Broker Review: Robinhood Trading App
The Robin Hood trading app what do I think about it what's my opinion let's talk about it now before I go into anything I want to first note that this is a review of a company and companies change so if anything is different than what I'm talking about right now as time goes by because who knows maybe you're watching this you know a year from now please leave it down in the comments down below so we can keep up to date on what may or may not any longer apply so with that being said let's just start at the very top of kind of the pyramid and that is are these people even legit like our who are they can you have confidence putting your money in them and yes they are totally legit when you look at their page you can see that you know there you have their memberships with the FINRA and then sp I see so there you know in government compliance all that sort of good stuff and you know you can find that stuff on their website the next thing and this is what generates all the interest right now their Commission's which are zero dollars but again going back to what I initially talked about you know companies change so let's just say that you know they even go up to three dollars or you know three dollars and fifty cents two dollars sure may not be free but those are still really good rates so in the event that they do kind of scale up their cost any way you slice it fantastic commissions there's definitely nothing to complain about here in terms of hidden fees because there are brokers out there where as soon as you start to read the fine print like ah but as far as I can tell and you know I've gone over the as best as I can I don't see any sort of hidden fees you know there are some fees for you know some transfer money ways but for the most part if you're doing it just a traditional you know transfer of money there aren't it and even any fees for that so as far as I can tell no hidden fees and that's always a good thing now on their website in their marketing they proclaim hey we have a very easy signup process and they aren't kidding it is extremely fast very streamlined in fact the guy behind the camera we were sitting in the airport waiting to fly somewhere and he literally sat there on his phone signed up and like a matter of four or five minutes it was kind of crazy so as far as just kind of streamline the efficiency of getting signed up it's about as quick as it it's now customer service this is where things are getting a little bit shaky however I mean it makes sense you get what you pay for right they aren't getting any commissions sure they make money other ways but they're not going to have a big staff like an e trade or a Scottrade or you know a TD Ameritrade is going to have but you know e trades also charging ten dollars per trade so when they're charging zero dollars per trade customer service is lacking I say this because we sent them an email and it's probably been about two weeks now since we sent that email and maybe about a week and a half regardless it's been more than enough time for somebody to reply to our initial email inquiry and we have heard nothing back now they do have a phone number and we have called that but as soon as we call that they said hey email us so it's kind of we're figuring out here a big loop so we'll see what happened with that but if you're looking for somebody with just top-notch customer service that's going to be able to email you back quick or answer questions over the phone you know I this is not going to be the place for you but again it goes back to the Commission's I mean if you don't need somebody that you know hold your hand as you go through all the processes you know then they're going to be perfectly fine but you know they're definitely not built around a customer service platform just again because well hey they don't charge anything to trade also we discovered they do speak English which is kind of funny but I guess when I think about it you know that's something that you know if you're calling somebody and then you got somebody on the other line like wait what what are you saying but when we call they were it was a native English speaker so there weren't any sort of problems or any sort of kind of where exactly are at Bob nothing like that it was straight-up easy communication they still told us an email um but hey good communication in terms of understanding what they were saying the platform what's going on with this well it could be a pro it could be a con and we're going to discuss that here in a little bit but it's all phone based so it's an app you know you can't really call it an online brokerage because we really don't do anything online except just learn about them as a company so all order entry all that stuff is done via your phone including the signup process so is that bad is that good well like I said we'll discuss that a little bit later on in the video but everything is phone based the one thing right off the bat I noticed it is real-time quotes some of these brokerages and their platforms you know they're delayed quotes or anything you have to pay you have to deposit money to get real-time information both Robin Hood its real-time information - you don't have to worry about getting any sort of delayed information so that's definitely a step in the right direction at the time this recording stocks only so if you're looking to trade options or currencies or futures that's just not going to happen now this is one of those things where if it does change and they all of a sudden offer options or Forex now let's get that comment or let's get that you know denoted down in the comment section