Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (2024)

Robinhood might be for you if: You want to trade stocks from your phone for $0 per trade. Robinhood makes trading easy and affordable for investors of all types, from beginners to experts. With educational materials for new investors and unusual perks like an IRA match, Robinhood stands out from the pack as a top investing platform. Read our Robinhood review below to learn more.

Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (1)

Open Account for Robinhood

OnRobinhood'sSecure Website.

Ratings Methodology

RobinhoodOpen Account

Our Rating:

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4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (14)Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (15)Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (16)Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (17)Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (18) = Best
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Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (26)Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (27) = Fair
Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (28) = Poor

Bottom Line

Robinhood is a simple, low-cost brokerage with a few rare perks. What it lacks in customer service it provides in a smooth in-app experience. Without membership, you will lack research resources but still be able to trade affordably. With a membership, you can earn 3% and 1% match on IRA and taxable deposits. The app grows fast -- new perks are being released at a rapid pace.

Fees:

$0 for stocks, ETFs, and options; up to $6.99 monthly for Robinhood Gold

Account Minimum:

$0

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OnRobinhood'sSecure Website.

Alternatives to Consider

We recommend comparing brokerage options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of our best trading platforms of 2024.

AccountFeesAccount Minimum

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4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (54) = Poor

$0 for stocks, $0 for options contracts$0

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4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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$0 for stocks, ETFs, and options; up to $6.99 monthly for Robinhood Gold$0

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4.5/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Full Robinhood review

Robinhood is an affordable discount broker at its core. It's easy to pick up and get started, even if you're totally new to investing. A few features set it apart from your vanilla trading app.

For one thing, its premium membership gives a ton of perks that are actually useful (like deposit match). Its commissions are also highly competitive. And let's not forget about its margin rates, which are some of the lowest we've found!

Jump To

  • Our team's experience
  • Investment offerings
  • Commissions and fees
  • Research and education
  • Interface and app
  • Customer service
  • Security
  • About

Rare perks: IRA match and 24 hour trades

Brokers tend to look the same these days. Robinhood is a notable exception. It gives two rare perks:

  • IRA match: Earn 1% match on IRA deposits. Members earn 3% match on IRA deposits and 1% match on taxable deposits. The catch: It takes five years for the match to vest.
  • 24-hour trades: Trade a variety of stocks 24 hours, five days a week. That's great when you're crossing time zones or outside the U.S.

We tried it: Our team's experience

Here at The Motley Fool Ascent, we pride ourselves as real users of most of the products across our site. Writers Cole Tretheway and Brittney Myers use Robinhood -- here are their experiences:

Brittney's review

Of all the investing platforms I've used, few are as easy to navigate as Robinhood, and that goes for desktop and mobile app platforms alike. It's simple to make trades and manage my accounts whenever or wherever the need arises. Robinhood is my go-to place for my recreational investing hobby.

Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (107)

Cole's review

My favorite feature is access to all your notifications in one place. These include buy/sell requests and completions, shareholder updates, and Robinhood app updates. Less fun, it also includes things like margin call warnings. Robinhood feels video-gamey in a good way.

Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (108)

Investment offerings

Robinhood lets you invest in the basics through standard accounts. You can purchase fractional shares of stocks and ETFs for as little as $1 on the platform.

Investments

  • Cryptocurrencies
  • ETFs
  • Fractional shares
  • Stocks

Brokerage accounts

  • IRA
  • Roth IRA
  • Traditional brokerage

Robinhood also gives you access to a debit card linked to your spending account.

Optional membership: Robinhood Gold

Robinhood's premium membership hits the mark. There's a clear path to earning back your membership fees (and then some). The perks:

  • Higher interest on uninvested cash
  • Higher instant deposit limits
  • 1% match on taxable deposits
  • 3% match on new IRA contributions
  • Morningstar research access
  • Level II market data
  • $1,000 of zero-interest margin
  • Robinhood Gold Card access

Read our Robinhood Gold Review

Commissions and fees

Robinhood is one of the lowest-cost brokers around. What it lacks in account types, it makes up for in $0 commissions. It's one of the few brokers that charges $0 per-contract options fees.

