Broker Review: Robinhood Trading App
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- Опубліковано 12 чер 2016
- Broker Review: Robinhood Trading App
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I give my feedback and review, both good and bad, of the Robinhood Trading App. Yes, they have free commissions, but does that mean they are still a quality broker and someone you should be using to trade and/or invest with? Here are my thoughts.
Avoid PDT: claytrader.com/videos/trading...
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You genuinely seem like a good guy haha. Solid review brotha
Thanks for the kind words. Glad you enjoyed the review.
I had robinhood for a week now and I am a beginner, I'm not making a lot of money but I think this app is good for beginners...
Thanks for the feedback.
ClayTrader I'm going to have to upgrade in the future and not use robinhood. Who do you recommend I go to next? (Instead of ETRADE!) LOL
Here ya go: claytrader.com/blog/best-online-stock-broker/
Hey there, how're you getting on with the app now?
Recently found interest in trading, and all you’re videos have been 100% beneficial. Thank you for taking the time to make these videos brotha. You’re a real cool dude.
Thanks for the feedback. Glad you're finding them helpful.
Great review; I like Robin Hood because it was an not intimidating to use. As a beginner, extremely helpful.
Thanks for your feedback.
If you want more than line charts:
Robinhood can now be paired with Stocktwits (which offers zooming in and out as well as candle-stick charts!!)
And you can add your list from Robinhood onto Stocktwits, and select to buy/sell and it will switch you back to Robinhood to confirm moves.
Thanks for the feedback.
Their Twitter Support is very responsive. Few hours at most during decent hours
Good to know. Thanks for the feedback.
i was attempting to say your, information is very influential, and has won my loyalty as a subscriber and response
Happy to hear you find it helpful.
Thank you for this. Just begining to be intrested in investing. Your talk of strategy showed me I have alot more to learn.
Glad it could help. Be sure to check out the training videos I offer - claytrader.com/training/
Thanks for the vid. Im a little late but im recently learning about stock trading. I am totally blown away by the potential that can be realized thru a little strategic investing. I dont have access to much but the little money that does come my way that i can call extra, could be used purely to profit. Is there any tips you can give me as to what will help someone get started who's a total beginner, who has no previous trading knowledge or experience? Also wanna say I like how you explain things so even someone like me finds it easy to understand and incorporate it into action.. Definitely thumbs up, and adding to watch later to watch it again so I can take notes, also subscribing and can i get robinhood on ipad?
Based on everything you've said, and since you're asking for advice, my advice would be this: claytrader.com/videos/poor-people-make-great-traders-heres-how/
Thank you, I will be sure to look at this right now..
I also have RH on my MacBook using Bluestacks (Android) emulator. Works great if I don't want to use on my phone. Supplement with live streaming/interactive charts on Investing.com, and it's pretty functional.
Thanks for sharing your set-up.
#Nug U Hey Clay, great information here! I have one question regarding the end of the video. When you say that you'll make mistakes with Robinhood that will cost you more than the commissions at other brokers, do you mean that the software/display for Robinhood is clunky and thus less effective in placing orders sometimes? Do you mean that the charts will mislead you because they're too simple? I guess I just don't get why you wouldn't make the same mistakes with other brokers. @Jermaine Ellis
Amazing software program really trades profitably. I uncovered the software online and Traders Revenge is continually making me cash from the time I signed up. {Good stuff|Great program|I love it|Great software.
Because you wouldn't be fumbling around trying to juggle multiple things on "only" your cell phone screen.
Great video, when look at a company and there is no "Competitors" tab highlighted is there another option or way to do the same? Many thanks J
I'm not quite sure. You'd need to get ahold of them and ask. Or maybe someone reading through the comments can help.
Thank you I appreciate your review. Well presented and easy-to-understand.
Glad to hear it helped.
2017 UPDATE: Harambe is still DEAD!
Thanks for update.