below but as it stands right now you can only trade stocks if you're somebody that enjoys technical analysis and you know charts are a very pivotal point in your research in your analysis in your trade plan development then these this is just not going to be for you all they offer is line charts and you know if you know anything about charts line charts is pretty much as basic and there's just much better methods out there so that is definitely not in you know Robin Hood's favor they could very well change that but right now they only offer line charts and that's that's no good but again a little bit we'll discuss you know some may be possible workarounds as far as order entry everything is very clean very easy to use it's you know user friendly that's probably the best way to put it you're not kind of like wait what so I mean it's very well streamlined and everything's right at your fingertips and I mean if you're brand new you're still going to obviously have little questions but if you have just even a basic familiarity with order types then it's a very clean process when you order it or when you put in an order as far as order types themselves very nice array now if you're looking for some complex order entry types you know they're not going to be for you but if you just need the basic you know market limit stop losses and in fact I have two forms of the stop loss which is always good from a risk management perspective then yeah they're going to be perfectly fine but if you're looking for some sort of you know this cancels that and you know conditional orders as they would be called they don't offer anything like that so that's definitely a con but hey if you don't need anything like that then perfectly fine what I'm going to talk about now is why you know a black and white questions such as hey what do you think about Robin Hood trade an app it just it doesn't work because well there's a lot that it depends on so I'm going to go through the it depends and that way hopefully it'll give you a better idea of you know is it good or isn't it good and this all starts with well you better know your strategy meaning how are you going to answer the question what direction do I think the price is going to move because if you can't formulate an opinion on that then you shouldn't be in the markets anyways as basic as that sounds so many people just don't even consider that but you need to be able to answer that question so depending on your strategy depending on how you're going to answer that question is going to dictate and play a pretty big role in whether or not Robin Hood is good or not for you now I touched on this earlier but what happens if your strategy so if your means of answering that question is technical analysis meaning I want to use charts well in that case it goes back to the whole well they only offer line chart things and you know line charts are just yeah I guess they're just things right there they're not very useful and you already understand that if you you know realize in you know use charts already so for that you're going to have to go to a third party now I'm not going to assign any sort of you know names or anything just because you know things are always changing if you're watching this seven months from now you know with my luck I'd probably give a site and then they like close down or something so I'm going to say use the power of search engines get out there and see what's available to give you charts because Robin Hood is just not going to give you what you need you know with a line chart so find a third party maybe you can enough an angle something where you don't have to pay maybe you'll have to pay a few extra dollars to bring in charts but you are going to definitely have to use a third party if your strategies technical analysis now if you use fundamental analysis meaning you love those p/e ratios you know you love balance sheets and cash flow statements then for you yeah Robin Hood's perfectly fine because that information is available all over the place with any sort of search engine it's not like you need Robin Hood to generate that information for you it's available all over the place so fundamental analysis no problem if your strategy is hey I'm going to use social media so I'm going to go to Twitter like Twitter or Facebook or wherever Instagram to find my you know to find out what direction something's going to go don't do that okay this is more a joke than anything that is not a strategy and it's kind of a joke but this is what a lot of people do and I say that because maybe you're not aware but I have a trading podcast and we interview lots of guests and there were been a ton of guests where that was her plan going in was hey I'm gonna use social media so Robin Hood's not good in that situation because nothing would be good because that's a terrible strategy so don't be using social media you know message boards anything like that let's break things down further in terms of trader and investor again this is going to dictate yeah does Robin Hood really pertain to you so we'll first breakdown trader and there's two parts here we have those that are active traders and those that I'll call passive traders now this is by no means some sort of like official number or official anything it's strictly my opinion maybe you want to define it as something else but I'm going to consider an active trader one that does more than three trades per week if you're doing more than three trades per week that tells me that you know you're quite into it you know you're watching the market you want to make trades you want to get in and out and you're just well you're