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Robinhood Review - Is Robinhood The Best Free Investing App of 2020? - YouTube
Channel: Jay Fairbrother
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the Robinhood brokerage app is insanely
popular with millennial investors and
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it's been making headlines all over the
news but is it right for you? In this
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video I'll give you my honest review of
Robinhood and all the pros and cons
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that go along with it.
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Good morning! Good afternoon! Good evening?
Whatever time it is wherever you are
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I'm glad you're here with me. My name is
Jay, and I've been buying and selling stocks
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online for over 20 years and I just
signed up for Robinhood so I can help
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you decide if it's the right brokerage
for you. If you want to sign up for Robinhood
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after watching this video please
use the link down in the description
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below and you'll get a free stock. If you
do so, please be sure to come back let me
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know what stock you got down in the
comments I'm really curious I'd love to
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know. So if you've never heard of Robinhood let's start with a little history
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on who they are and what they're about.
Robinhood is an investing app that
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really broke onto the scene by
disrupting the industry. Robinhood was
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the first brokerage out there to
introduce $0 commissions on all the
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trades on their platform this attracted
younger less wealthy smaller investors
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so platform by the thousands! Over 80
percent of the initial users on Robinhood
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were between 18 and 29 years old
and that popularity has only grown from
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there last year Robinhood made a lot of
headlines when it when a glitch in their
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system was discovered that allowed
traders to use almost unlimited margin,
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or borrowed money, to trade on the
platform this was discovered and
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exploited by traders on reddit. A few of
whom took full advantage of the opportunity
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and traded their way straight into the
Lambo dealership. Robinhood has since
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fixed the glitch. "So we just went ahead
and fixed the glitch.. great..." but the fact
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that it happened in the first place is
cause for worry. More recently though
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Robinhood has been making news for the
actions of its users. Heavily trading
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distressed assets like USO oil futures,
airline stocks, and buying so many shares
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of bankrupt companies such as Hertz and
GNC that their stock prices nearly
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doubled and tripled after declaring
bankruptcy. So what are the pros and cons
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of Robinhood and why might you want to
sign up? First off if someone refers you
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to Robinhood... like the link down in the
description below... you get a free stock
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just for signing up!
You could get a big-name stock like
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Tesla, GE, Ford, or Visa. Or you could get a
small growth stock with a lot of
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up-and-coming potential which is what I
got. I got Plug Power which is a small
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company that designs and manufactures
hydrogen fuel cells. I'd never heard of
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them before I sign up for Robinhood and
received the stock but now I'm eager to
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follow along. So getting a free stock
just for signing up is a pretty cool
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benefit that should attract people to
the platform. The next benefits of Robinhood
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is it's a completely free platform.
You can trade stocks, options, and
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cryptocurrency completely commission
free! Now I know a lot of the other big
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brokerages, like TD Ameritrade, Schwab
and Fidelity have followed suit on stock
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and ETF purchases going up a $0
commission, but with Robinhood stocks
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options and crypto are all free you're
not gonna find that anywhere else. It's
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and it's a big draw for Robinhood that
you can trade cryptocurrency on their
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platform right it's right alongside your
stocks and your bonds and your options
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the fact that you can do it for $0
commissions is even bigger because
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buying and trading cryptocurrencies on
other platforms you're usually hit with
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a lot of fees and charges. Robinhood
also lets you trade in fractional shares
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so for small investors. Investors that
don't have a ton of money to pile into
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any one stock. You can buy fractional
shares of that stock so if you have a
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stock of a high share price like a Tesla
or an Amazon or a Berkshire Hathaway
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instead of having to come up with $500
for a single share you can buy a
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fraction of a share for you know $50 or
$100 and you can buy in those increments
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and work your way up to a full share. One
of my favorite things about Robinhood
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though is the interface. If you open up
the Robinhood app it's simple, it's
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clean, it's really easy to use. If we look
at it side-by-side here with Robinhood
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and TD Ameritrade you'll notice Robinhood all your information, your graphs,
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your news, your analyst ratings, it's all
