About four months ago I was fortunate enough to have a few spare dollars to put on the stock market. While doing some research on platforms that I could start trading online on Robinhood came up as the free and simplest app to use. I should note that I am not an expert investor nor am I versed in the very fine specifics in investing, however, I believe the best way to learn is by doing. So here I am, trying my hand at investing I’ve been doing it for the last three months and as of a few days ago, I broke even. I’m taking it all as a learning process and taking the buy, hold and pray approach. I personally believe that you should only invest in companies you know a great deal about and that you personally subscribe to and go for the long haul. Don’t make any rash decisions and stay cool and calm.
Ok, novice investment advice that’s probably wrong aside, the app is highly addictive and one that I open more often than any other app. The interface is so easy to use as well as really easy on the eyes, transferring money, either way, is as easy as you’d like it to be (although getting your money can take a few days) and watching your money grow (or evaporate) is something you’ll find yourself checking in on all day long. The best part is that all trades are free. No spending $4.95 or a percentage for every trade.
The draw backs unfortunately just as prevalent as the positive aspects. The app is essentially an island to itself, there’s no desktop component, and there’s no linking to external finance monitoring services link mint.com… While those aren’t deal breakers to using the app they would certainly make the experience much better with all of those added services. I would say that if they started charging per trade for them then the app would be just a nicer UX to all of the other apps out there and would be no different in functionality.
All in all, if you’re trying to invest and may not be the most seasoned investor I definitely recommend this app. It’s ease of use supersede its drawbacks. Download it at robinhood.com or on the app store and start having your money make you some extra cash.