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Robinhood Review 2024

Written by
Adam N.
Fact checked by
Updated
2d ago
Trusted by BrokerChooser
  • Regulated by the top-tier SEC and FINRA in the US
  • Founded in 2013
  • Investor protection is $500k (securities up to $500k, cash up to $250k)
  • Fined for $65 mn in 2020 over misleading customers
1,799 people picked this broker at BrokerChooser in the last 6 months

Our take on Robinhood

Robinhood is a US-based broker that offers commission-free US stock trading without withdrawal and inactivity fees. Its mobile and web trading platforms are user-friendly and well designed. Account opening is seamless, fully digital and fast. It is a good choice for beginner investors.

On the downside, Robinhood provides only a limited selection of assets, focusing mostly on the US market. Customer support is available via e-mail only, which is sometimes slow. The offering of educational materials is slim.

BrokerChooser gave Robinhood a 4.3/5 rating based on analyzing 600+ criteria and testing via opening a live account.

Robinhood launched its service in the UK in late 2023. UK customers can join a waiting list. In addition, Robinhood Crypto started operating in the EU. Customers can buy/sell 25 different cryptos, at a cost of 0.65% per trade.
BrokerChooser score
4.3 4.3 /5
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Robinhood is available in the United States
Pros
  • Free US stock and ETF trading
  • Great mobile and web trading platforms
  • Fast and fully digital account opening
  • Interest paid on uninvested cash
Cons
  • Limited product range
  • Poor customer support
  • Few educational materials
“Robinhood is best suited for new traders who want to trade small quantities and require little in the way of research or support. Its overall simplicity makes the app and website extremely easy to use, but the offerings are skimpy when it comes to research and analysis, and there are serious questions about the quality of the trade executions. On the plus side, Robinhood is very efficient about getting your cash into the market. Buying power is increased as soon as you initiate a deposit into your account—no waiting for days for a check to clear. I expect to see Robinhood’s level of service improve as they hired an executive to serve as their Chief Brokerage Officer, Steve Quirk, who was made redundant during Schwab’s takeover of TD Ameritrade. Quirk is an excellent innovator and one of the top educators in the industry and has made multiple improvements in his nearly two years on board.”

Robinhood summary

Snapshot of key data
🗺 Country of regulationUSA
💰 US stock feeStock and ETF trading is free
💰 Inactivity fee chargedNo
💰 Withdrawal fee$0
💰 Minimum deposit$0
🕖 Time to open an account1 day
🎮 Demo account providedNo
🛍️ Products offeredStock, ETF, Options, Crypto
Fees
Account opening
Deposit and withdrawal
Desktop platform

For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.

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Fees

Score: 4.5/5
Trading US stocks and ETFs is free at Robinhood. The broker doesn't charge an inactivity or withdrawal fee.
Pros
  • Commission-free US stock and ETF trading
  • Transparent fee structure
  • Interest paid on uninvested cash
Cons
None
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Account opening

Score: 5/5
The account opening at Robinhood is seamless, fully digital and can be completed within a day. Traditional and Roth IRA accounts are also available. On the negative side, the broker only accepts US clients.
Pros
  • Fast
  • Fully digital
  • Tax-advantaged accounts (traditional and Roth IRA)
Cons
  • Available only for US clients
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Deposit and withdrawal

Score: 1.2/5
Deposit and withdrawal at Robinhood are free and easy and a great cash management service is available. On the other hand, you can use only bank transfer and deposits above your 'instant' limit may take several business days.
Pros
  • Free withdrawal
  • No deposit fee
  • Cash management service
Cons
  • Bank card not available
  • Depositing larger amounts on Robinhood Gold takes longer
  • Wire withdrawal is pricey
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Web trading platform

Score: 4.5/5
Robinhood provides a safe, user-friendly and well-designed web trading platform. On the downside, customizability is limited.
Pros
  • User-friendly
  • Clear fee report
  • Two-step (safer) login
Cons
  • Limited customizability (for charts, workspace)
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Mobile trading platform

Score: 5/5
The Robinhood mobile platform is one of the best we've tested. It is safe, well designed and user-friendly.
Pros
  • User-friendly
  • Two-step (safer) login
  • Good search function
Cons
None
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Desktop trading platform

Robinhood doesn't have a desktop trading platform.
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Markets and products

Score: 2.8/5
Robinhood's product portfolio is limited, as it offers only stocks, ETFs, options and cryptos. Furthermore, assets are limited mainly to US markets. During January 2021, Robinhood restricted trading in as many as 50 individual stocks. On the other hand, it pays 1.5% APY.
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Research

Score: 3.3/5
Robinhood's research tool comes equipped with trading recommendations, quality news, and some fundamental data. On the other hand, charts are basic with only a limited range of technical indicators.
Pros
  • Trading ideas
  • Data on asset fundamentals
  • Quality news flow
Cons
  • Limited interactive charting
  • No/limited set of analytic tools
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Customer service

Score: 1.8/5
Robinhood's overall customer service is poor: you can only contact them via email. While the support team provides relevant information, there is no phone, chat or 24/7 support.
Pros
  • Fast response time
  • Relevant answers
Cons
  • No phone support
  • No live chat
  • No 24/7 support
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Education

Score: 0.5/5
Robinhood provides only educational texts, which are easy to understand. On the negative side, there are no other useful educational tools such as a demo account or tutorial videos.
Pros
  • Quality educational texts
Cons
  • No demo account
  • No trading platform tutorial videos
  • No educational videos
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Safety

Robinhood is regulated by top-tier authorities, provides strong investor protection, and discloses its financial information. In addition, Robinhood is listed on the NASDAQ stock exchange.
Pros
  • Majority of clients belong to a top-tier financial authority
  • High level of investor protection
  • Listed on stock exchange
Cons
  • No negative balance protection
  • Does not hold a banking license
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Bottom line

The biggest argument in favor of Robinhood is its appealing fee structure. US stock trading is commission-free and there is no withdrawal or inactivity fee. Robinhood clients can trade on awesome and user-friendly mobile and web trading platforms. The account opening is easy, fast and fully digital.
Robinhood has some drawbacks though. Most of the products you can trade are limited to the US market. Customer support is weak; you can only reach them via e-mail and it can take some time to get an answer. The broker provides educational articles but little else to guide you in the world of trading.
If you want to trade US stocks for free and are looking for an easy-to-use platform, Robinhood is your best choice.

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FAQ

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Author of this review

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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