very active Robin Hood's not going to be for you if you think that you can be you know a full time day trader from your phone you're just not reality I mean because when you think about it you need as a day trader as a very active trader you need to be monitoring charts or you need to be monitoring other things and you can't do all that from your phone screen so now like I said that could be five maybe five you know would still work but I'm going to say anything more than three you know Robin Hood's just it's not going to give you what you need to do at this point in time if they come up with a you know a brokerage that is online and you can set on your computer and put things up on different monitors rather than just one phone screen then cool but as it stands right now it's not designed for the active trader one that wants to be in and out of all sorts of stocks now if you are a passive trader maybe we could call that a swing trader meaning you're doing less than three trades a week then yeah they're perfectly fine you are by no means you know down in the trenches in a lot of things in every 10 minutes every hour every 15 minutes you know you're just more passive more relaxed now you're definitely gonna be more involved in an investor but you're not nearly as involved as an active trader so passive trader yeah I Robin Hood would be just fine now what or I shouldn't know this what about the pattern day trading rule it applies and it's not it's nothing against Robin Hood it's just a government regulation so unless you have that $25,000 you know Robin Hood is not going to get you out of that at all if you're curious on some ways to potentially get around the pattern day trader rule I'll put a link down in the description and you can you know look into that if that if that maybe pertains to your situation but Robin Hood as far as that's concerned it again it's nothing against them because they have no control government regulation now let's talk about an investor so an investor is somebody that brace basically does less than one trade a week meaning you're buying and selling sure you can open up multiple positions but you don't have any plans upselling anytime soon for them Robin Hood it kind of okay I say kind of because as it stands especially if you want to invest for like retirement no there aren't any IRAs there aren't any sort of retirement vehicles that you can sign up for once again one of those things that could change so if it does change let's just make sure we get it denoted and documented down in the comment section below but as it stands no IRAs no sort of you know retirement tools that the IRS allows people to use so I would count that it's definitely a con but if you just want it from a strictly yeah I don't care about you know an IRA or anything like that then they would work perfectly fine because you by no means need to be in and out of things all the time if you're doing it from your phone so that's the different kind of aspects to look at it so are they good for you well I don't know go through this figure out kind of where you what you want to be doing where you see yourself going and it's going to you know let you know whether or not Robin Hood is going to allow you to do that or not and I realized and I want to end with this yes they have zero fees but remember if you're trying to fit so if Robin Hood is this so a round peg and you're trying to fit it through a square hole which would be your strategy that it's not worth it because I don't want to pay that $I know that $would let me execute the exact strategy that I want to do it would help me accomplish the exact goals but I don't want to do five dollars so I'm going to do all that but I'm just I'm going to use Robin Hood because they have zero you're going to find out and I speak from experience here that you're going to make mistakes that cost you a whole lot more than five dollars because the platform is just not designed for what you want to do so yes zero dollars in Commission is fine but to pay a few dollars and there's plenty of brokers out there that are you know five dollars and such I don't go pay ten dollars at each rate please don't but there's plenty that are much less than that so don't sacrifice you being able to run your strategy like a fine-tuned machine just for the sake of well I want to save like three dollars I want to save five dollars cuz again you're going to make mistakes that cost you a whole lot more than five dollars and then it's just it's not going to make sense you know within the grand theme of things if you're looking down at things you know from a business perspective so with that being said hopefully this helps hopefully this answers your question and kind of points you down the path that you need to go again I would really appreciate it if we can keep everything as you know best up-to-date as possible so if you watch this and say hey don't be a scumbag that's not how it is well then let me know let me know that something has changed down in the comment section and then you as a viewer you know you can quickly scroll down through the comments and you know just see kind of what still pertains or of course you can just go to the website and double-check and see whether or not I mean if you go to the website all of a sudden it says stocks bonds options futures well then obviously something has changed since the time in this video so thanks again for watching I really do hope this helps you
Robinhood, Robinhood trading, Robinhood App, Robinhood review, Robinhood hands on, Robinhood thoughts, Robinhood ClayTrader, Robinhood Broker, Robinhood Stocks, Robinhood Scottrade, Robinhood Schwab, Robinhood etrade
