Robinhood.com
Robinhood.com claims to be a platform for investing in stocks, ETFs, options and cryptocurrencies. It seems to be geared for US customers but perhaps people from other countries can use it as well. Their selling point from a marketing stand-point seems to be that they claim they are all commission-free and you can use their platform your phone or desktop.
The platform seems to be well designed to make it easy for new users and also for experts. Overtime you will get a clear view of your portfolio's performance and the platform will allow you to make adjustments to your positions in the market and learn along the way.
Robinhood is a member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.
While they say they don't charge any commission, their fee list seems to be quite exhaustive. You might want to check that out here. But atleast they are transparent about it.
From a quick research about the platform it seems as though it is quite cheap to use as the trading costs are on the lower side and the mobile and website apps are easy to use as well. However the prices displayed are not real-time as there is a delay. This might affect your trades if there's a sharp rise or fall when you are trading.
You might want to do some due diligence but the platform needs more features. So far you can trade 6 cryptos and you cannot short ETFs, only go long with them. The newsfeed doesn't seem to offer enough information. So there is plenty of room for further development.
Overall an interesting concept that I came across today and it's great that today you can trade all different kinds of things remotely. I love the cryptocurrency space for having enabled all these endeavours. Goodluck to you with your trades whichever they may be.
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@firepower Heya thanks for sharing such a informative blog... Keep going thanks for sharing infom but I have a question that is it only in USA can it be accessed in Australia too???
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Thank you, I was trying to remember the name of this yesterday before getting distracted. There is another similar platform (or two or three probably now) that aim to highlight that investing is not just for those with a lot of capital.
I did not know they had crypto options now but good to know that they are responding to customerś interest to stay innovative and on top of the game in their niche.
Acorns is another one but Iḿ sure they are different. PayPal now promotes this and lets you toss your odd change over into an acorn account if you set it up with them. Not that I ḿ a huge fan of PayPal but I do use them. If you use a PayPal account in any way that they decide they dont approve of this week or next month, they might freeze your account and keep your money. Just saying so ppl know that itś better just for bank transfers rather than purchases.
Yes, always comb through details carefully today and again tomorrow using fresh eyes and then sleep on it after that if there is any commitment involved. That´s one of my risk management practices.
If only it was available for Indian users