HARAMBE is NOT DEAD
Harambe?😢
🤣🤣🤣🤣🤣🤣WTF!!!!
Damn man, I was having a good night... pour one out for the homie
watched at 2017
Cool
thanks
So day traders would be the hands on person who has a gaming type setup with the multiple monitors? And long term is just a set it and forget it type?
In a simplistic sense, correct.
Great video series!!! I was wondering if I could get your opinion on the app Stash, or if you could even do a video on it.
Never heard of it. I'll see what I can do though.
I'm watching this in the year 2190
Awesome.
It's so easy to use. I make enough to drop out of college if I wanted to just trading what feel will go up or down due to current events. This app is very strait forward.
Please stay in college.
ClayTrader I probably will but it's up to me. I've made more than most people with a college degree so it's just for social reasons rn.
How long you been trading for?
ClayTrader Trading stocks since 17 although I've had some long term stocks my whole life as I would ask for them for XMas or birthday gifts. I've been trading bitcoin (and some mining) since 16 but have stopped for personal reasons.
Cool.
I saw couple of live trading videos of yours. What tool is that? Is it a free tool?Or even though thats like OptionHouse/Etrade/Emeritrade. How much it costs for trade/trade platform to see the real time charts like you see and purchase right away.
The answer to that and more can be found here: claytrader.com/resources/
PDT rule doesn't apply on cash only accounts, correct? Cause I am currently on TD Ameritrade and fall under 25k, and have been day trading for a while now.
No. Only margin accounts.
Robinhood 10/10 with the right strategy love it
Thanks for the feedback.
ClayTrader Hey Clay I'm 15 and I already have a checking account should I start to trade now I don't know what to do
You should learn how to trade and continue to save up your funds. At age 15, you are well ahead of where most people are. You certainly have no reason to rush into trading. Give this a look: claytrader.com/getting-started/
Robinhood is decent for long term trading or investing, NOT daytrading.
Correct.
why it's not good for daytrading? and what app could be good for that?
thank you
Did you watch the video?
yeah, I never traded before , I' trying to learn, but what I mean is since it's free and if can use a computer for charts and do the transaction on the app, why not?
Yeah, you could do that. But it sounds to me like you're getting way to far ahead of yourself.
Hi! I just started "looking" into the markets not too long ago and I just wanted to know what do I need to research to get me started? What books do I need to read? What videos do I need to watch?
Glad to hear you are looking to learn and want to get involved in the markets. I'm not going to sit here and give you some high pressure sales pitch, all I'll say is that if you enjoy the free content I have to offer on my site and on UA-cam, I can very confidently say that I'm sure you would find great value in my premium content/training.
If interested, you can find my training courses here: claytrader.com/training/
Please let me know if you have any questions.
You make very good videos, and you look very reliable! What is difficult to find in this market videos, so congrats :)
Thanks for the feedback. Much appreciated.
You didn't mention all the glitches and bugs that take weeks to be addressed and kind of touched upon horrible customer service. You run into a problem because of a "bug" in their system and it takes them 3 days to get back to you and another 5 days to (maybe) do something about it. Meanwhile, you're helplessly sitting on your ass seeing your money disappear. I have lost 10 years worth of commission just because of the glitches in this "free" app. They don't understand that it's people's real money they're handling.
Yikes!!! Sorry to hear that. A good example of how/why "free isn't always free".
they offer options now
Yikes...
ClayTrader yea didn't know you were an OSU alumni. I'm currently a freshman here in engineering hoping to use these next four years to master day trading
Very cool. I graduated with a Welding Engineering degree. If you want 100% job placement, give that major a closer look. I had a job before I even started my senior year.
ClayTrader thank you for the tip I appreciate it
Cheers
anything i should know before i get started? im looking for ways to be morw pro active with my $ im not going to be going big just use it for some strategy testing with im only starting with a few hundred bucks. is this a good place for me to get the feel for some strategy testing?
