Robinhood Review 2024

Robinhood review
Robinhood Awards

Robinhood have won numerious industry awards over the 11 years they have been operating as a financial broker. We have listed the most notable awards and mentions for Robinhood below.

• Google Play Best App of 2015

Robinhood review
Robinhood Fees Explained

• Robinhood doesn't charge withdrawal fees.
• Robinhood does not charge a fee for inactive accounts.
• Robinhood doesn't charge deposit fees. A currency conversion fee may be applied as withdrawals and deposits from Robinhood are conducted in USD. Any other currency will have to be converted to your local currency by your 3rd party payment provider.

Robinhood Costs To Check

Modern brokers like Robinhood provide advanced online trading platforms, mobile apps, financial analysis tools and educational resources. These services require significant investment, and in turn, Robinhood may charge clients various fees for trading activities. Be mindful of these charges, impacting your overall Robinhood trading profitability.

How Robinhood Fees Compare Against Other Brokers

Robinhood Minimum Deposit

Robinhood does not require a minimum deposit when opening an Robinhood trading account.

In the trading world, brokers like Robinhood, have different minimum deposit requirements based on the target audience they are trying to attract. Brokers with lower minimum deposit requirements typically cater to a more mainstream audience who don't require advanced research tools or features. On the other hand, brokers that require a larger minimum deposit often provide a greater range of trading features, more in-depth technical analysis, research tools, and better risk management features.

Some brokers may waive the minimum deposit requirement to attract new customers but may compensate for it by charging higher transaction commissions and trading fees. As the online trading market becomes more competitive, brokers have reduced their minimum deposit requirements to attract new clients.

However, it's important to note that depending on your trading account type, some brokers may require a higher minimum deposit of up to 10,000 GBP/USD. Therefore, it's essential to research and compares different brokers to determine which best suits your trading needs and budget.

Robinhood Withdrawal Fees

Robinhood doesn't charge withdrawal fees.

Robinhood Withdrawal rules may vary across different brokers when it comes to transferring funds from your Robinhood or other broker trading account. Each brokerage firm has its specific withdrawal methods. The payment provider associated with Robinhood may have different transfer processing fees and processing times, affecting how long it takes to receive your funds.

In addition, currency conversion fees may apply if the Robinhood withdrawal and receiving currencies differ, adding to the overall transaction costs. The currency conversion fee depends on your base currency, receiving currency, and the 3rd party payment provider that is separate from Robinhood. Researching and comparing Robinhood withdrawal policies and fees across different brokers is essential before choosing one, especially if you are withdrawing Robinhood funds frequently or dealing with large sums of money. Awareness of these Robinhood fees and policies can help you plan and budget accordingly and avoid any unpleasant surprises when transferring your Robinhood funds.

For example, Robinhood allows you to withdraw your funds to Credit cards, Bank Transfer, PayPal, Debit cards.

Robinhood Inactivity Fees

Robinhood does not charge a fee for inactive accounts.

When a trading account goes unused for a certain period, brokerage clients may be charged an account inactivity fee. To avoid such fees, clients may need to fulfill specific trading activity requirements outlined by Robinhood terms and conditions. It's important to note that inactivity fees are not unique to online trading accounts, as many financial service companies may also charge them.

Make sure you're fully aware of all Robinhood fees and services. It's recommended that you check the Robinhood website before signing up. If you decide to close your Robinhood account, it's important to do so with the Robinhood broker customer support and obtain confirmation that no remaining Robinhood fees are due.

Brokers like Robinhood must disclose any inactivity fees as part of their regulations. The type of account and broker you sign up for, will determine whether or not you can be charged an inactivity fee under certain circumstances.

Certain brokers may levy inactivity fees to recoup the expenses associated with sustaining your account on their trading platforms when there is a shortage of commission fees earned from your trading activities.

Robinhood Deposit Fees

Robinhood does not charge deposit fees. Although bank / 3rd party merchant fees may apply.

Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee.

Depositing funds into your trading account may incur a fee, which could vary depending on the fiat currency used. For instance, depositing funds from a credit card can attract high fees. Additionally, not all brokers accept credit card payments for account funding. It's crucial to review the funding options and associated fees the broker provides before depositing any funds.

Robinhood Commission Fees

Robinhood does not charge commission on CFD instruments.

Brokerage firms like Robinhood may charge commission fees as compensation for executing trades on behalf of traders on their trading platforms. Commission fees can vary depending on the type of financial asset being traded and the Robinhood trading account level held by the trader.

Robinhood may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients. However, if a market order is not fulfilled, no commission fee is usually charged. Reviewing Robinhood terms and conditions to understand the commission fees and any other charges that may apply is essential.

Robinhood review
Trading on Robinhood web platforms and other applications

Robinhood provides traders with a modern custom platform that can be accessed through a browser-based web application. If you would rather see a MT4 brokers, or MT5 brokers you can do so here.

