Robinhood trading is a simplistic trader app for those already in the know when it comes to investing. If you have no idea about any investing at all, maybe go and read up on some terms before joining Robinhood and his merry band of investors.
The developers of Robinhood has the bare minimum in add-ons or services, which is great for their no trading fee policy but bad for customer service and app design. Users can opt for the paid Robinhood gold, for extra features and advice.
The app interface is, like the company itself, an example of simplicity. Signing up is easy and requires the user to complete a few easy forms and questions. Using the app would either make you love it or hate it. The easy layout is great for anyone with a Zen mind. No unnecessary options or on-screen clutter. The other side of the coin holds true as well. If you require more information, tips or trends you won’t find them in the app interface. The app is basic in features, not even allowing a horizontal view or an option to customize trading history.
Another feature that may amaze or annoy you is the security. Robinhood uses two-phase security on your phone, meaning you get a password prompt and an SMS. If your phone has fingerprint functionality you can set up your fingerprint to skip the two-step process. Depending on how often you plan to log in and out of the app, this might get tiresome. On the other hand, you really don’t want anyone to steal the information on the app, so maybe just deal with the inconvenience.
There is no information for newbie’s and confused souls, which makes Robinhood slightly inaccessible to first-time investors, however, if you already know the basics of investing this is a great option for you. You have access to a wide variety of investment options. Since early 2018, your options also include various cryptocurrency companies. You can invest in a list of new or established cryptocurrency companies.
Simply put, Robinhood steals from the complicated and gives to the simple at absolutely no cost to you.