Robinhood Review: Is it the Best Cryptocurrency Trading Platform?
Here’s what you should expect!
Ever thought of being a young billionaire? If yes, then you’ve probably thought of stock trading, commodities, and cryptocurrencies. If you’re currently thinking of signing up on a trading platform, you’re on the right track. This blog will give you a full review of Robinhood, one of the most popular platforms for cryptocurrency trading.
Read on and learn more about Robinhood’s features, benefits, offerings, and fees.
Robinhood is famous for pioneering free trading, perfect for those with a minimal budget. Robinhood is a free-trading app that allows you to invest in trade stocks, options, exchange-traded funds, and Cryptocurrency without being burdened by commission charges. It boasts a platform that’s streamlined for better performance and is user-friendly. Many traders prefer this Robinhood because trading costs are meager as compared to others. It doesn’t have a minimum threshold for Cryptocurrency, so you can start trading in small quantities right away.
What to love about Robinhood
Robinhood’s best known for these things: mobile trading, no minimum account, cryptocurrency trading, and free trading. If you’re looking for a trading platform with these qualities, then Robinhood is a perfect choice.
Aside from these things, what can people expect from Robinhood?
Robinhood is the pioneer in this field. They’re the ones that introduced free trading, which is best if you’re an investor like me who values every dollar. With Robinhood, you don’t have to settle with trading platforms that charge hefty fees from getting started up until transferring money – to be frank; it sometimes feels that the gains do not make up for the fees of other platforms. The good thing is that this isn’t the case with Robinhood.
While many trading platforms now offer free trading, it’s always handy to know that Robinhood started it. Thus, you can be sure that they know what they’re doing, and not just following other companies’ business models.
Quick Trading with No Minimum Account
Robinhood focuses on allowing more people to invest, even those who aren’t that wealthy. That is exactly why you can expect lenient protocols in terms of funding and fees. Aside from offering free trading, Robinhood allows its users to start trading with no minimum fund required. It’s extremely friendly to investors, especially if you’re still a beginner. Also, its funding takes a lot faster than others, making it easy for you to start investing right away.
As mentioned earlier, funding with Robinhood is executed almost instantly. Robinhood has instant verification with significant banks, allowing users to fund in easily. Robinhood allows its users to fund their accounts via bank transfers for up to $1000, transferred in real-time. For bigger amounts, you’ll have to wait for up to five days to process. You can set up instant funding for your account, depending on your preference - you can choose from a weekly, biweekly, monthly, or quarterly schedule.
If you’re a young investor, the chances are high that you prefer to use a smartphone when trading. Luckily, Robinhood has a smart app with a seamless interface, which provides you with a hassle-free experience. Robinhood’s mobile and web platforms are well-designed that allows you to set up and fund your account in a few clicks.
The thing that users like about the platform is its simple interface; it doesn’t overwhelm you with tons of information at once but is good enough to help you execute trades. Plus, its mobile trading platform allows for customization alerts and has many cool features, including news fees, charts, and reporting.
Aligned with its proposition to make trading accessible for many people, Robinhood allows you to trade cryptocurrencies in small quantities. This feature is not present in most trading platforms, as many require a minimum amount. Also, Robinhood has a variety of stack for Cryptocurrency, including Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ethereum Classic (ETC), Dogecoin (DOGE), and Litecoin (LTC). One unique feature of Robinhood is that it allows you to trade cryptocurrencies, equities, and options in the same account.
Like other trading services, including Charles Schwab, Robinhood offers fractional shares. This feature allows you to have your piece of the pie without breaking the bank. This offering allows you to buy a portion of a share for shares, which cost hundreds of dollars each. If you’re keen on having a diversified portfolio, then this is perfect for you.
Looking for Margin Trading? Robinhood allows you to trade on margin or borrowed money. If you’re an experienced trader and prefer this kind of trading, you can sign up for Robinhood Gold for $5 per month.
Wide Range of Assets
If you think Robinhood offers a limited array of assets because of its measly rates, you’re mistaken. Robinhood offers a wide range of assets, including:
- Cryptocurrency: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ethereum Classic (ETC), Dogecoin (DOGE), and Litecoin (LTC)
- Stocks: Long only. No short selling and penny stocks
- Simple and multi-leg options
- Fractional share trading in nearly 7,000 stocks and ETFs
- Margin Trading
To expand its services, Robinhood launched its cash management account that pays 0.30%. It comes with a debit card that can be used in over 75,000 ATMs worldwide. The account is also secured with up to $1.25-million of FDIC insurance, and of course, you can expect the backing it has with big financial institutions.
How should we describe the fees of Robinhood? One word – FREE. Robinhood doesn’t require any payment before joining, so you can start anytime free of charge.
However, these are some of the charges that you will come across as you use the service:
- All Equity Trades: $0 / FREE
- Stock Trading: $0
- Options Trades: $0
- Minimum Account: $0 for Brokerage account & $2000 for Robinhood Gold account
- Account Transfer Fee: $75
- No annual, inactivity or ACH transfer fees: $0
Do we recommend Robinhood?
If you’re right about your budget and are keen on not spending on any kind of unnecessary fees, then Robinhood is undoubtedly the way to go. Robinhood offers a sure way to jumpstart your investment portfolio. Whether you’re a beginner or a seasoned trader, you’ll indeed find good value with Robinhood’s platform.
Overall, Robinhood will equip you with all the tools needed to give you a good start in investing. With its seamless interface, commission-free trading, and wide-range of assets, it will surely make trading easier. Plus, it’s free!
What do you think of Robinhood? Let us know in the comment section below!
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