Yeah, LEARN how to trade first - claytrader.com/courses/ or else, you'd be better off flying to Vegas
hi i have couple of months doing stocks but i want to know which one you recommend i use right now am using capital one for my stocks but i want to change to different one
Give this a look: claytrader.com/blog/best-online-stock-broker/
this app is still kicking butt as great in June of 2017
Thanks for updated feedback.
Just a note for everyone, if you want to use Robinhood on your desktop PC, download Bluestacks. Super easy, you just sign into your Google account on it, download Robinhood, boom you're done. www.bluestacks.com
Thanks for that bit of advice.
Is it for Mac too
Is it for Mac too
This looks like a scam idk why.
Can you only invest on an roth IRA or in stock? it seems like people are making it sound like you either invest in Ira or by doing this. Like you can't do both. Is this true?
I don't understand the question.
Thank you for the review!
I'm using Roobinhood at the moment right now, (still in the process) of learning how to trade.
I came across your Podcast on Itunes and thinking pretty seriously about signing up for some courses!
THANKS CLAY!
You're welcome! Glad you're enjoying. Let me know if you have any questions on the courses.
Clay, what is your opinion on STASH? I am currently using only the stash app because I am a college student and what little I do make on my time I throw it in the app, $5 $10, $20 here and there. I am not an investor novice but I am how you say "in-progress learner" of the stock and trading world. My major is filmmaking but I'm monotony in business and economics. So I'm not completely doing this blind
From an investing standpoint, you're doing the right thing. But from a trading standpoint, STASH is not going to be for you.
I also want E-trade but they don't accept international clients. Only the US. How can I open an account with them here in Europe?
If they don't accept international clients, then you can't open an account with them.
Are you going to do a update video since it has been a year now? Or have they not changed much since then?
From reading the comments, doesn't sound like much has changed.
I don't have a Data plan on my phone... I cant use this trading program on my computer?
At this point, no, it is a phone app only.
Hey, I'm a little confused by their stop loss function; it seems different from the stop losses I've read about. Is there a way you can tell the app to sell at a price once it goes the wrong direction?
Yes, that would be a "Limit Stop". Meaning, once the price hits "x price", it will sell at that price or anything below.
Ah, ok. Thanks!
So, what are some good phone based apps for day trading? and low commission rates, i was with plus 500 here in the uk, but my account was suspended for buying and selling, and lost money. So any feedback for some good apps?
Thanks
Harry
There is no such thing. If you are an "active day trader", you shouldn't be doing it from your phone. You should be at a proper trading workstation, not using your phone screen.
Hello thanks for your info.....I sing up with robinhood what I didn't like is that they ask me for my bank account ID..and password so now they have this info and they can access my bank acc anytime ...is this safe ?????
They're legit as far as I've ever heard.
just want to ask if i can use robinhood app and trade if im not US citizen i live in malaysia?
I don't believe so, but you'd need to ask them directly to be sure.
if I go for the long term, let say 5 years, and I'm a passive person that only by stocks from one company and keep it for next 5 years to sell it. will that be any problem to go with Robinhood?
No, but that sounds like investing, so I'd look into IRA account, which Robinhood does not offer.
hi can someone tell me what is best platform for daytrading this isnt for daytraiding im new so im in process of learning. thanks :)
First learn how to day trade, and then you can focus on a platform.
As of today, what is your best platform for day trading (i mostly do options)... currently i primarily use Robinhood. Thanks!
I recommend claytrader.com/videos/the-stock-trading-platform-for-traders-on-a-budget-best-app/
I thought that pattern day trader rule applies only to margin account. These are cash account. Please advise. Thanks,
And with cash accounts, you need to let the cash "settle" for 3 days.
Good job Clay boogie, another good video. 👍🏻
Thank you.
What is your preferred broker? I a am fairly new and have been doing nothing but reading and watching videos for months now to make sure i dont mess up anything.
