• Margin accounts
• Individual taxable accounts
• Mobile users
• ETF, options, and frequent stock traders
Reasons Why Should You Use Robinhood Free-Trading App
As we said a while ago, Robinhood free-trading app is one of the most popular apps that is being used by many traders for different purposes. Aside from that, many traders in the field start using it because of the following reasons. If you are planning to trade with Robinhood, you are in the right place. In this post, we are going to give you the details that you need to know about the said free-trading app. So, if you want to know more about it, keep on reading and enjoy!
Streamlined Interface – for some users, this factor might be considered to be a negative one. It is because the app does not provide the whistles and bells needed by an ordinary stock broker online. On the other hand, for those who are aware of the things they want to get, this platform can be used and get results easily. The investors can also execute their trades seamlessly. You can use this app for limiting the orders, marketing the orders, stopping orders, and stop limiting the orders.
Both the web platforms, as well as the mobile ones, also come up with a collection feature. This feature will help the Robinhood free stock to be organized by category or sector. Companies in the industry of entertainment, as well as the companies that come up with female CEO, are some of the examples of companies that use the web or mobile platforms. When it comes to web platforms, the collections of webull free stock are being sorted. As a result, it will help the investors to perform a thorough comparison between the stocks easily.
If you are using an updated Robinhood free-trading app, you might notice that there is a new tab placed at the app’s bottom area. This new tab will provide you with a quicker overview to the account statements, transaction history, watch lists, as well as portfolio values.
Ease of Use – when you are using your mobile phone in accessing the said free-trading application, you might find it easier compared to accessing it with a computer or laptop. Similar to an ordinary app, Robinhood will flash an account funding and sign-up tabs on your screen. This is quick and easy. These things can be done within the application in just a second or two. It also comes up with some questions that will help them know how you will fund your account, your Social Security number, contact details, as well as your personal information. When the company approved your request, they will give notification to the contact number you have given to them. You will be notified within an hour or less after you submit your personal details. At this point, they can now create bank transfers.
Robinhood free-trading application will provide you with the Robinhood referral code instantly with the main accounts. As a result, it will enable the user to avoid the hassle that they can get from reporting micro-deposits to an account in verifying the information presented. Bank transfers that have an amount if less than 1000 US Dollars can be done instantly, as proceed to more than 1000 US Dollars of selling stocks. On the other hand, if you are going to deposit money that is more than 1000 US Dollars, except that the process will take a little bit longer. The business time of processing the deposit will take about four days to five days. The user is allowed to set-up their desired automatic deposits on quarterly, monthly, biweekly, or weekly schedule.
High-Yield Savings – way back December, the Robinhood free-trading application starts to provide a cash management account that can pay for about 1.80 percent currently. The cash management account features a free ATM withdrawal, as well as a debit card from over 75,000 ATMs. Aside from that, it will also provide you with more than 1.25 million US Dollars of FDIC insurance. Big thanks to the agreements of Robinhood between the numerous banks.
Fractional Shares – Similar to the other brokers out there, such as the Charles Schwab and Interactive Brokers, Robinhood free-trading application comes up with the fractional shares feature. It only means that you can pay for less than 1 US Dollar for your share portion, in spite of the full price of a share is composed of hundreds of millions of US Dollars. This feature will enable you to make it more easily in building your customized portfolio. It only means that you can purchase a numerous number of companies, even though you lack money to invest from it.
Account Minimum – Robinhood free-trading application does not feature an account minimum. It only means that you, as an investor, can start investing or trading easily. Yes, it cannot be denied that for you to invest money with the use of the said app, it is a must for you to have enough money to buy an investment that you want. Similar to the other brokers out there, the said application will need a 2000 US Dollars of minimum portfolio balance for you to start a margin account. This free-trading app is considered to have a Financial Industry Regulatory Authority regulation.
Commissions – This is pretty obvious. There is no other thing that will be much better with Robinhood free-trading app. It is because this app comes up with its Robinhood free stock Reddit, as well as Robinhood free stock promo. The responsibility of the said app is to provide a hundred percent admirable cryptocurrency, ETF, options, as well as commission-free stock trades. They also give value to the investors who are trading with the use of the application. In the end, the money that you will save on the commissions, as well as the charges of dollars will be added to your returns.
Robinhood is very in charge of keeping its investors. Thus, they are keeping the cost of their investments low. Last year, they established their Clearing by Robinhood to accommodate the increasing numbers of their investors. The said service will enable the said app to make their clearing system under their control. As a result, it will decrease the fees included for making the service account. For instance, the assisted phone trades of the brokers that were 10 US Dollars before are now free. Aside from that, the bank reversal fees that are 30 US Dollars were reduced to 9 US Dollars.
Pros and Cons of using Robinhood Free-Trading App
- Cryptocurrency trading
- Streamlined interface
- No account minimum
- Limited customer support
- No mutual bonds or funds
- No retirement accounts.
How to Use the Robinhood Referral
When you invited one of your friends to use the Robinhood free-trading app, there is good news for both of you! It is because when your friend joins the Robinhood app, both of you can save free stocks. As soon as the application of your friend was verified by the app, the Robinhood app will give your account, as well as your friend’s account to be credited with free stocks.
How to Get your Robinhood Free Stock
When you start using the Robinhood application, you are now capable of referring your relatives and friends to use the app as well. As a result, both of you will be rewarded with a free stock. The following are the steps that you can do to get your free stocks from Robinhood. Read on to know more about it.
1. Click the free stock button that is you can find at the right bottom corner of the app.
2. Hit the button for “Invite friends, get free stock.”
3. Click the “Invite Friends” button.
Two-Factor Authentication of Robinhood Free-Trading App
The two factor-authentication of the Robinhood free-trading app will provide you with another level of account protection. It only means that your account will be more secure because of the fact that it will provide you with two verification sources. These two verification sources are your password, as well as the one that you have on your phone. Thus, hackers will have a hard time accessing your account because they don’t have this information. So, this app will encourage its investors and brokers to utilize two-factor authentication to make your Robinhood account more protected.
How Two-Factor Authentication Works
Upon signing your account in the Robinhood app with the use of an enabled two-factor authentication, you will receive a notification to get the Robinhood code. You can get this code from an SMS or the authenticator application.
To get your free Robinhood code, we recommend you to make use of the authenticator app. The Robinhood app also supports the main third-party apps, such as Authy, Duo Mobile, as well as Google Authenticator.
How to Use the Robinhood Code
If there is a situation that you lost your phone or it was broken, then we recommend you to make use of your Robinhood code. To use it, enter the code upon signing your password and username to the said app.
Keep in mind that when you use the Robinhood code, it will disable the two-factor authentication automatically. To continue using, you are required to turn the two-factor authentication back.
How to Disable Two-Factor Authentication
You can inactivate the two-factor authentication in your Robinhood account with the help of the following steps. So, if you want to disable it, keep on reading.
- Log in to your Robinhood account on your mobile phone.
- Tap the icon of your account, which is placed at the right bottom corner of your mobile phone’s screen.
- Tap the button for “Settings.”
- Click the button for “Two-Factor Authentication.”
- Clasp the “off” position feature.
Robinhood referral will benefit you a lot. In what way? By referring the app to your friends or family members to use it. In that way, both of you will be rewarded with a free Robinhood stock. So, if you are an investor who is looking for the best trading app, we recommend you to us Robinhood free-trading app.