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Historically, investing in the stock market has been something that mostly only professionals or people with a lot of money have been able to do. Starting in the early 2000s, you started seeing online brokerages popping up that you could use to trade all by yourself. These platforms charge a small fee on every trade. This can obviously add up if you’re trading around a lot, and it can also be deterring to smaller or new investors who want to get used to the market with a few small or micro investments.
A few years ago. An app came out called Robinhood that lets you trade for free. This is a review of some of the pros and cos of this new investment platform. There are many factors that make this an amazing platform to invest but there are also a few drawbacks that could make some people uncomfortable using this as their main investment platform.
First thing you'll notice is how incredibly simple it is to use. Most investing platforms to someone who's never invested before can be pretty intimidating. On places such as TD Ameritrade, the screen you have, resembles what you would see on a Wallstreet trading floor. With Robinhood, it takes no time to put in the stock, click trade, clique buy... and swipe up.
Another pro, when you open your account, you're offered a small instant deposit. Obviously, when you first open your account, you get a very small instant deposit, but as your account grows and you use the app more, your instant deposit amount grows.
There's also a few drawbacks that might make a few people uncomfortable using this as their investment platform. A lot of newer companies have been know to hide their phone number deep in their website and help center so they don't get a million people calling asking annoying questions. Robinhood hides their email. They don't even have a phone number.
I'll be doing a review comparing Robbinhood to TD Ameritrade soon who's now along with Charles Schwab, offering commission free trades.
How to make money.