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Robinhood Review

Last Updated on January 31, 2024

James Headshot
Written by
Adam Headshot
Edited by
Robinhood logo
2.82
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit Robinhood

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

With its claim to fame as a pioneer of commission-free trading, Robinhood stands out among online brokers as a platform that has significantly lowered the barrier of entry to the stock market and beyond. Its focus on a hassle-free user experience, combined with a diverse range of offerings, positions it as a noteworthy choice for investors navigating the ever-evolving landscape of financial trading.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • User-friendly interface
  • Commission-free trades
  • Instant access to funds up to $1,000
  • No minimum account balance required
  • Access to both crypto and stock trading within the same platform

Cons

  • Limited selection of cryptocurrencies
  • No wallet functionality; cannot transfer crypto assets to external wallets
  • Lack of advanced trading features
  • No support for margin trading
  • Potential for platform outages during high-volume periods

Quick Summary

Headquarters Location Menlo Park, California, USA
Fiat Currencies Supported USD
Total Supported Cryptocurrencies 15+
Trading Fees 0%
Deposit Methods Bank Transfer, Debit Card, Cryptocurrency
Support Twitter, Live Chat, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

Robinhood is a name that has become synonymous with the democratisation of trading for the everyday person. At its core, Robinhood aims to make financial markets more accessible to the average investor, a mission that’s resonated with many since its inception.

Robinhood homepage

Robinhood’s rise as a popular trading platform has been remarkable, disrupting traditional finance by providing an easy gateway for many to participate in the stock market. Its emphasis on accessibility has been a game-changer, especially for those who previously found the financial world intimidating or exclusive.

The platform’s ability to continuously adapt to the needs of today’s investors has been crucial to maintaining its relevance in a rapidly changing market landscape.

About Robinhood

Founded by Vladimir Tenev and Baiju Bhatt, Robinhood stormed onto the scene with a user-friendly interface and a promise of commission-free trades. This fintech company has expanded its offerings to include not just stocks and ETFs, but also options and cryptocurrency trading, appealing to a wide range of investors from beginners to more experienced market participants.

Throughout its history, Robinhood has often been at the forefront of significant shifts within the financial sector. The move towards tech-driven solutions has seen Robinhood not only keep pace but often lead the charge among online brokers.

Robinhood features

By leveraging technology to simplify trading, the company has managed to appeal to a new generation of traders, contributing to the broader acceptance and integration of financial technology in personal investing. As markets evolve, Robinhood’s agile approach positions it well to navigate future trends and to continue to serve as a bridge between technology and finance.

Robinhood has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, TikTok and YouTube.

Robinhood has a mobile app on both the Apple App Store and Google Play.

Robinhood Supported Cryptocurrencies

Robinhood supports trading on over 15 cryptocurrencies on their platform. This exchange currently supports 11 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • XRP (XRP)
  • USDC (USDC)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)
  • Shiba Inu (SHIB)
  • Chainlink (LINK)
  • TRON (TRX)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • Bitcoin Cash (BCH)
  • Toncoin (TON)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • Internet Computer (ICP)
  • Dai (DAI)
  • Ethereum Classic (ETC)
  • Filecoin (FIL)
  • Cosmos (ATOM)
  • Immutable (IMX)
  • NEAR Protocol (NEAR)
  • UNUS SED LEO (LEO)
  • Aptos (APT)
  • Stacks (STX)
  • Optimism (OP)

View all cryptocurrencies Robinhood supports

  • AAVE
  • AVAX
  • BCH
  • BTC
  • COMP
  • DOGE
  • ETC
  • ETH
  • LINK
  • LTC
  • SHIB
  • UNI
  • USDC
  • XLM
  • XTZ

Trading Experience

At the heart of Robinhood’s appeal is its intuitive trading experience. The platform is designed with both beginner and active traders in mind, offering an uncluttered interface that makes buying and selling securities a smooth process.

Its real-time market data, along with additional features such as fractional shares trading, ensures that users have a comprehensive toolset for engaging with the markets.

The trading experience on Robinhood has been crafted to cater to both novices and seasoned traders. The platform provides a range of tools and features aimed at making trading straightforward and efficient.

This user-centric approach embodies the ethos of modern trading platforms, which strive to make the market accessible while also providing the depth and functionality that experienced investors require. In a market where time can equate to opportunity, the emphasis on real-time information and streamlined processes serves to enhance the overall trading experience for all users.

