Robbinhood App
This post concerns trading stocks on a virtual platform. Specifically, it discusses the free Robin Hood App. What is so unique about this app is that for most investments concerning stock, the trades are absolutely free. What this means is for each trade, you don’t have to pay a fee of $5 -$10 for making the trade. If you buy for 10$ and sell for $12, you have gained $2. Its great for newbies and even experienced traders to get their portfolio rolling. Here, I will outline some of the key features and share my experiences with you.
- Free. I can’t say this enough. The app is free, and the trades are free. If you’re trading basic stocks like Ford, Amazon, PayPal etc. and you’re not using the Robinhood app, you need to switch now!! For foreign accounts there are fees and if you do wires, there are fees. Other than that, this app is totally free.
- Interface: The interface is very user friendly. Just download the app, set up your account and your good to go. With the Robinhood app, you can search for the stock you want, see past performance, and real time stock price. It will give you the percent change, the changes for up to the past 5 years and display that in a chart, it will also show your holdings. If you want to do it on a computer, you have to sign up until they make it accessible. Currently, it is only for phones.
- Free Stocks: If you refer friends, you can get a free stock and they get a free stock. If you don’t know anyone to refer you, you can use this like and get a free stock. This will let you pick one of three question mark papers. When you pick one, scratch it to reveal your stock. Them you are the proud owner of that stock clear and free. You can sell it 3 days after you receive it.
- Smart watch compatible: This app is compatible with Apple Watch and other smart watch devices. I use this myself and it is very handy. Instead of pulling out my phone, I can look at my watch to see how my portfolio is doing. It will also give you the run down of current stock prices and changes.
To download this app, go to your phones App Store and type in Robinhood. It should be the app with a feather. It looks like the one above. Alternatively, you can click this link and receive a free stock for being referred.
I wanted to share with you my first experience with the Robinhood app. (Please note, the results are not typical on a daily basis). I placed a trade for one share of twitter around 2pm for $26.36 a share. This was the day before earnings. The following day around 11, I sold the share for $31.74. This was about a 20% gain in just under a 24 hour period. Sure, the amount wasn’t much, but the principle is, how long would it take for your bank to pay you 20%? Let’s say that you only made 2 or 3% it is still better than savings accounts. Why is this important? Because with the Robinhood app, I made the trade for free. Had I used another brokerage for one trade like that, it would have cost me at least $5, therefore only yielding me a dollar (about 4%). Even with a substantial gain like 20%, fees would eat up your profit on other platforms. This gives you the luxury to earn money on stocks in small amounts and for low costs. This truly levels the field and allows anyone to begin investing in the stock market.