UPDATE: Robinhood now offers dividend reinvestment. This feature was added after this post was published.
Last year, I focused on lowering debt and saving more money. This year I plan to save even more, but my primary focus will be on investing for the future. After all, who doesn’t like their money to work for them? After reading and researching on the internet, I stumbled across Robinhood. I have always wanted to own individual stocks, and now I do, thanks to them!
What Makes Robinhood Special?
Robinhood is a no-commission stock trading platform (or brokerage). Investors like myself can sign up, attach a bank account and start buying and trading right away. There isn’t an account minimum.
Robinhood is perfect for mobile users. You will experience comfort and ease from your smartphone, thanks to their highly responsive app.
The layout and features were a huge plus for me. I found their mobile app to be easy to navigate and transparent. Robinhood’s streamlined approach will help you understand the essential information about your investments. I also like the notifications feature. It will keep you up-to-date when changes to your account occur or when breaking news about a company is happening.
Interested in a cryptocurrency like Bitcoin? No worries. Robinhood has you covered on that too.
Areas Where Robinhood Can Improve
As of today, Robinhood’s customer support is handled primarily through email. They also have a help center to help you navigate through any issues. So, if you expect to call your brokerage with questions, then you may be disappointed.
Thinking about saving for retirement? Currently, Robinhood does not handle retirement accounts. You will need to look elsewhere for an IRA (or Roth IRA) if that is your focus.
In regards to dividends, Robinhood does not have an automatic dividend reinvestment program yet. According to their website, your dividends will be credited to your account as cash. However, they are considering adding this feature in the future.
So far, I’ve had a positive experience and plan to keep investing with Robinhood. If you would like to get started with them, please use my link, and we’ll both get a stock like Apple, Ford, or Sprint for free.
Please feel free to share any tips about investing below in the comments.
Video credit: ClayTrader | YouTube
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3 thoughts on “Product Review: Investing with Robinhood”
I’ve never heard of Robinhood before but I appreciate the honesty of this review, especially in including areas where the service can improve. I’ll have to check it out!
Definitely check Robinhood out. Our experience so far has been positive.