhood removes these fees, giving you the ability to trade stocks for free with ease.
While we generally prefer 'set and forget' investing with funds over individual stocks, Robinhood currently supports individual stocks and exchange-traded funds (ETFs). They plan to introduce index fund trading soon. If you're into trading stocks or ETFs, Robinhood's straightforward approach will suit you well.
As a legitimate brokerage, you'll need to create an account, providing details like your address and social security number. To fund your account, you'll link your bank accounts. There are no account minimums or investment requirements. Best of all, all trades are commission-free.
Search for stocks, then buy or sell directly from the iPhone app, which also provides a daily summary of your holdings. An Android app is on the way, and you can request beta access for Android here.
The site employs bank-level encryption, ensuring your data is secure whether you access your account on a computer or phone. As a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), your securities are protected up to $500,000. Learn more about their security measures here.
To explore Robinhood for yourself, visit the link below.
Robinhood
Video and screenshot courtesy of Robinhood.com.
