Robinhood is a trading and investing app that allows you to start investing with as little as $1 in stocks, funds, options, gold, and cryptocurrencies. Investments are commission-free, and the Robinhood app also comes with an option for a cash management account that gives you an account number to receive paychecks and pay bills and a debit card to make purchases. You can use the money to invest, or the uninvested cash will earn interest to help you make more money.
What is Robinhood?
Robinhood was founded in 2013 with the goal of making the financial markets accessible for everyone. With this aim in mind, the Robinhood app allows anyone to start investing at their own pace with as little as $1 and access tools to manage portfolios and learn about investing.
You can invest and trade in stocks, funds, options, gold, and cryptocurrencies through a Robinhood brokerage account. The app also gives you the option of adding cash management to earn interest in your uninvested money, receive your paycheck, pay bills, and spend it using a debit card. You also have access to over 75,000 in-network ATMs to withdraw cash and use your card with Apple Pay, Google Pay, or Samsung Pay to pay via your phone.
Since Robinhood is not a bank but a broker-dealer, they partner with banks that hold your uninvested money and issue your debit card. You can visit the Robinhood website to view the list of Robinhood partner banks.
Robinhood Trading App Features
The Robinhood app allows you to invest and trade in different products. If you have a Robinhood brokerage account, you can also add the cash management feature to earn interest in uninvested money.
There are three main things you can do through the app:
- Learn about investing: If you are new to investing, the app has on-screen tips to explain items. So you can learn while you invest through the app.
- Manage portfolios: All your assets are available from the app so that you can manage them anytime from anywhere.
- Get notifications: You can set up custom alerts to notify you about what you need to make sure you don’t miss an opportunity.
- Manage your cash: If you have opted for cash management, you can manage your debit card and uninvested money right from the app.
The Robinhood app is available to download for Android devices from the Google Play store and iOS devices through the Apple Store.
The following investment products are accessible through the Robinhood app:
- Stocks and funds
How to Sign Up for Robinhood
Visit the Robinhood website to complete the signup process, and then download the app from Google Play or the Apple store.