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Robinhood Review 2024

Written by
Adam N.
Fact checked by
Updated
1w ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Web trading platform
Product selection
Regulated and trusted. Tested via live trading.
2,512 people chose this broker
Available in United States

Why choose Robinhood

Robinhood is a great broker if you’re looking for cheap, no-nonsense US stock and ETF trading on the go. Forget your laptop; the user experience on the Robinhood mobile app is one of the best I’ve ever seen. It has low fees all around: not only free withdrawals and free stock trading but also free options trading, a competitive edge over most US brokers. Just mind the small print: its trade execution prices aren’t the best in the market, translating to an implicit trading cost for you.

  • Free US stock and ETF trading
  • Great mobile and web trading platforms
  • Fast and fully digital account opening
  • Interest paid on uninvested cash
Overall score
4.3/5
Minimum deposit
$0
Stock fee
Low
Options fee
Low
Inactivity fee
no
Account opening
1 day
Not sure if this is the right broker for you? See the best ones.

Fees

Score: 4.5/5
Trading US stocks and ETFs is free at Robinhood. The broker doesn't charge an inactivity or withdrawal fee.
  • Commission-free US stock and ETF trading
  • Transparent fee structure
  • Interest paid on uninvested cash

We compared Robinhood's fees with two similar brokers we selected, SoFi Invest and Webull. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Robinhood alternatives.

Commission-free stock and ETFs

It’s extremely great as Robinhood has commission-free US stock trading.

Broker
US stock
Robinhood
$0.0
SoFi Invest
$0.0
Webull
$0.0
Robinhood stock and ETF commission

High margin rates

Robinhood USD margin rate fees are slightly higher than the industry average. USD margin rate fees are calculated as follows: The standard margin rate is 12%, while Robinhood Gold, there is $5 per month fixed fee and 0% annual charge below $1,000, while 8% annual charge above $1,000

Broker
USD margin rate
Robinhood
12.0%
SoFi Invest
10.0%
Webull
9.7%
Robinhood annual margin rates

The standard margin rate is 12%, which is high. On the other hand, the margin trading costs for Robinhood Gold clients is a $5 per month fixed fee and 0% annual charge below $1,000, while a 7.5% annual charge above $1,000.

Low options commission

It’s extremely great as Robinhood has commission-free US stock index options trading.

Broker
US stock index options
Robinhood
$0.0
SoFi Invest
-
Webull
$5.5
Robinhood stock index options commission

Similarly to stocks, options trading is also commission-free.

No inactivity fee, no withdrawal fee

There are no withdrawal or inactivity fees.

Broker
Inactivity fee
Withdrawal fee
Robinhood
$0
SoFi Invest
$0
Webull
$0
Robinhood inactivity, withdrawal and other fees

If you would like to transfer assets out from Robinhood, a transfer fee of $75 will be charged.

Other commissions and fees

Low spot crypto fees: at Robinhood, crypto trading costs 0% of trade value.

Broker
Mutual fund
US micro e-mini stock index futures
Robinhood
-
-
SoFi Invest
-
-
Webull
-
-
Misc. fees compared with other brokers

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.
  • Majority of clients belong to a top-tier financial authority
  • High level of investor protection
  • Listed on stock exchange
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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.
  • Free withdrawal
  • No deposit fee
  • Cash management service
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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.
  • Fast
  • Fully digital
  • Tax-advantaged accounts (traditional and Roth IRA)
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Mobile app

Score: 5/5
The Robinhood mobile platform is one of the best we've tested. It is safe, well designed and user-friendly.
  • User-friendly
  • Two-step (safer) login
  • Good search function
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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.
  • User-friendly
  • Clear fee report
  • Two-step (safer) login
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Product selection

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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“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.”

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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