Commission-free investing, plus the tools you need to put your money in motion. Sign up and get your first stock for free. Certain limitations and fees apply”. -Robinhood
*Referral links contained in this post.
I recently wrote a small review on the Acorns app which allows people to start investing with as little as five dollars. Although I love Acorns, it was something I obtained and signed up for on my own. In February of 2021, I was given the gift of Robinhood for Valentine’s day. I will not lie when I tell you this was the best gift I’d ever gotten for any holiday. For me it’s the gift that keeps on giving. Anyhow, as soon as could I logged in and within 2 days I was stuck. I read and studied about investing and really took the time to learn as much as I could. The best part, it was something I was teaching myself, in my own time, at my own pace. I felt at peace, I didn’t feel scammed or taken by a stranger. I didn’t receive a phone call or get a knock at the door. My point is that at the end of the day no one sold it to me, it sells itself.
Find out more about Robinhood and the Pros & Cons below. Click the link if you are interested in signing up and you will get free stock once you set up your account.
WHAT IS ROBINHOOD?
Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California, known for pioneering commission-free trades of stocks, exchange-traded funds and cryptocurrencies via a mobile app introduced in March 2015. Wikipedia
PROS
User friendly App
I was intimidated but I didn’t let that stop me. As soon as I got started was able to adapt quickly and became comfortable with using the app.
IPO
This is an exciting feature that allows you to take part in a new company in what is called the Initial Public Offering. It was added fairly recently in 2021.
No Minimum Requirement
The best part. We had just bought our house and used all our savings. Starting out small was best for me because I had no clue what I was doing, and I wasn’t willing to lose a lot of money.
CONS
No mutual funds bonds or retirement accounts
This is where Acorns comes in for myself. As an Entrepreneur who is self employed I need to feel secure with my long-term financial planning.
ACAT Fee
If you decide you’re not happy with the app, and you want to transfer your your investments to another broker there is a fee to do so.
Lawsuits
After doing research for this post, I came across a few lawsuits from 2020 and 2021. It is your responsibility to do your research as well and decide if Robinhood is right for you.
Do you have Robinhood? Do you invest? How did you start investing? Comment below and tell us how you began your financial planning journey.
Ready to get started? Take the next step and join Robinhood with my link: https://join.robinhood.com/albertl-80e997
Style. Elegance. Sophistication. 