Pricing! No commissions! That’s right… FREE! Before getting too excited, know there are drawbacks. Like all brokers, the Pattern Day Trading (PDT) rule still applies to margin accounts and it is a challenge to request a cash account. Additionally, Robinhood does not fill at the best price or quickly. This destroys the ability to scalp stock as traders are often late to the trade or getting filled too high on market orders. Because of this, Wingtrades prefers to use this broker for multi-day swing trades and long term plays!
Charts and research! Like most brokers, Robinhood offers research systems to help you determine the best plays in the market. These features are still limited and it is recommended to use multiple websites to get the full picture of any potential investment. The charts available from Robinhood are another major drawback. While they’ve recently added the ability to use candlestick charts, there continues to be no technical indicators available so traders will have to use another platform for charting.
Platform! Overall, the Robinhood platform is very easy to use and looks great across all platforms. Being able to see your portfolio history, % holdings, and more allows traders to keep track of their positions in great detail.
Robinhood offers web, IOS, and Android platforms so you can trade from anywhere.
Free stuff! Robinhood has a long standing offer to recruit new sign-ups by giving away a free stock to new registrations. If you’re interested in trying out Robinhood as a broker, use the link below and you’ll see that free stock show up in your account.