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Robinhood Review 2021: Pros, Cons, Fees, Features, and Safety

Rating 2/5

Robinhood has gained popularity for not charging commissions for stocks, cryptocurrencies, ETF’s and options trading. The broker has built a simple and safe website and mobile App. It is also not charging any fee on withdrawals but it charges a hidden fee in the form of Payment For Order Flow (PFOF).  However, is this broker the best stock trading app out there?

We’ve put it to the test by reviewing in depth Robinhood’s fees, trading platform and usability we have found it not to be a good option for stock trading. Instead we recommend the Coinbase free stock trading app which is a reliable, regulated stockbroker with a much better interface and user experience. Read on to find out why we do not recommend Robinhood and why you should stay away in this review.

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68% of retail investor accounts lose money when trading CFDs with this provider.

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    What is Robinhood?

    Established in 2014, Robinhood is a US-based broker that offer multiple trading instruments to the US and Australia clients. It is a regulated broker with an objective of providing access to the financial markets by offering commission-free trades, an easy-to-use mobile app, and no account minimums. It also launched Robinhood Gold, a premium trading platform, with extended-hours trading, larger instant deposits and margin accounts for a flat monthly fee according to Gold Buying Power tiers.

    How Does Robinhood Work?

    Robinhood is a unique platform as it does not charge a commission on stocks and other trading assets. Its Intuitive designed platform is reliable for both beginners and experts. The platform provides a clear picture of the trader’s portfolio’s performance – which permits investors to adjust their positions according to the market environment. Traders can use its website and trading App for trading purposes.

    Its mobile App is popular among investors. This is because the app is stripped-down, which makes it easy for a trader to navigate, mainly when you know how all the icons work. The app permits traders to quickly move from screen-to-screen while placing orders and investigating stocks and other instruments.

    Which Countries Does Robinhood Support?

    This platform is registered and licensed in the United States. It only offers services to U.S. residents and citizens, and it does not allow any illegal resident to use its platform. The platform also permits Australian citizens to trade on their platform. But it does not permit European and Asian traders to use their services due to regulatory restrictions. The platform is not eligible in the following countries:

    • Australia
    • Austria
    • Belgium
    • Bulgaria
    • Croatia
    • Cyprus
    • Czech Republic
    • Denmark
    • Finland
    • Greece
    • Hungary
    • Ireland
    • Italy
    • Latvia
    • Liechtenstein
    • Malta
    • Monaco
    • Netherlands
    • Norway
    • Poland
    • Portugal
    • San Marino
    • Slovakia
    • Slovenia
    • Singapore
    • Spain
    • Sweden
    • Switzerland
    • United Kingdom
    • United States

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    68% of retail CFD accounts lose money.
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    Rating
    5.0
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    4.7
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    4.5
    4.4
    4.3
    4.1
    4.0
    Mobile App Rating
    10/10
    9/10
    9/10
    8/10
    8/10
    9/10
    9/10
    9/10
    10/10
    Mobile App
    Wallet
    Number of Coins
    7359223617596515123
    Trading Fees
    SpreadsSpreads0.1%0.1%0.1%0.1%0.50%Spreads0.2%
    Deposit Fees
    N/AN/AN/AN/AN/AN/AN/AN/AN/A
    Withdrawal Fees
    $5N/A0.0005 BTCN/AN/AN/AN/AN/AN/A
    Regulated
    ASIC, CySEC, FCACySECN/AN/AN/AFCAFCACBI, MiFIDN/A
    Min. Deposit
    $50100 EURN/AN/A$10$10$2$100N/A
    Leveraged Trading
    N/AN/A1 - 100x1 - 100x1 - 10x1 - 100xN/A1 - 30x1-200x
    Bitcoin
    $20447.60$20326.13$20260.33$40391.88$40393.04$40404.41$40416.27$20316.01$40377.55
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    $0.50$0.50N/A$0.23N/A$0.78$0.30$0.51$0.78
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    N/AN/A$1.00$1.00N/AN/A$1.00N/AN/A
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    $55.13$54.85N/A$109.04N/A$109.10$109.04$54.91$108.99
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    $0.12$0.12N/A$0.19$0.08$0.19$0.19$0.12$0.19
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