The Robin Hood trading app what do I think about it what's my opinion let's talk about it now before I go into anything I want to first note that this is a review of a company and companies change so if anything is different than what I'm talking about right now as time goes by because who knows maybe you're watching this you know a year from now please leave it down in the comments down below so we can keep up to date on what may or may not any longer apply so with that being said let's just start at the very top of kind of the pyramid and that is are these people even legit like our who are they can you have confidence putting your money in them and yes they are totally legit when you look at their page you can see that you know there you have their memberships with the FINRA and then sp I see so there you know in government compliance all that sort of good stuff and you know you can find that stuff on their website the next thing and this is what generates all the interest right now their Commission's which are zero dollars but again going back to what I initially talked about you know companies change so let's just say that you know they even go up to three dollars or you know three dollars and fifty cents two dollars sure may not be free but those are still really good rates so in the event that they do kind of scale up their cost any way you slice it fantastic commissions there's definitely nothing to complain about here in terms of hidden fees because there are brokers out there where as soon as you start to read the fine print like ah but as far as I can tell and you know I've gone over the as best as I can I don't see any sort of hidden fees you know there are some fees for you know some transfer money ways but for the most part if you're doing it just a traditional you know transfer of money there aren't it and even any fees for that so as far as I can tell no hidden fees and that's always a good thing now on their website in their marketing they proclaim hey we have a very easy signup process and they aren't kidding it is extremely fast very streamlined in fact the guy behind the camera we were sitting in the airport waiting to fly somewhere and he literally sat there on his phone signed up and like a matter of four or five minutes it was kind of crazy so as far as just kind of streamline the efficiency of getting signed up it's about as quick as it it's now customer service this is where things are getting a little bit shaky however I mean it makes sense you get what you pay for right they aren't getting any commissions sure they make money other ways but they're not going to have a big staff like an e trade or a Scottrade or you know a TD Ameritrade is going to have but you know e trades also charging ten dollars per trade so when they're charging zero dollars per trade customer service is lacking I say this because we sent them an email and it's probably been about two weeks now since we sent that email and maybe about a week and a half regardless it's been more than enough time for somebody to reply to our initial email inquiry and we have heard nothing back now they do have a phone number and we have called that but as soon as we call that they said hey email us so it's kind of we're figuring out here a big loop so we'll see what happened with that but if you're looking for somebody with just top-notch customer service that's going to be able to email you back quick or answer questions over the phone you know I this is not going to be the place for you but again it goes back to the Commission's I mean if you don't need somebody that you know hold your hand as you go through all the processes you know then they're going to be perfectly fine but you know they're definitely not built around a customer service platform just again because well hey they don't charge anything to trade also we discovered they do speak English which is kind of funny but I guess when I think about it you know that's something that you know if you're calling somebody and then you got somebody on the other line like wait what what are you saying but when we call they were it was a native English speaker so there weren't any sort of problems or any sort of kind of where exactly are at Bob nothing like that it was straight-up easy communication they still told us an email um but hey good communication in terms of understanding what they were saying the platform what's going on with this well it could be a pro it could be a con and we're going to discuss that here in a little bit but it's all phone based so it's an app you know you can't really call it an online brokerage because we really don't do anything online except just learn about them as a company so all order entry all that stuff is done via your phone including the signup process so is that bad is that good well like I said we'll discuss that a little bit later on in the video but everything is phone based the one thing right off the bat I noticed it is real-time quotes some of these brokerages and their platforms you know they're delayed quotes or anything you have to pay you have to deposit money to get real-time information both Robin Hood its real-time information - you don't have to worry about getting any sort of delayed information so that's definitely a step in the right direction at the time this recording stocks only so if you're looking to trade options or currencies or futures that's just not going to happen now this is one of those things where if it does change and they all of a sudden offer options or Forex now let's get that comment or let's get that you know denoted down in the comment section below but as