First and foremost, this is in no way financial advice. Do not take it as financial advice. I ain’t no expert on trading or anything like that.
Is the Robinhood app/platform legit? Can you make money with it and do I recommend it? First, I am a real Robinhood user and I’ve been using the app since mid-August 2018, give or take. Here’s my review and what my experience has been like using the app.
What Is Robinhood
It’s an investing app that’s available to those in America. From my understanding, Robinhood has plans to expand. The last I knew of, they were in the process of getting approved to operate in Australia. Not sure if they are trying to go international elsewhere.
With the app, you can invest and trade stocks, ETFs and options. You can even trade cryptocurrencies, but only in select states in America.
Signing Up For Robinhood
Signing up for Robinhood was incredibly easy for me. I provided them with basic info about myself: name, bank info etc. . . . And then I was good to go. I can’t remember how long the entire process (from signup to conducting my first trade) took, but it was surprisingly fast, that I do remember. I think it actually took a few hours to get everything going.
Honestly, there are a lot of things I like about Robinhood. The top things are:
. Easy To Use- For starters, Robinhood is easy to use. As soon as I started, I quickly got the hang of things and even now I’m still learning quite a bit about trading stocks and cryptocurrencies. But, I do try to learn on my own, so I don’t solely rely on the app to teach me everything. It is a trading app after-all, not an app that provides you with full-blown training for trading.
. Beginner Friendly- The app is beginner friendly. Correct me if I’m wrong, but I believe it was developed with complete newbies in mind. I’m surprised at how newbie-friendly the app is.
. Day Trade Cryptos- One of the main reasons I joined Robinhood is because I wanted to trade cryptocurrencies. The platform allows users in select states (at the time of this writing) to buy and sell cryptos. You can trade select cryptocurrencies all day long if you wanted to.
WARNING: Trading cryptocurrencies is risky and is a quick way to lose your money if you’re not careful!!!!
. No Commission- As of the time of this writing, the platform doesn’t charge commissions on stock trades.
As I’ve said, there’re many things I like about Robinhood. Those are only a handful.
Finding something I don’t like about the app is hard. If I had to choose, I would say:
. It’s Not A Wallet- You can buy and sell a few cryptocurrencies, but you don’t actually store them. Robinhood is not a wallet, so you don’t store your coins in them. You can simply trade them within the Robinhood platform.
. Six Cryptos- Only six cryptocurrencies can be traded. This includes Bitcoin, Litecoin, Dogecoin, Ethereum, Ethereum Classic and Bitcoin Cash.
However: I strongly suspect that one day Robinhood (on the crypto side of things) will become a bit more like a digital wallet. I also think more cryptocurrencies will be added to the platform. Only time will tell, but if they were to do that, then there’d be a lot of happy people.
Do I Recommend It
I absolutely recommend it. I can 100% say Robinhood is legit, newbie friendly and is easy to use. However, I recommend using it only if you actually have money to lose. Do not signup for an account there, or any trading platform for that matter, if you just want to get rich fast. Personally, I would consider any money put on the market as gone, lost, bye bye. . . . You get the picture.
Only invest if you can realistically afford it.
My Overall Experience
In short, my experience with Robinhood has been very pleasant. Better than expected I must say. I plan on using it for a very longtime to come!
Also, I do want to point out that the few times I’ve had to contact their customer support team; I’ve received a prompt reply. I give their customer service a 10 out of 10, easily.
If you decide to use the platform, there are a few tips I’d like to give:
1. Don’t Start Off Big- I can’t stress this enough, don’t start off with a large sum of money. If you’re completely new to trading, only start off with a small amount. I personally recommend $100 or less. The goal is to practice and learn.
2. Practice & Learn- As previously mentioned, you want to practice and learn. Although you will have a small account, it gives you the chance to practice and perfect your trading game before deciding whether or not to go bigger.
Make sure to learn as much as you can about trading. Heck, even if you can set aside 30 minutes per day or a few days per week to learn about trading, just do it.
3. Don’t Focus On Specific Monetary Gains- If you’re new to trading, then your goal is to learn how to trade. You want to learn what moves the markets, how to read charts and all that other stuff. Instead of focusing right off the bat on trying to make a certain amount of money daily or weekly or whatever, focus on learning how to trade.
I’m a huge fan of the Robinhood app. I can confidently say that the Robinhood app is 100% legit. I’m actually surprised at how easy it is to use and how easy it was to start an account with them. If you live in an area that Robinhood serves, I recommend giving them a try, but do keep the previously discussed tips in mind.
It’s up to you whether or not you should give Robinhood a try. Once again do not take anything I have said as financial or investment advice. I am completely new with this whole trading stuff.