In my opinion Robinhood is the best stock brokerage out there. I made a RH account a year ago and have been actively trading stocks since. I always thought stock trading required expensive monitors, lots of time, and high upfront cost to start an account, but RH cuts all that with an elegant app that takes less than 4 minutes to sign up. They have no minimum balance, and no trading commission fees. Every penny a user invest goes directly to stocks, contrary to other platforms like E-trade, TDAmeritrade, and CharlesSwab.
If you’re serious about investing for the first time I’d suggest ONLY using Robinhood as a broker. There’s no reason to pay commissions in a digital world, or having to dish out hundreds of dollars just to make an account. Frankly new investors starting out who are around 20 simply don’t have a couple thousand laying around to spare. This is a true fact, thanks to college debt. That’s why Robinhood is so important for millennials (including me) because the earlier you get your foot out in the investing world the better.
Signing up for Robinhood takes less than 4 minutes, and once you are in you can buy and sell stocks on major American stocks exchanges instantly. Some wise advice though- make sure you take the time to learn how stocks work before making your first purchase. When I first signed up it was tempting to invest right away simply because I could, but I’ll say it again, do lots of research before laying down hard earned cash. We’re investing to build more wealth right? That means learning terms like volatility, volume, spread, eps, balance sheet, bearish/bullish, etc. My biggest tip is to take at least a whole week learning the ropes of stock trading before laying a finger on that “buy” button. Take it from someone who’s lost a lot of money from not doing any research. Oh Sunedison how could I forget you..(they went bankrupt).
Fun fact- Robinhood is the first financial app to win an Apple design award. The home screen displays a live portfolio value that changes according to the prices of stocks you own during market hours. A line chart shows this value over time and can be adjusted from 1 day, 1 week, 1 month, to 1 year. Below this is a list of stocks you own, and ones that you are watching, all updated real-time. The tickers can be organized to your liking.
A pleasant aesthetic about the view is that text, buttons, and graphs will switch between red or green depending if your portfolio is positive or negative. It’s a quick way of automatically knowing if your stocks are doing good or bad as soon as the app’s open. Another feature is being able to adjust your watch list tickers to display either “percent change (%)”, “equity”, or “last price”. Percent change is more traditional, but I’ve found myself using last price more because it lets you gauge exactly what a price is at from the price you entered in.
The drop down menu that’s accessible by the little person in the top left has a list of ways to check your account. First, a live counter showing your portfolio value, and buying power. The “account” tab has a lot of things regarding funds, cash, day trades, and account statements. Banking and history tabs are self explanatory. Everything to view and modify your account is accessible under the drop down menu.
If you’re interested in opening a Robinhood account you can use my link to sign up. Link- http://share.robinhood.com/lukek5. I actually don’t get any incentive for referring, it’s just a way of letting the company know I helped you discover them. As always, thanks for reading!