it stands right now you can only trade stocks if you're somebody that enjoys technical analysis and you know charts are a very pivotal point in your research in your analysis in your trade plan development then these this is just not going to be for you all they offer is line charts and you know if you know anything about charts line charts is pretty much as basic and there's just much better methods out there so that is definitely not in you know Robin Hood's favor they could very well change that but right now they only offer line charts and that's that's no good but again a little bit we'll discuss you know some may be possible workarounds as far as order entry everything is very clean very easy to use it's you know user friendly that's probably the best way to put it you're not kind of like wait what so I mean it's very well streamlined and everything's right at your fingertips and I mean if you're brand new you're still going to obviously have little questions but if you have just even a basic familiarity with order types then it's a very clean process when you order it or when you put in an order as far as order types themselves very nice array now if you're looking for some complex order entry types you know they're not going to be for you but if you just need the basic you know market limit stop losses and in fact I have two forms of the stop loss which is always good from a risk management perspective then yeah they're going to be perfectly fine but if you're looking for some sort of you know this cancels that and you know conditional orders as they would be called they don't offer anything like that so that's definitely a con but hey if you don't need anything like that then perfectly fine what I'm going to talk about now is why you know a black and white questions such as hey what do you think about Robin Hood trade an app it just it doesn't work because well there's a lot that it depends on so I'm going to go through the it depends and that way hopefully it'll give you a better idea of you know is it good or isn't it good and this all starts with well you better know your strategy meaning how are you going to answer the question what direction do I think the price is going to move because if you can't formulate an opinion on that then you shouldn't be in the markets anyways as basic as that sounds so many people just don't even consider that but you need to be able to answer that question so depending on your strategy depending on how you're going to answer that question is going to dictate and play a pretty big role in whether or not Robin Hood is good or not for you now I touched on this earlier but what happens if your strategy so if your means of answering that question is technical analysis meaning I want to use charts well in that case it goes back to the whole well they only offer line chart things and you know line charts are just yeah I guess they're just things right there they're not very useful and you already understand that if you you know realize in you know use charts already so for that you're going to have to go to a third party now I'm not going to assign any sort of you know names or anything just because you know things are always changing if you're watching this seven months from now you know with my luck I'd probably give a site and then they like close down or something so I'm going to say use the power of search engines get out there and see what's available to give you charts because Robin Hood is just not going to give you what you need you know with a line chart so find a third party maybe you can enough an angle something where you don't have to pay maybe you'll have to pay a few extra dollars to bring in charts but you are going to definitely have to use a third party if your strategies technical analysis now if you use fundamental analysis meaning you love those p/e ratios you know you love balance sheets and cash flow statements then for you yeah Robin Hood's perfectly fine because that information is available all over the place with any sort of search engine it's not like you need Robin Hood to generate that information for you it's available all over the place so fundamental analysis no problem if your strategy is hey I'm going to use social media so I'm going to go to Twitter like Twitter or Facebook or wherever Instagram to find my you know to find out what direction something's going to go don't do that okay this is more a joke than anything that is not a strategy and it's kind of a joke but this is what a lot of people do and I say that because maybe you're not aware but I have a trading podcast and we interview lots of guests and there were been a ton of guests where that was her plan going in was hey I'm gonna use social media so Robin Hood's not good in that situation because nothing would be good because that's a terrible strategy so don't be using social media you know message boards anything like that let's break things down further in terms of trader and investor again this is going to dictate yeah does Robin Hood really pertain to you so we'll first breakdown trader and there's two parts here we have those that are active traders and those that I'll call passive traders now this is by no means some sort of like official number or official anything it's strictly my opinion maybe you want to define it as something else but I'm going to consider an active trader one that does more than three trades per week if you're doing more than three trades per week that tells me that you know you're quite into it you know you're watching the market you want to make trades you want to get in and out and you're just well you're very active Robin