Give this a read - claytrader.com/blog/best-online-stock-broker/
I am totally new to trading and this is very very informative. Thank you very much.
You're welcome. Glad it could help.
I just tried to find the App on Google Play and it's gone. Does anyone know what happened?
Really? They're still around from my understanding.
ClayTrader I am in Canada, looks like it isn't available to those in The Great White North.
That would explain it.
Im new in the market; what are some good 3rd parties for technical analysis?
This link should help: claytrader.com/resources/
Do I need a stockbroker to trade and or buy/sell stocks? I'm New...
Yes, you do.
hi good vid.. do u know when this app is coming to the U.K ?? thanks
I have no idea.
guys 1 question plz i see that robinhood app required us to link our bank account user name and password it looks strange for me and risky why didn't ask for debit card number to fund your account and checking acc n for withdrawal?
That's just the way it it set up. They're a legit broker though, if they were some shady operation, they'd have been exposed by now.
What advice would you give to someone who is working full time currently, has one college quarter left, and wants to start investing ~10% of every paycheck? As a "part-time" manufacturing engineer I make enough money to support myself so I could definitely survive without the 10% but I want to start learning stocks early and maybe even make some money doing it. Would Robin Hood in tangent with free online tools available at the moment be enough to make sound investments? I just found your channel and have been browsing stock-related subreddits and forums for awhile but always have been too short on cash as a college student to justify investing.
My advice would be to go through this - claytrader.com/courses/grow-rich/ It's my personal strategy that I'm using for my investing.
hey i want to get into stock trading. i think robin hoop would work great im just concerned on how it would change things when it comes to tax season?
That's why you want to hire a good accountant.
luckily I own two stocks in Etrade as a custodial so i can use that to do my research and use my $400 in cash to start in robinhood. Also was wondering if the buys are delayed at all? I would be putting in almost all of my money per trade.
"all of my money per trade" - that's terrible risk management.
ClayTrader just make sure you use limit orders, which you can do in this app
Can you do another new video because they added options within the past year or so. Not really sure when they did. Thanks
I'll see what I can do.
Can we use this in the UK? Ive heards some brokers are band here
I don't believe you can (for now at least).
Is there any good alternatives for robinhood since it isn't avaible in europe
I talk details of brokers here claytrader.com/blog/best-online-stock-broker/
Do they offer Dividend stocks and can i receive their yields if i do invest for savings
Yes, they offer stocks that pay dividends.
They offer candle sticks now and the app design has been redesigned. However, the candle sticks and volume numbers are kinda too close and touching if not overlapping in some areas
Sounds pretty rough, thanks for sharing.
I am completely new to the stock market. One of my friend recommend me to start using Robinhood app.
I am very much interested in learning the various norms of trading & investing as how to invest, how to build strategies, how to research before investing, etc.
Could you please help me from where should I start? Any values information/ tutorials you suggest?
I'm not going to sit here and give you some high pressure sales pitch, all I'll say is that if you enjoy the free content I have to offer on my site and on UA-cam, I can very confidently say that I'm sure you would find great value in my premium content/training. If interested, you can find my training courses here: claytrader.com/training/ Please let me know if you have any questions.
Is Robinhood not on AppStore? I can't find it.
I would think so.
Do you require an ID, drivers license or passport to verify your account on this broker?
That'd be a question for them.
can I make a custodial account on Robin Hood????? neeeeed to know know plz
Give them a call.
Robinhood took my 31 shares left me with 10 after ung moved from$6 to $22 overnight. Can they do that?
Yes. Because this is what happened claytrader.com/videos/what-is-a-reverse-split/
ClayTrader thanks
You're welcome.
Bro love how real you are and never try to sell stuff.
Thanks, I do my best.
what if I use TD Ameritrade "Thinkerorswin" to look my charts basilicaly do my homework. but use the robinhodd just to trade? would that work?
