Finance

Robinhood Review | Features, Fees, Specifications, and More

Is Robinhood worth your time and money? Check out our expert Robinhood review to get a full scoop on the app’s features and functionality!

Updated on July 17, 2024
Robinhood Review | Features, Fees, Specifications, and More

A powerful and reliable trading platform can benefit both beginners and experienced investors. With the rise in automated trading platforms, having the right tools for trading is extremely important. Robinhood is one such platform that helps users navigate through the complexities of financial markets. It offers an accessible platform for trading stocks, ETFs, options, cryptocurrencies, and more. 

Robinhood is an exceptional trading platform that lets users trade without paying the traditional commission fees. With its intuitive features, the app benefits both experienced and novice users, making the market more inclusive. 

So why exactly does Robinhood matter? The Robinhood trading platform democratizes finance by offering a reliable platform for investors. This detailed Robinhood review explains the features, user experiences, and overall performance of the Robinhood trading app. Let’s explore if this is the right investment tool in 2024 or not?

robinhood crypto review

Introducing the Future of Online Investing: Robinhood

Robinhood stock trading application is an exceptional mobile app that enables seamless stock share trading and investment. The Robinhood app eliminates the commission fee for investment and offers an easy and simple way to trade your stocks on the go to make a profit. The app lets you invest in options, stocks, and more at your own pace. 

The Robinhood trading app has collective options to manage your share stocks without needing a mediator. This saves you from wasting hundreds of dollars on the commission fee. It is one of the best stock market apps that also offers the latest update to the stock market every second to keep you updated so you don't miss out on any golden opportunity. Furthermore, the app does not charge any additional fees for making investments.

“We can be really proud of not just creating a world where our own customers don't pay commissions, but customers of other brokerages have benefited as well.”

-  Vlad Tenev, Robinhood's co-CEO

Robinhood for beginners offers an intuitive interface that simplifies the investment process, making it accessible for those new to stock trading. Along with easy trading options, Robinhood secures private information for all users with its robust safety features. The app empowers you to become a better investor in the most effective manner possible. Join a new generation of investors and simplify trading without any commission!

Also Read: The Best Budgeting Apps to Manage Your Expenses and Savings!

Why Invest with Robinhood | Standout Features of the App

Robinhood investing app is the best stock trading platform that democratizes investments. The platform offers advanced tools to support modern-day trading. The app is packed with a range of features. Let’s discuss them in detail.

robinhood investing

1. Supports Commission-Free Trading 

Robinhood allows users to trade without any additional charges or fees. This app lets you trade stocks, ETFs, options, and more without a commission fee. Additionally, with this best crypto trading app, users can also trade different types of cryptocurrencies for free. A commission-free trading ensures better inclusivity in the financial market. 

2. Enables Investments in Fractional Shares

With Robinhood, users can invest easily in fractional or small amounts. The platform empowers users to trade and invest at their own convenience and pace. It is considered the best stock trading app for beginners, as it lets you invest with as little as $1.

3. Intuitive Interface and Controls 

Robinhood is considered the best free trading app for beginners, as it offers a user-friendly interface. Its intuitive interface is especially helpful for users who have no prior experience in trading or investments. Additionally, the app offers instant deposits and quick access to funds. 

4. Additional Educational Resources

Along with commission-free trading options. Robinhood offers a range of educational resources for users. The platform is packed with multiple articles, tutorials, and other resources to help new investors. It offers knowledge about the basics of trading and updates on the latest market trends and share prices. Apart from this, the platform offers real-time market data, news, and customizable alerts for all users. 

5. Ensures Security and Reliability 

Robinhood is among the best stock trading apps that secures users’ investments and other sensitive information through its robust security measures. The platform protects the accounts from unauthorized access and misuse. With multi-factor authentication and customer support, this app is completely reliable for all investments. 

Weighing the Pros and Cons of Robinhood

Pros of Robinhood Cons of Robinhood
Offers commission-free trading. Possible outages and service disruptions.
Intuitive and user-friendly interface. Does not offer access to mutual funds or bonds.
Offers easy mobile and web accessibility. Compared to traditional brokers, Robinhood offers fewer research tools.
Helps users with detailed educational resources and blogs.  

Understanding the Pricing for Robinhood Stock Trading App

Robinhood is an exceptional brokerage platform that eliminates commission on stock and options trading. The detailed pricing structure for this platform is discussed below -

S.No Service Cost with Robinhood Gold Cost without Robinhood Gold
1. Trade Commission 0.00% 0.00%
2. Margin account interest rate 8.00% 12.00%
3. Gold subscription for 30 days $6.99 NA
4. Gold subscription for a year $75.00 NA

Robinhood Fees for Different Features

Features of the App Fees
Returned check, IRA rollover $25
Bank transfer Upto 1.75%
Paper statements $2
Paper trade commissions $2
Outgoing wire transfer $25

Additional Charges

  • Robinhood Trading Fees: does not charge any additional trading commission
  • Robinhood Withdrawal Fees: does not charge any withdrawal fees from users
  • Robinhood Crypto Fees: one of the few best crypto apps that does not charge a commission for crypto trading

*The Robinhood brokerage account can easily be used without any additional or hidden fees. 

