This is a Basic Review that doesn't get into the heavy details of the app as much as ease of use, presentation and any issues that come up. In other words, if you're a wall street geek you may not like this review. If you're a casual investor, beginner or interested in investing, this will be helpful.
Robinhood was my first finance app. I had tried out a few others but there was something different with Robinhood. It introduced me to stock trading and really, the stock market in general. I got the app and got 2 free stocks. I referred friends and I got a free stock per referral. I thought it was so cool because owning stocks to me was a rich person thing.
I ended up buying stock at the lowest point in the market in 10 years. (March 23rd, 2020). I ended up having a hay day throughout the next 6 months because the only direction was up. I was making a little money here and there and it was fun.
The main reason it was fun was because I enjoyed Robinhood. There are primarily 3 basic reasons that I’ve loved Robinhood:
- I love free stocks!
Like I said above, I loved that when I referred people I got free stocks and was given free stocks. Maybe it’s because Gifts is my love language but I was loving life. I ended up realizing that there were other apps that offered free stocks too but to entice people to sign up by giving them free stocks was pretty awesome in my book.
- No charges for trading at all!
This is as well a pretty neat thing. It put the stock market, this huge money making machine that I was scared to death of in my hands. I could buy stocks and sell and not have to go through someone or pay a fee. It’s a great thing. Becoming more familiar with the stock market, while being cautious, is a smart move in my opinion.
- Simple and Attractive layout!
I’ve tried numerous apps for trading and by far, in my opinion, Robinhood is the simplest and visually attractive layout I’ve seen. I love the way it works. It’s not too confusing. The stock market is so intimidating to newbies like me, Robinhood does a great job at simplifying it.
And honestly, that’s it. There’s not a lot to say after that because I really liked the app.
But then I became extremely confused one day. I never would see warnings about anything that I know of. But then the GameStop debacle happened and they stopped Buying for GameStop. I don’t think there was a diabolical plan. But I was extremely frustrated because I had planned on buying GameStop while it was on it’s way up, before it came back down, and Robinhood kept me from being able to do that. I had to wait a few days to purchase, which wasn’t good.
At that point, I saw Robinhood’s limits but also how they really messed up how they dealt with that entire situation. It wasn’t good. I don’t plan on dropping them. But I hope as a company they consider winning back their base of everyday folks like me who appreciate the basic things about them that stand out among the competition.
Overall, good app. It’s a great starter app and as well, people who are big investors continue to use it. If you are interested in downloading the app and creating an account you can use this link. Yes, we’ll both get free stocks. 🙂