Robinhood exchange marketing

Robinhood Fees

The fee structure at Robinhood is designed with simplicity in mind, attracting investors who are looking for a straightforward, cost-effective trading experience. The platform prides itself on not charging traditional commission fees, setting it apart from many other brokerages and allowing users to retain more of their investment gains.

The fee model employed by Robinhood symbolises a broader trend in the brokerage industry towards lower costs for individual investors. By eliminating many of the traditional fees associated with trading, Robinhood has set a precedent that numerous brokerages now follow.

This evolution toward cost-efficiency is a boon for investors, particularly those who are cost-conscious and seek a trading platform that aligns with their financial strategy without the burden of excessive charges.

Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Debit Card) 0%
Trading Fee 0%
Withdrawal Fee (Bank Transfer) 0%

Security - Is Robinhood Safe?

Security and regulation are paramount in the world of trading, and Robinhood takes this seriously. The platform adheres to the regulatory requirements expected of brokerages, providing peace of mind for investors who prioritise the safety of their funds and personal information.

Security in the digital age is more critical than ever, especially for platforms handling sensitive financial information. Robinhood acknowledges this by implementing robust security measures to safeguard user data and funds.

These features are part of an industry-wide movement towards tighter security protocols, underscoring the importance of trust and reliability in the financial services sector. For Robinhood, continuing to build on these security measures is essential to maintaining user confidence and adhering to the rigorous standards of financial regulation.

Robinhood Customer Support

Customer service is an essential aspect of any service-oriented platform, and Robinhood endeavours to meet the needs of its users with a support system that includes a news feed, a resource known as Robinhood Snacks for educational content, and avenues for direct assistance to resolve any issues.

Understanding the complexities of trading, Robinhood has developed a support infrastructure that aims to educate and assist its clientele promptly. The inclusion of a variety of investor resources such as Robinhood Snacks highlights a broader industry trend: the integration of educational content with customer service.

This holistic approach to support reflects a commitment to empowering users with knowledge, facilitating a more informed and confident investing community.

Robinhood support

Robinhood Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

How to Sign Up on Robinhood

  1. Create Account - Visit the Robinhood website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay

Robinhood Alternatives

Binance logo

Binance

3.27
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
359+

Trading Fees
0.10%

Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 78 others

Visit Binance
Kraken logo

Kraken

3.67
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
233+

Trading Fees
0.06% - 0.16%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other

Visit Kraken
OKX logo

OKX

3.75
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
332+

Trading Fees
0.06% - 0.10%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

Visit OKX

Final Thoughts

Robinhood has certainly made its mark on the retail trading industry, providing an accessible platform for users to engage with financial markets. Its sleek design and commission-free approach offer a compelling reason for many to consider it as their go-to trading tool.

Robinhood FAQs

Robinhood is a widely-used financial services platform regulated by top-tier financial authorities such as the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It offers a user-friendly interface and has industry-standard security measures in place.

Trust in a platform can be influenced by user reviews, regulatory track record, and transparency of operations.

Users can make money on Robinhood through various investment activities such as buying and selling stocks, ETFs, options, and cryptocurrencies. Profits depend on market conditions, investment choices, and individual strategy.

Like all investment platforms, returns are not guaranteed, and investing always carries risk.

Robinhood earns revenue through several streams including order flow payment, a practice where brokerages receive compensation for directing orders to different parties for trade execution. Other sources include Robinhood Gold subscription fees, stock loan income, and interchange fees from purchases made with the Robinhood debit card.

Robinhood requires users to verify their identity to comply with government regulations. This typically includes providing a Social Security Number (SSN) for U.S.

citizens or relevant identification documentation for other users. The exact requirements may vary based on residency and regulatory obligations.

Robinhood uses security measures such as encryption and two-factor authentication to protect users’ accounts and personal information. The safety of buying crypto on any platform also involves evaluating the platform’s security features, regulatory compliance, and the inherent risk of investing in cryptocurrencies.

The 30-day yield on Robinhood refers to the annualized income on an investment, such as a bond or cash management feature, expressed as a percentage based on a 30-day period. This yield can fluctuate and may be found in the investment’s details or disclosures on the Robinhood app.

Robinhood is not available in Australia. The platform is primarily focused on serving customers in the United States and has limited availability internationally.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
Adam Headshot
Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: