How to get to your first trade at Robinhood?
Reading time: 6 minutes
Choosing Robinhood as your broker to do your first trade is a good idea, go for it. In this article, we are going to take you through all the steps necessary, from the registration all the way to setting up your first order. At Robinhood, opening an account is easy, and needs no prior knowledge. If you have opened an account anywhere on the internet before, you pretty much already know what to expect.
To give you a brief summary: Robinhood is a US-based zero-commission broker. It is overseen by FINRA, a top-tier regulator.
THE ESSENCE:
- Signing up just takes 15 minutes on average, while the approval of your account could take 1 day
- You will need to prove your identity and residency with documents. Some examples:
- Proof of identity: SSN and ID / passport / driver's license
- Robinhood is a reliable broker regulated by a top-tier regulator
- Visit Robinhood's site and start registering now!
First, let's see if Robinhood is available in your country?
How to get to your first trade at Robinhood?
How to get a verified trading account at Robinhood?
First you need to fill a registration form to apply for an account. Your application needs time to be verified [1 day] after which you can deposit and start trading.
Robinhood account opening step-by-step guide
- Go to Robinhood's website to start the account opening process.
- Follow the account opening process: it is self-evident, but you might need help at some point. Don't worry, we cover the main issues here.
Which Robinhood account to choose?
If you want to explore the possibilities offered by this broker, you will need to choose an account type, and for that, you should consider how experienced you are in trading and investing.
We have more details about the available account types in our review for you to explore.
Which base currency to choose?
Robinhood has 1 base currency available, which is USD.
You might have to pay a conversion fee if:
- You trade with assets not in USD
- You make a deposit in a different currency other than USD
Once you have filled the form, uploaded your documents, chose your account type, base currency and finished the trading survey, Robinhood will verify your account very shortly.
Why do I need to fill the trading experience survey?
It might seem scary at first, but it is nothing to worry about. This is standard procedure, as brokers need to make sure that you have a basic financial knowledge and you are aware of the risks of trading.
Also don't worry if the broker asks questions about your financial background e.g. your available assets, salary range. This is also part of the risk assesment process - to make sure you don't take on investments and trades you can't afford.
How to get to your first trade at Robinhood?
How to deposit and start trading at Robinhood?
To do your first trade, you have to fund your account. Generally, brokers offer a Bank transfer / ACH / Credit or debit card / E-wallet transfer solution.
Is there a minimum deposit at Robinhood?
Luckily, no. You can deposit to Robinhood, without having to do a large commitment.
Also, if you feel like this service is not your cup of tea: no worries. You can opt out and withdraw your funds anytime.
If you received your verification email, you are good to go to fund your account and start investing!
Here's how to start after funding your account:
- First, check the products on the platform. You can also search for assets using its search tool,
- Here, you'll see a list of assets by certain categories, like asset classes,
- Click/tap on an asset to see its chart,
- After this step, it is easy to specify the transaction size, order types, and terms.
How to get to your first trade at Robinhood?
Is Robinhood safe?
Yes, Robinhood can be considered a legit broker, as it is regulated by at least one top-tier regulator, which is a great sign for reliability.
For you, this means that your money is in good hands and you will most probably not become a victim of a scam by Robinhood.
Throughout the account opening process at Robinhood, you won't be required to pay anything to create your account. Also, you can close your account anytime you like.
Every time you are planning to dive into finances, make sure you know who you trust your money with. Make sure that the broker is considered trustworthy. We, at BrokerChooser, only recommend regulated brokers on our site, meaning the broker's operations are overseen by a trusted body.
How to get to your first trade at Robinhood?
Wrap-up
You are awesome for having read through this article! Opening an account might seem cumbersome at first, but the best time to start dealing with your finances is always right now.
We want to help you along the way, so if you are stuck somewhere, have a question, or a suggestion, please drop us an email at [email protected].
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