Robinhood App Review After 2 Years of Use - YouTube

I've been trading stocks with the Robinhood app for over two years now so I

just thought that I'd do an honest review for you guys so you can decide

for yourself if it's something that you want to use or not

I'll cover everything on the stock trading side of the app and then I'll

give you guys all the pros and the cons of Robinhood so it's totally an honest

review now if you just found this channel I'm Jason with honest finance

and I make a lot of videos on different topics that'll give your life and your

finances more value so definitely subscribe if you guys want to but now

let's just start talking about the Robinhood app if you're not too familiar with

Robinhood they're just another brokerage account but the big reason

that they're so popular is because they do not charge any trading fees which is

a big deal because with most brokerages you've got to pay at least about six to

ten dollars every time you buy or sell stocks which is just a waste of money

so if you bought just one share of a company for a hundred bucks then you'd

have to pay the Commission right now and then you'd have to pay the Commission

again when you sell the stock I mean paying a commission isn't that

big of a deal when you're buying a thousand shares at once because you're

only going to be charged the Commission based on the transaction and not on a

per share basis but because Robinhood doesn't charge any fees it's a lot

easier for a beginner to start investing because he can just buy one share for

about ten bucks and then he doesn't have to pay a commission which is a lot

better for him to actually get started they don't require a minimum balance to

get started investing so technically you could start investing with Robin Hood

with any amount of money now if you're new to Robinhood I've got a link in the

description which will give you and I both a free stock just for signing up if

that's something you're interested in it's a cool incentive because once your

account signed up you can use the referral link as well and you can get

free shares from all the people that you refer it to but I'll be honest I've

never gotten a free share that's worth more than 10 bucks but maybe you'll be

one of the few people that actually get lucky and get a good one so as far as

this review goes I'd say that Robin Hood is definitely a good platform to use if

you're a beginner or an intermediate investor I say this because it's a great

place to buy individual shares but if you're looking for fancy features like a

drip on your dividends or fractional share trading then Robinhood is not the

place to be but if you just want to make easy and simple trades that are

commissioned free then I would definitely consider using them and if

you're looking to open up any retirement accounts like Roth IRAs or IRAs then

definitely don't you Robinhood because as of now they don't

have any tax sheltered accounts so just don't even bother with that kind of

stuff so just plan on using Robinhood for all the different types of

investments that don't involve a retirement account and then also if you

plan on doing any type of automated investing where you don't have to do

much at all don't use Robinhood for this kind of

stuff because as of now everything is fully manual with them and that's just

how it is now as far as the platform goes it started out as an app but now

it's offered on desktop so if you like to do stuff on your computer then you

can definitely do that as of now they offer all the major stocks ETFs REITs

and they have free cryptocurrency trading and free options trading as well

Robinhood also has a premium subscription service called Robinhood

gold that cost 5 bucks a month but they do give you quite a few features which

I'll list right here ok so from my understanding this is really good timing

because these features are brand new to Robinhood gold and you're gonna get

access to premium research articles level to market data higher instant

deposits and margin trading for only 5 bucks a month now if you're subscribed

to Robinhood gold and you want to use margin trading they will let you borrow

up to $1,000 interest free but anything after that is gonna be at 5% interest as

of right now trading with margin is something that I don't recommend that

most investors mess around with but if you are gonna go down that route then

Robinhood does have some pretty competitive rates I mean there's already

plenty of risk when it comes to investing so if you're planning on doing

margin trading and something goes bad in the market then it's only gonna compound

your problems because of the borrowed money Robinhood has also been working

on what they call a cash management account which is basically just a

savings account but so far they're advertising that it's looking to be

about 3 percent interest which is really good it isn't quite available yet as of

making this video but hopefully soon they'll have it rolled out and if this

video is making sense can you please comment down below and say I got it so

that I can understand if you guys are actually getting what I'm talking about

thanks now another really cool feature about Robinhood is that you'll actually

have instant access to your deposits as long as it's less than a thousand bucks

and this is really handy because if the market crashed today and you wanted to

quickly move on some stocks then you couldn't do that unless you actually

have the cash waiting but with this feature you can actually

that's the money instantly as long as it's less than a thousand bucks and the

reason that you generally don't have access to your money instantly is

because banks take three days to transfer that money so if you wanted to

buy a share right now you generally can't do that because you got to wait

the three days but because of the instant deposit feature from Robin Hood

you can get those funds instantly as long as you're in good standing with

your bank getting the money to Robinhood because it's not like you can just

deposit seven hundred bucks to Robinhood when you don't even have the money

in your bank account to begin with and also you're gonna have access to the

same feature if you sell shares with Robinhood because generally you have to

wait three trading days to get your money but with Robinhood you're gonna

have instant access to those funds so that you can invest in something else as

quick as you want now just keep in mind though that if you want to withdraw

money from Robinhood you are gonna have to wait three trading days because

legally that's the way that it works and you can't do anything about it

so overall the instant deposit features pretty cool if you're working with money

that's less than a thousand bucks but if you are a Robinhood gold member you can

up that all the way to fifty thousand dollars as long as your account has that

same amount in it Robinhood also has a few different order types that you can

choose from when you're trading stocks so just be aware that you don't have to

buy everything at market value and that's a good thing and then if you're

ever browsing around Robinhood they also have a ton of different articles

that you can read based on the stocks that you're following and that you're

interested in now when it comes to researching individual companies Robinhood gives you a tiny bit of information but not very much they do at least give

you a one to five year history the p/e ratio and then dividend yields but as

far as financials go you're gonna have to go elsewhere to find that type of

information but if you do end up leaving Robinhood to find out more about a

company I'd recommend checking out Yahoo Finance because they have really good

information on dividend history company's financials and a whole bunch

of other stuff that Robinhood does not have but at the end of the day my

overall experience with Robinhood has been really good because it's a really

simple platform to understand and it's really good for beginner investors

they're definitely not for everybody but in my experience Robinhood has changed

the industry with their free trades and they only keep getting better now once

again I'm Jason with honest finance and I make a lot of videos on different

topics that'll give your life and your finances more value so if you guys are

interested in that type of content definitely subscribe to the channel but

that's all for now