Depends what type of trading you are doing.
more like a swing or even a day trade it depends. basically what i tried to do is look at the after market closes look at past day average and 5 days average patters and try to buy at the lowest average price and sell at close to the highest average. i try to use charts that are easier to identify and tend to cut the losses if go under 2 3% of the lowest average price. also there were times that i hold the share for a long period of time and either lose or win after 1 week. my biggest concern is i am only doing at paper trade, the biggest question is how hard is to sell that stock at a high average price? i know i should only use stock with very high volume so i don't get stuck with shares. but since i don't invest a lot just 2k 3k at most 5k i tend to use lower value company with high volume like Fit,CHK, Ford. Can you have an Idea Where Am I at?
I just want to Thank you for your Videos Clay they are right on point.
also how fast you answer question.
Thank you
I do know where you are at, and with all due respect, you have lots to learn before you should be putting real money into the market. I hope you consider this claytrader.com/courses/
hey clay what is the best system to use to make some good income that you really like and recommend?
Give this a look: claytrader.com/blog/best-online-stock-broker/
i have send my staff but they told me they not in african continent
yet when are they goin to launch it here in south africa
I have no idea when, if ever, they'll expand to South Africa.
Don't have robinhood in Russia. What other app do you suggest me?
I don't believe so. I have no idea what your goals and strategy is, so it's impossible for me to suggest a broker/platform.
Very good explanation. Thank you.
You're welcome.
Unlike several of the major online stock trading platforms, they allow foreign citizens residing in the US without green card to also register and trade.
Gotcha. Thanks for feedback.
Can you purchase index funds and bonds on Robinhood?
No, I don't believe so.
If you open an account and make profits do you get taxed after withdrawing?
Yes, all profits are taxable.
Hey claytrader what do you think of or have you heard of simplefx trading?
Hi Frank, can't say I have heard of it. Will have to try and look more into it.
Great video that really spells it out. Do you, or does anyone, else have advise on less involved savings apps like acorns or clink? They don't trade in stocks like robin-hood, but a portfolio of per-selected ETF's (exchange traded funds).
Those apps are good for long term investing.
What are some good day trading platforms to use for less than 10 dollar trading but easy for beginners to use? Any insight would be greatly appreciated.
This can offer you some insights: claytrader.com/blog/best-online-stock-broker/
+ClayTrader thanks
What if I have no strategy right now and would like to learn, what's the recommendation?
Glad to hear you are looking to learn and want to improve as a trader. I'm not going to sit here and give you some high pressure sales pitch, all I'll say is that if you enjoy the free content I have to offer on my site and on UA-cam, I can very confidently say that I'm sure you would find great value in my premium content/training. If interested, you can find my training courses here: claytrader.com/training/
i heard they manipulate bid and ask prices to generate revenue. is this true or even legal?
Can't say I've heard that.
I can't find the app here in New Zealand?
Believe it is just for the USA at this point.
hey clay what is your opinion about +500 application and can you please make a video about it and also what is their comission %
I have never heard of "+500"
I'm an international student, done trading back in home country! Can I use robinhood app?
I believe at this point, it is only for USA citizens.
What about tax documents? Can Robinhood generate the forms and documents I need to efficiently do my taxes at the end of the year?
You'd have to call them up. I'd assume so, but I don't know for a fact.
Are there any RobinHood equivalents for Canada?
I have a cross border bank account in the US already. I used a VPN to download the app, but it needs a US address and I dont have one haha. How illegal is for me to just make that shit up? What other alternatives are there?
If you are that desperate for "no fees", something tells me you should probably just be focused on building up more personal capital for your trading.
What do you recommend which has fees then?
I just signed up for this app, and put in 200 bucks, but it says there is 0 dollars in the account, and says "application under review". So how long does it take for the money to go through, and for the to review the application?
I'm not sure on that. Maybe a fellow reader of the comments could assist you.