Robinhood also offer mobile apps for Android and iOS trading apps help you stay on top of your trades and execute them on the go.

See Robinhood's platforms

Is the Robinhood Trading Platform Secure?

You should take the security of your personal information seriously and check SSL encryption is enabled on the Robinhood trading platform to protect you on PC and mobile Robinhood platforms. To further enhance security, we encourage traders to always look for the lock sign on their browser when using Robinhood web trading platforms.

Robinhood Trading Platform Options

Robinhood does not offer the MetaTrader 4 (MT4), MetaTrader 5 (MT5) or cTrader trading platforms.

Robinhood offers its custom trading platform developed and tested in-house. The Robinhood trading platform allows traders to track their portfolios and the current markets, locate trade ideas and place trades.

The Robinhood platform allows traders to filter the financial marketplace for trade opportunities that match criteria.

With Robinhood, you can examine opportunities with actionable research and stock evaluations. Get streaming real-time information on the Robinhood platform, including news and quotes. Discover possible trades with the strong charting tools found with Robinhood. Robinhood is available as downloadable applications or online through the cloud. Monitor your orders with Robinhood and receive breaking news in your positions.

Robinhood Trading benefits

• Robinhood Allows hedging
• Robinhood Offers STP
• Robinhood Low min deposit
• Robinhood Offers Negative Balance Protection

Robinhood Trading Accounts Offered

Below we give an overview of the account types that Robinhood offer. Whatever you are looking to trade, the varying Robinhood account types will be able to provide you with what you need.

• Robinhood Demo account
• Robinhood STP account

Can I try Robinhood?

Robinhood provides a demo account that enables individuals to explore trading before investing their funds. By creating a Robinhood practice account, users can gain experience and knowledge of how to trade effectively. Demo trading accounts like the Robinhood demo account can help individuals to make informed decisions before investing their money.

Open a demo Robinhood account to practice and trade.

Your capital is at risk

Robinhood withdrawal and funding methods

It's essential to remember that the payment methods provided by Robinhood vary based on the Robinhood entity and the Robinhood client's country of residence. To view the Robinhood payment options available, you can log into your Robinhood member's area.

Robinhood offers various funding payment methods listed in your Robinhood dashboard if available in your region. To learn more about the Robinhood funding and withdrawal options available in your area, you can explore the Robinhood website.

Robinhood provides several payment methods for funding your Robinhood account. You may utilize any of these deposit options if they are available in your region. Robinhood ensures that users have multiple payment methods to choose from, making it more convenient for verified Robinhood account holders to add funds to their accounts. However, it's important to note that the availability of payment methods may vary depending on the Robinhood user's location. learn more about Robinhood funding and withdrawal methods.

Robinhood Payment Methods

Some Robinhood payment methods are local and are available only to specific regions. Robinhood account holders should check which payment methods are provided in your region.

• Robinhood accepts Credit cards
• Robinhood accepts Bank Transfer
• Robinhood accepts PayPal
• Robinhood accepts Debit cards

How can I start trading with Robinhood?

To open a trading account with Robinhood, individuals can sign up on the Robinhood website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts.

The next step involves submitting identification documents for Robinhood account validation and making a deposit. Once completed, Robinhood users can download the trading platform of their choice.

It's important to note that Robinhood requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps Robinhood maintain a trustworthy financial environment for its 10,000,000 users. Detailed information on the Robinhood trading platforms is available on their website.

Your capital is at risk

Performing trades with Robinhood

When using Robinhood, the minimum trade size is typically varies units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. The maximum trade requirements on eToro can vary depending on the specific trader and instrument being traded. With STP execution on the Robinhood platform, traders can anticipate tighter spreads and greater transparency when it comes to trade pricing.

Like other brokers, Robinhood margin requirements can differ depending on the traded instrument.

Limiting Your Risk When Trading with Robinhood Negative Balance Protection

Negative balance protection is important for traders using leverage on platforms like Robinhood. In an unfavourable market move, leverage can result in a loss that exceeds the trader's account balance, leaving them with a negative account balance. If a Robinhood trading position does not go in your favour, this is where negative balance protection comes in handy.

Brokers regulated by the Financial Conduct Authority (FCA) must offer negative balance protection as a standard feature. With negative balance protection, Robinhood trading losses are always limited to the current balance of funds in the trader's account.

Even if an Robinhood trader experiences a significant loss, they will never owe more money than what is available in their Robinhood account balance.

It's important for Robinhood traders to understand the potential risks of trading with leverage and to take advantage of features like negative balance protection to mitigate those risks. By doing so, traders can trade with peace of mind, knowing that Robinhood losses are limited to the funds available in your Robinhood account when negative balance protection is in place.

