![]() Chart traders routinely mark up charts with lines and notes. There are no bracket orders or hotkeys, and Level 2 quotes are an additional charge. For example, charts are rudimentary and come with six technical indicators, but we found them to be good choices. Trading tools: The trading tools and features available on Robinhood's website are minimal compared to category leaders, but beginners will find what they do have very easy to use. ![]() That makes it attractive to beginners and frustrating to experienced investors. Platforms overview: In addition to the mobile app, there is a web-based platform that is virtually identical to the app. There are no 529 plans, custodial accounts, or individual bonds, and financial planning tools are most noticeable by their absence. As your account size and comfort with investing grows, Robinhood will be unlikely to fulfill your needs. Robinhood is designed for individuals who are new to investing and want to start with the core basics. Trading tools are minimal at best and are outpaced by virtually all of the competition. Trading tools: Knowledgeable traders will find Robinhood a mighty small sandbox to play in. There are only six technical indicators and landscape mode is not supported for horizontal viewing. Admittedly, few investors ever need more than a dozen options, but it’s nice to know they’re available.Ĭharting: When pulling a stock quote, charts cannot be modified beyond six default date ranges and two chart types. In comparison, TradeStation and TD Ameritrade offer hundreds of options for their watchlists. Other than automatically syncing across devices, the watchlist functionality is slim. Watchlists: Robinhood's focus on simplicity leads to several notable drawbacks. Now that others have caught up in this realm while offering more features, Robinhood’s appeal has dimmed. For occasional stock trading, Robinhood has the functionality required to be productive: watchlists, stock quotes with charts, analyst ratings, recent news and Bloomberg videos along with basic trade entry.Įase of use: Robinhood initially led the way in the field in terms of ease of use when it came to its mobile app. Robinhood's mobile app is fast, simple, and, on those terms, one of the best. You can also find a beginner-friendly investing experience (though not as friendly as Robinhood’s) and low margin rates at SoFi Invest without paying a $5 monthly charge. At the time of this review, the Gold tier also pays a 4.9% annual percentage yield on uninvested cash.Ĭompetitors TD Ameritrade, E*TRADE, and Charles Schwab all charge higher margin rates but offer more stock research and trading tools and much better customer service for the same $0 per stock trade price. Robinhood Gold costs $5 per month to gain access to Morningstar reports, Level 2 streaming quotes, and margin trading (which charges 7.75% annual interest for accounts with over $1,000). Robinhood Gold: We think Robinhood Gold is pricey for investors who keep low balances and, if you have over a few thousand dollars to invest, you’ll want more features than what Robinhood offers anyway. The only penny stocks supported by Robinhood are stocks that trade on either the NASDAQ or NYSE. Penny stocks: Robinhood does not support trading OTC stocks. ![]() Robinhood makes money from payment for order flow, or PFOF, a common practice in which the broker sells a customer’s order to wholesale market makers. Like many other $0 commission-free brokers, Robinhood charges no commission for trading stocks, ETFs, options, or cryptocurrency. ![]()
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