It takes a couple days to set up. I opened an account a couple days ago and it took 3 days to finish the review process.
Fishes worst enemy I just signed up with $50 & got approved within minutes. I hear it depends to each person
I love robinhood so far. Between the zero commissions and getting four trades per week on the cash account and not having the pdt rule is such an advantage I think. I use it with the think or swim free paper trading and it is really nice. Cool vid
Thanks for the feedback.
4 trades? I only get 3 trades per week...
It is only 3.
You get unlimited trades on a Robinhood cash account.... The PDT rule is only if you are using margin. You can only do 3 trades per week when using Robinhood Instant.
The only issue with a Robinhood cash account is that you have to wait 3 days after the trade to use the money you earned. A simple way to mange this is to only trade with a total of 1/3 of your account per day. This will guarantee you can trade every day. Of course you limit your buying power but at least you don't have to worry about PDT ever. This strategy works great with $1000. Each day you can trade $330ish dollars while you are waiting on previous pending funds to settle.
Even if you don't have the PDT rule, you still have to wait for the money to settle, which takes 3 days.
What kind of stock trading is for someone like me who is looking to make monthly income or every other month or something? I believe that is short term
You could be either a day trader or shorter term swing trader if that is what you're looking to do.
It says "application under review" for the last week and I want to get started in trading, when will I get to start trading
You'll have to contact them about that.
It took me about a week or two for my application to get through, just keep on waiting and you'll get the email. -Good luck!
Do you use Stash or Acorn also?
I do not. I use Merrill Edge for my retirement.
thank you for your review. It helped me.
You're welcome Lydie!
What are the mistakes your warning about with the Robin Hood broker ? Guess I need a call sign.....
The mistakes new trades make quite often.
Do you have a video that talks about the strategies some more??
Here ya go claytrader.com/university/
Great video on breaking down and reviewing Robinhood.
Thanks, glad you enjoyed.
Clay - Nice review. Very informative. Robinhood has gotten better and better over the last year. I find it super convenient with a beautiful user interface. I'm a passive trader so it falls right into my trading 'sweet spot'.
Very nice indeed given you are a passive trader.
Agreed. I hit MSTX and RNVA just right (but no shorting). My only issue is, I was ready to purchase PLX, but alas, I can't buy it on RH. So now I'm scrambling to open another account so I can put a long investment into PLX. I was thinking OptionsHouse - but I'll take a look at your reviews first as I think you're a legitimate, unbiased reviewer.
I'd look into Just2Trade during your research.
would this app be for me if I get all my companies info from different sources and make trades probably less then 1 every quarter? I tried this style with tradeking and they ended up charging me a fee for inactivity, i didnt like that lol
If you make less than one trade per quarter, I'd just sign up for a broker that has been around for years upon years. Schwab, JP Morgan, Merrill Lynch. The fees aren't going to kill you if you're only doing that amount of trades.
+ClayTrader thanks!
You're welcome
Cash accounts dont have PDT rule but 3 day setlement applies which is for all brokers
Correct. Options only have 1 day settlement, so cash is available next day. I have an entire video on it here - claytrader.com/videos/trading-academy-101-avoid-pattern-day-trader-rule/
Does this app gives the option to invest in index funds?
Not sure. That'd be a question for them.
Yes, I believe you can. I've searched for a few of them and they do come up in the app. I haven't bought any of them, but I don't see why it wouldn't let you.
Using Merrill, Ustocktrade, and just got RH. Great , it's easy and free, having serious liquidity issues w Ustocktrade for a while now , so we'll see how RH is, but I like it and funds are instantly replaced, watch out for pdt without 25,000 though. Thanks for the vid Clay
You're welcome. Thanks for sharing your experience. I'm sure others will find it helpful.
Why can't I download robinhood in New Zealand?
My guess is they don't offer it in your country.
What's the difference between stop loss and stop limit?
This should help - claytrader.com/videos/trading-101-buy-stocks/