Robinhood claims they do not charge any amount on stocks, options, or crypto trading. They mostly target young people who are new to crypto investing. Most users are attracted by its fame and the fact that it does not charge any fees and commissions. There are now 10 million accounts created on the app.
The app allows trading even very small quantities of crypto. People also love it for instant access to deposits provided by the app. The cryptocurrency app also has a feature known as Recurring Investments in which people can schedule dollar-cost averaging for repeated investment in stocks or ETFs daily, weekly, or monthly.
Features:
- Customers require paying $5 per month for Robinhood Gold to trade on margins. The payment also unlocks additional features like research access, market depth data, and access to Morningstar reports on high-volume stocks.
- 30-day trial for the Robinhood Gold service.
- No publication of trading stats like with other brokers.
- Mobile and web apps.
- No commissions are charged but spreads are wider compared to other platforms.
Fees: Free.