But now, you can send any crypto assets to the wallet of your choosing. Prior to its wallet launch, users couldn't transfer crypto from or to external wallet addresses. Robinhood also rolled out crypto wallets early 2022. You can use any funds you've deposited into your brokerage account to purchase cryptocurrencies through Robinhood Crypto. This is a limited selection compared to exchanges (e.g., Kraken and Coinbase) that offer 100+ assets, but the brokerage's selection could still be useful as long as it supports the asset you'd like to exchange. In total, Robinhood offers 17 cryptocurrencies. The Robinhood Crypto account option lets you trade an array of digital currencies such as bitcoin, dogecoin, and ethereum. This platform's commission-free rule applies to cryptocurrencies as well. Robinhood offers options risk disclosures on its website.Īnd while Robinhood formerly required its users to have a margin account for options trading, you can now trade options with its regular cash accounts. It's worth pointing out, though, that options investing carries more risk than stock and ETFs. Many brokers charge under $1 per options contract, and some platforms use tiered pricing structures that charge lower fees for more active traders and higher fees for less active traders.īut with Robinhood, you'll incur no such fees. Robinhood's commission-free option trading comes with a notable perk: no per-contract fees. You'll also get a free stock whenever you make successful referrals, and as of August 11, 2022, users get a 1.5% APY on uninvested cash in their brokerage accounts. And you'll get one share of free stock when you open an account. Plus, Robinhood's web platform and mobile offerings are straightforward and easy to navigate. And its advanced charts - which were launched on Auggive all users access to more in-depth analysis of different investments. This means that you can purchase portions of stock in companies without paying the full share price. The brokerage has no minimum account size requirements for most of its investments, but you'll have to make minimum opening deposits for its fractional shares and margin trading offerings (you'll also need at least $25,000 for pattern day trading). Robinhood is best for active traders interested in placing commission-free trades in stocks, options, ETFs, and cryptocurrencies. If you like the sound of active trading, though, and don't mind doing a bit of your own research on your investments, Robinhood's low fees and commission-free securities could be a good fit for you. Though SoFi also offers DIY trading, it's a better choice for those in search of IRAs and automated investing. But Robinhood is the cheaper option when it comes to trading fees. Robinhood Investing and SoFi Invest have similar investment offerings. However, Robinhood is the better choice for all-around commission-free trading and crypto trading. The brokerage also has a more extensive account and investment selection. But you'll have a wider range of investment options at Fidelity than you will with Robinhood.īoth companies offer stocks, ETFs, and options, but, unlike Robinhood, Fidelity offers automated investing and advisor-managed portfolios for hands-off investors. Robinhood Investing and Fidelity Investments both offer commission-free trading on multiple investment types. Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down. Similar to a checking account, the best online brokerage accounts offer secure storage for your investments, as well as access to the investment markets. Robinhood was established in 2013 and is headquartered in Menlo Park, California. The brokerage provides mobile access for both iOS and Android devices. It also offers IRAs with a 1% match, but the overall brokerage isn't a good choice for those who want access to investment options like joint accounts and education savings accounts. So if you're looking for investment platforms similar to Robinhood - but with more options - you can check out Insider's picks for the best cryptocurrency exchanges. Robinhood only offers a range of 18 cryptocurrencies, which is significantly lower than some other top investing platforms. Plus, Robinhood recently launched a cash card that lets you earn up to 8% back at places you shop, with the option to earn bonuses spanning from 10% to 100%. The brokerage also offers cryptocurrencies, so it could be a solid choice for those who want to trade assets like bitcoin and ethereum without commissions. Robinhood is an online investing platform offering commission-free trading on several US-listed investment types, with high-yield cash management offerings, margin trading, and access to initial public offering (IPO) investments. Robinhood Review: Is Robinhood Right for You?

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