Robinhood is a free app that brokers in trading stocks, ETF, Exchange Traded Funds without paying any commissions earlier, during the very first start of the app, Robinhood was the one and the only broker that offered free trades but nowadays there are many more online brokers that offer the same. Therefore Robinhood found other ways to stand out. Robinhood orders both mobile and web trading which is best suited for mobile users and new investors. This app is especially popular among young investors that are new to this market.
Now, we are going to discuss the reason of the app's huge popularity.
Why Is Robinhood App Popular?
Requires Zero Balance To Open A New Account
The low fees and zero balance requirement to open a new account in Robinhood app are attractive for new investors. It is said that Robinhood's claim to fame is that they offer free commissions for stocks and other options which is best suited for newcomers you are willing to invest and trade in small quantities.
Suitable For Newcomers
Robinhood app has, by and large, a simple website and all of which is very easy to use. Then again zero commissions claim appeals to extremely cost-conscious new investors who trade in small quantities. This app refrains from publishing their trading statistics as other online brokers do. So, it is comparatively tough to compare their payment for order this statistics to all the other brokers. But this is not a huge issue to be investors who are probably trading a single share or a fraction of a share. Robinhood app has by and large, a simple website and all which is very easy to use.
Then again zero commissions claim appeals to extremely cost conscious new investors who trade in small quantities. This app refrains from publishing their trading statistics as other online brokers do. So, it is comparatively tough to compare their payment for order this statistics to all the other brokers. But this is not a huge issue to be investors who are probably trading a single share or a fraction of a share.
Robinhood Gold
In September 2016, Robinhood App launched Robinhood Gold. This is a premium subscription plan in which a special attraction is, in instant deposits, this plan offers up to dollar 50,000 . This also applies to margin trading and other market analytics. Customers have to pay at least for five every month as a subscription for Robinhood Gold. They can trade on margin and access search in here. Fire example morning star reports on high volume stocks The Gold service is free for thirty days for Robinhood users.
Cryptocurrency Currency Trading
Robinhood announced a waitlist for crypto currency trading which was commission free on January 25, 2018. Surprisingly, the waitlist was grown to more than 1,250,000 by the end of the first day. After that, Robinhood started offering trading of Bitcoin and Ethereum to users in Massachusetts, Montana, Missouri and California in February 2018. It's trading platform was expanded to New Mexico and Wisconsin in May 2018. And through the app it can now be accessed almost everywhere.