Have you heard of Robinhood? Do you pay the standard commission of $5 – $10 per trade to your stock broker or brokerage firm?
If you do, then you know how much money you end up paying in commissions over a year and throughout your association with the broker or firm.
Fortunately, there is an option now that doesn’t charge you this commission. Depending on how many trades you indulge in throughout a financial year, you may end up saving a couple hundred to several thousands of dollars, if not more. This entire chunk can be your additional income, your savings or you can consider it a pool for another investment.
*See the latest stock broker promotional offers here
Who Or What Is Robinhood?
The name may be a tad misleading for some. Unlike the legend Robin Hood, Robinhood doesn’t offer any largesse to the un-empowered. It helps the un-empowered to be financially rewarded by doing away with the traditional practice of charging commissions on every trade.
Robinhood is just like any other brokerage firm and it offers almost all types of services that a traditional broker would but the domestic trades are not charged for commission, when the trade is initiated by you, online, without the direct intervention of any broker.
Should You Try Robinhood?
You should if you are tired of paying the commissions. But you cannot invest in international stocks (they are now expanding quite a bit and you can get updates about stocks in your home country on their blog). Your pool will be limited to domestic markets and stocks.
Every other charge that you would have paid, services you would have enjoyed and information or tips that you would have got from mainstream brokerage firms would be made available to you by Robinhood.
Once you start digging further, you would realize that there are some unfavorable charges and clauses in the terms of service. International wiring fees are unreasonably high.
Whenever some broker of Robinhood or some staff gets into the act of trading a stock, either on the phone or does it at the behest of the trader, standard fees apply and there is no $10 per trade waiver.
Having an app makes things simpler but having an invitation only approval system makes it harder for any to sign up for the services. The company is still developing some of its premium services so one doesn’t know exactly how things will shape up in a few months or years down the line.
If you wish to save money on every domestic trade that you indulge in without any help, then Robinhood gives you a viable platform.
For me, I’m not quite ready to take the dive with the Robinhood commotion just yet, and Ameritrade and it’s ThinkorSwim platform have all the refinement I need right now.
You May Also Like These Brokerage Promotions:
- Best Online Brokers For Trading Stocks December 2018
- Best Brokerage Promotions And Bonuses December 2018
- Ally Invest $3500 Bonus Cash & Free Trades Promotion
- TD Ameritrade Promotions: $600, $1500, $2500 Cash Bonus Offers
- Charles Schwab Brokerage Promotions, Bonuses And Offers
- E*Trade Brokerage Promotions & Bonuses: $2,500 In Cash
- Merrill Edge Review: $600 And Free Trades Promotions
- Fidelity Promotions: $2500 Cash, 500 Free Trades, Other Offers
- TradeStation Promotions: $1,500 In Commission Rebates!
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Good luck!
Double-down on your signup bonus and get two free shares of Apple stock!
The app is spectacular and provides free trading, no commission or fees! Great if you’re looking to learn or just want a nice interface, plus you get two free shares of Apple\Ford\Sprint by using this link for the promo!
http://www.bit.ly/robinhoodpromo
Thanks all, hope this is helpful!
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I dove into Ustocktrade, don’t regret it at all. Really like the platform and they have a web app aswell. You should definitely check it out.
UStockTrade is where it’s at – It costs $1 per trade and $1 per month but they give you the ability to make as many trades as you want without requiring a $25,000 balance as is required by law, so those without a ton of money can actually day trade. The founder and CEO is taking the other side of your trades, so you’re not actually buying shares, but it works just the same in terms of your ability to make money. Plus, UStockTrade also has a web-based platform, in addition to an app, unlike Robinhood which only has the app available to trade with.
Side Note – Robinhood has just recently introduced the ability to trade options and is just now rolling out the ability to purchae bitcoin, ethereum, and a couple other cryptocurrencies, which is pretty cool.