right there very easy to read very easy
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to use. On TD Ameritrade's app on the other
side it's you're almost overwhelmed by
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numbers and
information there's just too much there
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it's you know it's kind of hard to find
what you're looking for. So Robinhood's
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simplistic, minimalist view is a big
selling point for me. Now if you're
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getting value out of this video you're
liking what you're hearing so far let me
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know by smashing that like button down
below
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now Robinhood also has a lot of areas
where they could improve. First and
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foremost that comes to my mind is
cryptocurrency. I know I just listed it
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as a benefit two seconds ago and it's
awesome that you can buy and sell
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cryptocurrency on Robinhood but that's
all you can do is buy and sell cryptocurrency
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on Robinhood. If you buy
Bitcoin or Etherium or any of the other
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coins you're able to trade on Robinhood
you can't can't then transfer it to a
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cold storage wallet or another wallet
similar else. It's got to stay within the
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Robinhood platform. So if you're just
kind of trading it buying and selling it
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that's fine, but if you want to transfer
it to an you know a wallet where you
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hold your other cryptocurrencies and
things like that you won't be able to do
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that from the Robinhood platform.
Another big area of improvement for
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Robinhood is that they don't offer
retirement accounts! Just something that
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really blows my mind so you can't take
your 401k and roll it into an IRA at
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Robinhood, and you can't open a Roth IRA at
Robinhood and that is a glaring
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omission when you consider the market
that they're really targeting. Kind of
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millennial investors, these people who
don't have the million-dollar portfolios
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they're not making hundreds of thousands
of dollars at their job yet. The Roth IRA
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is really the perfect investment vehicle
for these people and Robinhood's not
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offering it to them! Now I'm sure it's
something they'll work on. And something
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they'll come out with in the future, but
to not have it right off the bat seems
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like a huge mistake. My only other minor
criticism of Robinhood and I guess it's
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a trade-off for the simple minimalist
interface that I liked in the previous
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section. Is that there's not a lot of
research options. So what you have to do
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if you want more in-depth research
within the Robinhood app, or if you want
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larger deposit limits, I think when I
signed up you can only deposit a thousand
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at a time into Robinhood so if you want
to deposit more money in that at any
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one time you're going to have to sign up
for Robinhood Gold which is five
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dollars a month and it gives you I think
a much larger deposit limit you can
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deposit up to I think they say between
five thousand and fifty thousand dollars
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per day and you get access to the more
in-depth research if that's what you're
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into. So what's the verdict? Is Robinhood
worth a look? Should you check it out? I
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think you should. I think the simplicity
and clean look of the app and the ease
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of use of the app is hands-down the best
on the market today now I'm not gonna
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clean out all my other brokerage
accounts and shift everything over to
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Robinhood. But I am going to keep my
Robinhood account open and add to it.
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I've always believed in taking a small
percentage of your overall portfolio and
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using up to take some risks have some
fun and trade some stocks and try to hit
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a home run and find that stock that's
really gonna blow up and make you a lot
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of money. And that's what I'll be using
Robinhood for. Having maybe five to ten
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percent of my overall portfolio in there
to take some risks by some individual
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stocks rather than my typical index
funds and just kind of see what I can do
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and have some fun with it. Now be sure to
keep you updated on this channel of
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everything I do to build my Robinhood
portfolio, so if you're interested in
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that and you're not already please
subscribe to the channel so you don't
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miss it and if you want to try Robinhood out for yourself click the link in
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the description down below to get your
free stock. When you do please be sure to
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come back leave me a comment tell me
what stock you got and I'll see you in
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the next video.
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So if you've never heard of Robinhood
let's start with a little history on who
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Robinhood is and what they're about. No, it's not a
person... So if you haven't heard about
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Robinhood let's start with a little
history...no... So if you haven't heard of Robinhood
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let's start with a little history...
what... I paused too long.
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