Hood's not going to be for you if you think that you can be you know a full time day trader from your phone you're just not reality I mean because when you think about it you need as a day trader as a very active trader you need to be monitoring charts or you need to be monitoring other things and you can't do all that from your phone screen so now like I said that could be five maybe five you know would still work but I'm going to say anything more than three you know Robin Hood's just it's not going to give you what you need to do at this point in time if they come up with a you know a brokerage that is online and you can set on your computer and put things up on different monitors rather than just one phone screen then cool but as it stands right now it's not designed for the active trader one that wants to be in and out of all sorts of stocks now if you are a passive trader maybe we could call that a swing trader meaning you're doing less than three trades a week then yeah they're perfectly fine you are by no means you know down in the trenches in a lot of things in every 10 minutes every hour every 15 minutes you know you're just more passive more relaxed now you're definitely gonna be more involved in an investor but you're not nearly as involved as an active trader so passive trader yeah I Robin Hood would be just fine now what or I shouldn't know this what about the pattern day trading rule it applies and it's not it's nothing against Robin Hood it's just a government regulation so unless you have that $25,000 you know Robin Hood is not going to get you out of that at all if you're curious on some ways to potentially get around the pattern day trader rule I'll put a link down in the description and you can you know look into that if that if that maybe pertains to your situation but Robin Hood as far as that's concerned it again it's nothing against them because they have no control government regulation now let's talk about an investor so an investor is somebody that brace basically does less than one trade a week meaning you're buying and selling sure you can open up multiple positions but you don't have any plans upselling anytime soon for them Robin Hood it kind of okay I say kind of because as it stands especially if you want to invest for like retirement no there aren't any IRAs there aren't any sort of retirement vehicles that you can sign up for once again one of those things that could change so if it does change let's just make sure we get it denoted and documented down in the comment section below but as it stands no IRAs no sort of you know retirement tools that the IRS allows people to use so I would count that it's definitely a con but if you just want it from a strictly yeah I don't care about you know an IRA or anything like that then they would work perfectly fine because you by no means need to be in and out of things all the time if you're doing it from your phone so that's the different kind of aspects to look at it so are they good for you well I don't know go through this figure out kind of where you what you want to be doing where you see yourself going and it's going to you know let you know whether or not Robin Hood is going to allow you to do that or not and I realized and I want to end with this yes they have zero fees but remember if you're trying to fit so if Robin Hood is this so a round peg and you're trying to fit it through a square hole which would be your strategy that it's not worth it because I don't want to pay that $I know that $would let me execute the exact strategy that I want to do it would help me accomplish the exact goals but I don't want to do five dollars so I'm going to do all that but I'm just I'm going to use Robin Hood because they have zero you're going to find out and I speak from experience here that you're going to make mistakes that cost you a whole lot more than five dollars because the platform is just not designed for what you want to do so yes zero dollars in Commission is fine but to pay a few dollars and there's plenty of brokers out there that are you know five dollars and such I don't go pay ten dollars at each rate please don't but there's plenty that are much less than that so don't sacrifice you being able to run your strategy like a fine-tuned machine just for the sake of well I want to save like three dollars I want to save five dollars cuz again you're going to make mistakes that cost you a whole lot more than five dollars and then it's just it's not going to make sense you know within the grand theme of things if you're looking down at things you know from a business perspective so with that being said hopefully this helps hopefully this answers your question and kind of points you down the path that you need to go again I would really appreciate it if we can keep everything as you know best up-to-date as possible so if you watch this and say hey don't be a scumbag that's not how it is well then let me know let me know that something has changed down in the comment section and then you as a viewer you know you can quickly scroll down through the comments and you know just see kind of what still pertains or of course you can just go to the website and double-check and see whether or not I mean if you go to the website all of a sudden it says stocks bonds options futures well then obviously something has changed since the time in this video so thanks again for watching I really do hope this helps youRobinhood, Robinhood trading, Robinhood App, Robinhood review, Robinhood hands on, Robinhood thoughts, Robinhood ClayTrader, Robinhood Broker, Robinhood Stocks, Robinhood Scottrade, Robinhood Schwab, Robinhood etrade