Robinhood Review from MobileAppDaily

Robinhood crypto trading app is a revolutionary, commission-free platform for investors. The platform is intuitive and accessible to a broad spectrum of users. This brokerage app provides an easy entry point for new investors while still offering enough depth to satisfy experienced traders. Our experts at MobileAppDaily liked the platform for its most prominent feature, which is zero-commission trading. 

This platform has democratized investing, making it more accessible to those who may have been deterred by traditional brokerage fees. Additionally, the platform offers margin trading through its Robinhood Gold subscription. The Robinhood business account provides users with increased buying power and access to professional research reports from Morningstar. 

The Robinhood crypto trading app also stands out with its fractional shares option, enabling users to invest in high-priced stocks by purchasing smaller portions of shares. 

Beyond these primary features, Robinhood also provides a range of tools designed to enhance the trading experience. It helps users manage their portfolios and is thus considered one of the best stock portfolio tracker apps. The app offers real-time market data, customizable news feeds, and notifications that keep users updated on market movements and important events. 

Despite some criticisms related to customer support and occasional technical outages, Robinhood's continuous improvements and innovative features have made it a popular choice for both novice and seasoned investors looking for a flexible and cost-effective trading solution.

MobileAppDaily Ratings

Features - 4.8
Navigation - 4.8
UI - 4.9
Security - 4.9

What do the Users Say About Robinhood?

Robinhood app reviews on the App Store and Google Play Store are filled with praise for the app’s interface, trading options, and more. Some of the top Robinhood reviews are mentioned below - 

“Robinhood is very easy to trade on. The charts are easy to read. The review before trade is one of the best features for me. The small upgrades to trading are awesome. Basically, Robinhood doesn't overflow you with candles, charts, and numbers. The only major knock on the app is that you can't set a stop-loss and take-profit before making a trade. Unlike other trading apps.”

-  Robinhood App Review on Google Play Store

“A very well-made app for new investors. The UI could do with exposing more information more easily (maybe with an "Advanced" toggle?), but it definitely accomplishes its main goal of streamlining information and trading.”

-  Robinhood App Review on Google Play Store

“This app has decent support and teaching functions, enabling users to learn easily. Occasionally, there are lags in service that get majorly frustrating when trying to make big transactions quickly. Overall best app that I have used for stocks and options so far!”

-  Robinhood App Review on Google Play Store

Tech Specifications of the Robinhood 

1. OS iOS - 15.0 or later
Android - 7.0 and up
2. Rating iOS - 4.2
Android - 4.2
3. Size iOS - 435.7 MB
Android - 201.5 MB
4. Last Updated iOS - June 2024
Android - June 2024
5. Version iOS - 2024.25.0
Android - 2024.24.2
6. Category iOS - Finance
Android - Finance

How to Use the Robinhood Trading App?

Robinhood simplifies the process of stock trading and investments. With this platform, you can trade fractionally, as per your preferences. Some important requirements to use this stock trading app include the following:

  • Valid social number
  • A legal US residential address
  • Be a permanent citizen of the US or hold a visa
  • Minimum age requirement

Trading Options with Robinhood

The option trading access is only given to investors who are able to meet certain standards. The investors are evaluated based on their capacity to handle the risk of their investments. To begin with option trading, you must get an option account set up and enough funds. The next steps are as follows:

Step 1: Search for the ETF or stock that you wish to trade.
Step 2: Finalize and select the trading option.
Step 3: Choose ‘trade’ on the detail page for the security.
Step 4: Tap the ‘trade options’ button.

Robinhood’s Premium Membership: The Gold Access

Robinhood Gold is an exclusive premium subscription that offers enhanced features and functionalities for its subscribers. As per Robinhood gold reviews, this premium access is extremely beneficial. Some of the unique benefits and features offered by Robinhood Gold include the following:

  • Allows users to borrow money for trading
  • Access to a detailed research report from Morningstar
  • Offers advanced marketing data from Nasdaq
  • Higher instant deposit limits
  • Access to aggregated analyst ratings and opinions 

Final Verdict!

By the end of this Robinhood review, it is clear that this app has made a significant impact on the world of online trading. It provides a cost-effective, user-friendly platform for investors. Its zero-commission trading, innovative features, and the added benefit of cash management set it apart in a crowded market. While there are areas for improvement, particularly in customer support and technical reliability, the app's commitment to democratizing finance ensures it remains a strong contender in the brokerage industry. 

Robinhood's blend of accessibility, comprehensive tools, and educational resources makes it a compelling choice for anyone looking to navigate the financial markets with ease and efficiency.

Lastly, if you are an app owner and wish to get your product reviewed, contact us at MobileAppDaily. Our expert reviews and ratings will help your app grow and reach the potential audience. Until then, continue to explore MobileAppDaily for more app reviews, current news, and the latest updates in the world of mobile apps and technology. 

General FAQ

  • How do you withdraw money from Robinhood?
  • Is Robinhood secure?
  • How does Robinhood make money?
  • What account types can I open in Robinhood?
  • How old do you have to be to use Robinhood?
  • How do you open a Robinhood account?
  • How do you close a Robinhood account?
  • What are good alternatives to Robinhood?
  • How do I transfer my stocks to/from Robinhood?
MobileAppDaily Team
Written By MobileAppDaily Team

MobileAppDaily host a team of experienced technical writers, industry wizards, and app experts who have an exact knack of content that caters to the needs of the mobile app targeted audience. We strive to bring you the best of tech!

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