3 Penny Stocks To Buy On Robinhood Under $1 Right Now
You can buy penny stocks and crypto on Robinhood. While crypto slides, there are always cheap stocks to watch too
Penny Stocks On Robinhood To Buy For Under $1
Penny stocks are well known for higher risk due to lower prices along. Since it only takes a matter of a few pennies to equate to a big change in stock price, it is both a big advantage and a big risk for traders.
This month we’re seeing a lot more attention on higher-risk assets like penny stocks. Much of this has been a result of a few recent market trends. First, we’ve got broader markets reaching all-time highs. Despite the lighter volume, the S&P, Dow, & Nasdaq have all floated higher. This “boring” trend has caused traders to seek out more volatility.
Penny stocks and small caps are places where big swings in price are constantly present. Then you’ve got micro-trends in things like non-fungible tokens (NFTs) and cryptocurrency. Things like Dogecoin, Bitcoin, Ethereum, and others have grown in popularity. While gains are to be had across the board, the stock market has remained somewhat consistent.
When you’re talking about emerging trends, the world of companies traded as penny stocks has a wide birth of interesting names. It’s interesting to see the flexibility that some of these companies have. For instance, last week there were tech names that traditionally focused on cloud computing.
With the rise in popularity of Dogecoin and other cryptocurrencies, the company pivoted and announced it would start mining Doge and other meme coins. Whether this was a ploy to gain traction in the market or will it actually become a viable business solution for that company is to be seen.
Robinhood Becomes Hub For Penny Stocks & Cryptocurrency
Like it or not, this is where platforms like Robinhood have begun thriving. Meme coins like Doge aren’t accessible on just any platform. You can’t buy it with TD Ameritrade or Etrade. But you can go from buying penny stocks on Robinhood to trading crypto seamlessly. In this case, it makes a lot of sense as to why the “Robinhood traders” are actually helping to bring in some of this volatility and these speculative trading trends.
So, should you be trading penny stocks right now? This is going to be something you need to decide for yourself. If you can handle higher risk and understand that hype is playing a big role right now, it might not hurt to look at a few cheap stocks. Make sure you know why certain names are trending. Also, keep in mind that the lower the price, the higher the volatility. Keeping this in mind, there are a few penny stocks on Robinhood that can be bought for under $1 right now. Are they worth the risk?