ReasonCost
Stock and ETF trades$0
Options trades$0
Gold membership (optional)$5 monthly
Outgoing transfer (ACATS)$100
Outgoing transfer (Wire)$25

Data source: Robinhood

Margin rates

Robinhood gives you hyper-competitive margin rates. The more you borrow, the lower your rate gets. Robinhood Gold members borrow the first $1,000 of margin at a 0% interest rate.

Amount borrowedMargin rate
Up to $50,0006.75%
$50,000 up to $100,0006.55%
$100,000 up to $1 million6.25%
$1 million up to $10 million6.00%
$10 million up to $50 million5.95%
$50+ million5.70%

Data source: Robinhood

Robinhood Promotions

Robinhood sometimes offers promotions that could save you money. Click below to go to our dedicated page covering current Robinhood promotions:

Robinhood Promotions

Research and education

Robinhood gives excellent educational resources to beginners. On Robinhood Learn, users can find many how-to articles and investing term definitions. There's even lots of content on advanced topics, like options trading.

However, if you're looking for in-depth stock research, you can do better than Robinhood. Robinhood tailors its research and educational content to beginners. Only Robinhood Gold members get access to Morningstar research reports, and only on select stocks.

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Interface

Customers who value simplicity love Robinhood's trading platform. Robinhood features both a desktop web portal and a mobile app. Impressively, both are simple in design and easy to use.

Desktop

The desktop interface is great for reading news articles and reviewing Morningstar research. It can also be nice to scroll through your stocks on a big screen, so you can see the ratio of green (good) to red (bad) on a given day.

Be aware that two-factor authentication (2FA) may slow down your desktop login. Although 2FA is great for security, it makes it a little more of a hassle to use Robinhood on desktop. The app is more convenient for most things.

During Robinhood's "Gold Standard" event, CEO Vlad Tenev said that the Robinhood app would change its layout a lot. This is expected to roll out in 2024.

App

Using the Robinhood app is quick and easy. Upon opening the app, you can see your account balance and investments. You can monitor any account in one tap. Tabs along the bottom include "Investing," "Crypto," "IRA," "Spending," and "Profile."

Robinhood has gotten in trouble for "gamifying" its app before. However, it seems to have dialed down these elements.

The Robinhood widget lets you see how your stocks are trending without opening the app. I recommend it, since you might be tempted to frequently open your account otherwise.

Customer service

Customer service reviews are mixed. Robinhood rates decently on the App Store (4.2) and Google Play (4.1). User complaints mostly address the layout, which some find confusing. On Trustpilot, Robinhood scores a 1.2. This is pretty typical for big financial services, though it could be much better. It scores slightly worse than Webull (1.4) and much worse than SoFi (4.6), two of its biggest competitors. Complaints address poor customer service and difficulty reaching out.

You can contact Robinhood customer service one of two ways:

  • Phone Monday - Friday between 7 a.m. and 9 p.m. ET.
  • 24/7 online chat

You request a phone call in advance through the app. Or, you can send a chat and wait for a representative to get back to you. This could take a while depending on wait times.

Security

Robinhood takes standard measures to secure your accounts. Your investments are insured by SIPC insurance for up to $500,000 (including $250,000 for cash). If you opt into Robinhood's brokerage sweeps program, your cash moves to partner banks. There, it's FDIC insured up to $2.5 million.

Robinhood scrambles passwords, encrypts personal information, and requires 2FA upon login. These are all standard and important security measures that keep your money safe.

About

Robinhood was founded in April 2013 by Vladimir Tenev and Baiju Bhatt. They aimed to democratize investing.

Robinhood's popular trading app launched in March 2015, and was one of the first firms to offer stock trading without commissions. More than 800,000 people were on the waitlist for the app when it launched.

In 2018, Robinhood made its appeal wider by adding cryptocurrencies like Bitcoin through Robinhood Crypto. This move made Robinhood one of the first to offer an easy way to buy virtual coins without fees.

