For those of you who haven’t been keeping up with the latest in technology and business news, there is a new app called “Robinhood” that is rocking the investment world. It’s a stock broker that distinguishes itself from its competition by offering commision-free trading.
No, it’s not a scam. It does sound too good to be true at first, but it is in fact real. The company plans on generating revenue in a few ways: optional premium services, interest earned on margin trading, and even interest earned from the cash left in users’ accounts.
I’ve had the privilege of using Robinhood before most people have been given the chance. Here are my key takeaways:
→ The app is slick, and easy to use. Very fluid and enjoyable.
→ The support staff constantly interacts with their small/growing user base. They respond to emails, and have an active Twitter account that people can get in contact with.
→ Placing trades is easy. You can set limits, and market trades are near instant.
→ Overall, if the company can stay afloat financially, it should shake up investing for our generation. It will be hard to go back to paying commissions once you use this.
When you startup the app with an active account, this is what you see:
The app is pin protected, since it’s a brokerage account after all.
Once you log in, you have access to all your account information. Your portfolio value, trade history, etc.
Here is a part of my watch list:
You can view this video for more on how the app itself functions:
Currently, the app is only available on iOS, although it may debut on Android sometime in the coming year. You can join the waiting list to get access here, if you want to wait in line with hundred of thousands of others that is.
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