So is Robinhood good? Well, it can be appealing to newer investors without a lot of cash with which to invest. Gold pricing (in-depth research reports, Level II data, access to margin) No closing fee, but $75 to transfer funds out of your account Stocks, ETFs, crypto, and options: $0 (there may be fees tacked on to stocks on global exchanges through ADRs)Īccount minimum for brokerage and trading servicesĪccount maintenance fee for brokerage and trading servicesĪccount closing fee / ACATs (automated customer account transfer service),outgoing

You can read more about Robinhood’s pricing on its fee schedule. Thousands of fractional shares are available on the Robinhood platform. No account opening minimums or fees to maintain an account.Educational articles on investing basics in “Learn” section.Gold pricing offers Level II market data, in-depth research reports from Morningstar, larger instant deposits.exchanges, over 650 stocks on global exchanges through ADRs, options, gold, crypto Investments available include over 5,000 stocks and ETFs listed on U.S.Two main accounts available: brokerage and cash management.Lack of some diversified investing products - No mutual funds or bonds, which can make it hard to create a well-rounded portfolio.In-depth reports are available only with a Robinhood Gold membership ($5 monthly fee). Lack of educational resources - Educational resources for new investors are limited to a newsletter and some articles on Robinhood’s website.(Robinhood discontinued the confetti feature prior to its IPO.) Gamifies investing and trading - Regulators have accused Robinhood of pushing new investors into “ unnecessary trading risks” with features like digital confetti meant to celebrate trades.No retirement or tax-advantaged accounts - Robinhood only offers taxable brokerage accounts, so if investors are looking for tax-advantaged investing accounts like Roth or traditional IRAs, they must look elsewhere.No fee to trade cryptocurrency - Robinhood offers 7 coins in 48 states.Fractional shares available - Ability to buy partial shares of a company’s stock.Fee-free platform - the account is free to use and users can make an account in minutes.Or read on to see some more pros and cons of the Robinhood app. Since June, we’ve made improvements to our options offering … We remain committed to making Robinhood a place to learn and invest responsibly.”)įor a list of cheap and accessible alternatives to Robinhood, see NextAdvisor’s best online brokers of 2021. (A Robinhood spokesperson said: “We were devastated by Alex Kearns’ death. Earlier in 2021, Robinhood settled a wrongful death lawsuit over the death of a 20-year-old user who committed suicide after seeing an incorrect negative balance of $730,000 on the app.

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