In 2021, Robinhood went public in one of the year's most anticipated IPOs. It now trades under the ticker HOOD. As of 2023, more than 10 million people use Robinhood as their primary brokerage.

Robinhood in the news

Robinhood has been the subject of controversy numerous times. While these issues are important for Robinhood to navigate and important for investors, we do believe Robinhood is a solid broker to consider, which is reflected in our overall rating.

Here are some of the serious issues that have arisen:

  • In December 2020, the Securities and Exchange Commission charged Robinhood with misleading consumers in statements made between 2015 and 2018 and executing trades at inferior prices.
  • In December 2020, the Commonwealth of Massachusetts accused the brokerage of gamifying trading, and steering inexperienced traders towards high-risk investments.
  • On Jan. 8, 2021, Robinhood froze trading of GameStop and several other stocks that were the subject of intense trading interest, angering many of its customers.
  • On June 30, 2021, Robinhood was fined $57 million and ordered to pay around $12.6 million to consumers who had experienced losses due to system outages during a period of market volatility in March 2020.

To be fair, Robinhood has done an excellent job of learning from these incidents. For example, it has done a good job of building its educational library and adding features for long-term investors, such as the availability of IRA investing.

Learn more about Robinhood

Keep reading about Robinhood on these pages:

  • Ally Invest vs. Robinhood
  • Betterment vs. Robinhood
  • Cash App Investing vs. Robinhood
  • Charles Schwab vs. Robinhood
  • Fidelity vs. Robinhood
  • Firstrade vs. Robinhood
  • FOREX.com vs. Robinhood
  • J.P. Morgan Investing vs. Robinhood
  • M1 Finance vs. Robinhood
  • Merrill Edge vs. Robinhood
  • Public vs. Robinhood
  • Robinhood vs. Acorns
  • Robinhood vs. E*TRADE
  • Robinhood vs. Interactive Brokers
  • SoFi Invest vs. Robinhood
  • Stash vs. Robinhood
  • Stockpile vs. Robinhood
  • Tastytrade vs. Robinhood
  • TradeStation vs. Robinhood
  • Vanguard vs. Robinhood
  • Wealthfront vs. Robinhood
  • Webull vs. Robinhood

FAQs

  • Robinhood is a user-friendly broker with minimal fees, but it isn't right for everyone. For one thing, it doesn't offer mutual fund investing, nor does it give standard members access to any stock research reports. Also, it doesn't offer any account types beyond standard brokerage accounts and traditional and Roth IRAs.

  • Robinhood facilitates cryptocurrency trading on its platform, and there are currently 15 different digital assets available, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, and Stellar Lumens. Plus, Robinhood is one of the few places to buy and sell cryptocurrencies without commissions.

Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool (2024)

FAQs

Robinhood Review: Why We Think It (Still) Lives Up to the Hype | The Motley Fool? ›

Robinhood is an affordable discount broker at its core. It's easy to pick up and get started, even if you're totally new to investing. A few features set it apart from your vanilla trading app. For one thing, its premium membership gives a ton of perks that are actually useful (like deposit match).

Why to stay away from Robinhood? ›

No mutual funds or bonds: The lack of mutual funds and bonds may make it difficult to build a truly diversified portfolio. Customers can only access bonds via bond ETFs. Limited customer support: Robinhood has made noticeable improvements to its customer service, but it's still not on par with other brokerages.

Why is Robinhood still popular today? ›

Robinhood has been a leading stock trading platform for years, but its newest updates to the platform have made an already-good app even better. One of the headlining features of Robinhood is its commission-free stock trading, in addition to commission-free options trading and crypto trading in selected states.

What are the downsides of Robinhood? ›

Cons Explained

Limited research: Research tools and information at Robinhood don't measure up to competitor standards, making it difficult for traders to get the most out of the platform. There are no stock or ETF screeners available at all, and other research tools are rudimentary at best.

Why is Fidelity better than Robinhood? ›

Fidelity offers custodial accounts, as well as tax-advantaged retirement accounts. Robinhood doesn't offer custodial accounts, but it offers Roth IRAs and traditional IRAs, and it matches customer deposits 1%. If you're looking for the best broker for IRAs, both Fidelity and Robinhood are worth considering.