Education Resources at Robinhood

To trade effectively with Robinhood, it's important to have a good understanding of the Robinhood trading tools and the markets. Make sure you make full use of all education tools. Including educational tools with Robinhood and externally.

Robinhood . It's essential to take the time to learn about the financial markets and understand how they move before diving into trading with Robinhood. Familiarizing yourself with the Robinhood trading platform is crucial to use it effectively.

While learning, you can also use global trading times to practice making live buy or sell trades using Robinhood. This hands-on experience can help you gain confidence and become more comfortable with trading.

Furthermore, learning how to mitigate and manage investment risk is crucial. Trading with Robinhood involves developing a strategy considering risk management techniques such as stop-loss orders, diversification, and position sizing. By effectively managing risk, you can increase your chances of success in the markets.

Learning about the financial markets, trading platforms like Robinhood, and risk management techniques can help you become a more confident and successful trader.

Take an analytical approach to trading with Robinhood. Explore the Robinhood platform and train yourself to think systematically and logically about the markets.

While it may be a new skill set for some, it is what the market requires for success. Developing your trading skills with Robinhood, before live trading.

Customer Support at Robinhood

As part of our Robinhood review, we review customer service options, response times and problem resolution effectiveness on the Robinhood trading platform. The Robinhood trading platform supports multiple languages, which includes English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, РУССКИЙ, Romana, Turkce, العربية, 中文.

Robinhood Available Support Types

Based on our experience, we have given Robinhood a D grade for customer support. We encountered some slow response times or Robinhood queries that were left unanswered.

Compared to other brokers, Robinhood offers fewer customer support features. They do not provide live chat support, and their phone and email support can also be slow.

email support and supports a limited amount of Languages. Live chat support supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at Robinhood

Our team tested the live chat support of Robinhood and found it to be satisfactory. While we received a response within 25 minutes on most occasions, there were instances where we did not receive a response at all.

In addition, we tested Robinhood support services in various countries and languages and found that Robinhood were able to effectively resolve our customer issues.

Email Support at Robinhood

We tested the email support of Robinhood by sending 25 emails simultaneously, and our experience was mixed. While the answer times were generally excellent, with the fastest response being 3 hours, the slowest response was 6 days. We also encountered some instances where we did not receive any Robinhood response.

The Robinhood team did resolve and answer our queries, but the email support from Robinhood was overall average compared to other brokers we have tested.

Phone Support at Robinhood

We contacted Robinhood via phone and received quick assistance within 10 minutes of our call.

The Robinhood phone support team proved to be helpful and able to resolve our queries and issues over the phone. We also tested the multilingual support provided by Robinhood and found that they could assist us in various languages.

While we found the Robinhood phone support satisfactory, there is room for improvement in response time.

See how Robinhood Support Compares Against Other Brokers

What you will need to open an account with Robinhood

As Robinhood is regulated by Financial Conduct Authority (FCA), Financial Supervision Commission (FSC).

As a new client of Robinhood, you will be required to pass a few basic compliance checks to ensure that you fully understand the risks involved in trading and are permitted to trade with Robinhood in your region. During the Robinhood account opening process, you will be asked to provide Robinhood with certain documents, including a scanned copy of your passport, driving license or national ID, as well as a utility bill or bank statement from the past three months to verify your address.

When registering with Robinhood have the following documents available.

• Robinhood require a scanned colour copy of your passport, driver's license or national ID card.
• A recent utility bill or bank statement that confirms your residential address for Robinhood compliance. This must be dated within the last six months.
• If you plan to fund your Robinhood account using a credit or debit card, you will need to provide a scanned copy of the front and back of your card. You can mask any sensitive information like the CVV code on the Robinhood platform.

It's worth noting that the expiration date of the proof of address document may differ for different entities under Robinhood Brand. Additionally, you will need to answer some basic compliance questions to confirm your level of trading experience. This process usually takes around 5 minutes, and once you've passed compliance, you can start exploring Robinhood's platform.

However, remember that you won't be able to make trades on Robinhood until you have passed compliance, which may take several days, depending on your circumstances. It's essential to complete the Robinhood KYC compliance process as soon as possible to avoid any delays in accessing the Robinhood platform's features.

It is important to note that Robinhood may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the Robinhood platform and features immediately. However, you must pass the verification process to start live trading with Robinhood, which can take up to a few business days.

To start the process of opening an account with Robinhood you can visit the Robinhood trading platform here.
Your capital is at risk
You should consider whether you can afford to take the high risk of losing your money.

CFDs are leveraged products and can result in significant losses, excess of your invested capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered investment advice. All information collected from https://www.robinhood.com/ on April 13, 2024.

Watch this Robinhood Explainer Video

Robinhood review written by Andrew Blumer and Mark Hansen