Robinhood is a no-commission stock trading app with a slick design and easy to use features. Its main selling point is that you can trade for free. They already have more than 4 million U.S. consumers using its free stock-trading platform. You also get a free stock when you sign up.
Robinhood had been improving constantly. They added a web platform and options trading. But they don’t plan to stop there. Robinhood is in talks with regulators to start offering other banking services like savings accounts per Bloomberg.
Robinhood is not allowed under current rules to operate like a bank, but it’s in early discussions with regulators to begin offering banking-like products through different licenses or partnerships. This has been a common trend among financial technology startups as a way to deepen relationships with consumers, especially millennials.
But banking services are not the only thing in the works. CNN reports that Robinhood is reportedly working on a cryptocurrency wallet of its own. This would allow Robinhood’s customers to move their crypto assets from other wallets and brokerages into the platform without having to sell them first.
Robinhood makes it easier to get into trading. But do your research before you jump into this. Yes, you can make money, but you can also lose just as easily. The fact that is free makes it more accessible and it doesn’t cost anything to try it out. I have been using it for almost a year now and I’m happy with it.
Let me know if you’ve used Robinhood or any other platform.