Is Robinhood safe in 2024? ›

Robinhood (HOOD) is a popular financial services company with 10.3 million monthly active users (MAU) as of November 2023. 1 It's considered a safe option for investors' securities and cash for various reasons: Robinhood is a member of the Securities Investor Protection Corp.

Why is Robinhood losing so much money? ›

Shares of Robinhood fell Wednesday after the retail brokerage reported a drop in trading volumes in the last quarter and said it's looking to expand growth in Europe. Robinhood also reported fewer monthly active users, which fell 16% to 10.3 million in the third quarter from the same period last year.

Why is Robinhood not doing well? ›

1. Limited Features: Compared to some other brokerage platforms, Robinhood may offer fewer advanced tools and features for options trading. Experienced options traders may find the platform lacking in certain advanced analysis and strategy tools.

Which are the best stocks to invest in 2024? ›

Asked about the breakout stocks to buy today, Bagadia recommended these five shares to buy ahead of the Budget 2024: Sportking India, AWHCL, Nitin Spinners, RCF, and Gravita India.

What are the 10 best stocks to buy right now? ›

Sign up for Kiplinger's Free E-Newsletters
Company (ticker)Analysts' consensus recommendation scoreAnalysts' consensus recommendation
ServiceNow (NOW)1.49Strong Buy
Assurant (AIZ)1.50Strong Buy
Howmet Aerospace (HWM)1.50Strong Buy
Insulet (PODD)1.50Strong Buy
21 more rows

Can you actually make money with Robinhood? ›

Yes, some people have gotten rich from Robinhood. For example, one Robinhood user turned $250,000 into $400 million by investing in Tesla stock. However, it's important to note that these are the exception, not the rule. The vast majority of Robinhood users do not make money, and many lose money.

Can I trust Robinhood with my SSN? ›

Robinhood has a good track record of protecting users' Social Security numbers, though, so providing yours is as safe as giving it to most reputable financial apps. Unfortunately, U.S. FinCEN requires you to provide your Social Security number to your stock brokerage for identity-verification purposes.

Which company is better than Robinhood? ›

The best Robinhood alternatives are Interactive Brokers, Webull, and TradeStation. While Robinhood has garnered significant attention for its commission-free trades and user-friendly interface, its reputation took a hit during the infamous GameStop saga in early 2021.

Is Robinhood safe to put money in? ›

As you may recall, your money in Robinhood is protected by the Securities Investor Protection Corporation (SIPC). The SIPC protects up to $250,000 for cash claims and $500,000 for securities–so 99% of investors have NOTHING TO WORRY ABOUT.

What is the best trading platform? ›

Best online brokerage trading platforms in July 2024:
  • Charles Schwab.
  • Fidelity Investments.
  • Interactive Brokers.
  • Ally Invest.
  • E-Trade.
  • Merrill Edge.
  • TradeStation.
  • Tastytrade.

Why are people against Robinhood? ›

Payment for Order Flow

It means that instead of searching for the best price for a given stock, Robinhood is instead selling your data to high-frequency trading (HFT) firms for massive profit. The HFT firms add the data to their algorithms to better understand the flow of retail money.

Is Robinhood good or bad? ›

Robin Hood was a hero in his time. While many believe he was a thief and a villain to the law, others feel he was a hero to the poor. Some people might say that Robin Hood stole from the government, and stealing is a crime, no matter what your cause is.

What was the Robinhood scandal? ›

Robinhood misled consumers and exposed them to excessively risky trading tools, and also failed consumers when its services suffered multiple outages, the regulator said. The firm approved thousands of customers for options trading, but those customers did not satisfy the firm's eligibility criteria, FINRA added.

Why can't I withdraw from Robinhood? ›

SEC regulations mandate a two-day settlement period after a stock's sale. Your funds still need to be cleared for withdrawal. There may be a waiting period for recent deposits or bonuses. How to maximize your Robinhood Portfolio?

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