This week I am deciding to share a cool business app with all of you that I have taken advantage of these last few months. Learning and adapting to new technology is essential in the field of business. There are thousands of new apps (applications) coming out every month. That’s why, for my weekly article I am taking the time to focus on a new business app that will help you in your business and personal life. The featured app of this article is Robinhood.
I have had a Robinhood account for a while now and it is very easy to work with. I was getting charged $5 every time I bought or sold a stock with my old brokerage (TradeKing). Now I don’t pay a dime. My mobile transactions are now five times easier to make, thanks to Robinhood.
Robinhood is a stock brokerage that allows customers to buy and sell U.S. listed stocks and ETFs with zero commission. Robinhood is a registered broker-dealer, member FINRA & SIPC. Robinhood supports market orders, limit orders, stop limit orders, and stop orders. Certain orders may be entered as good for the day or good until canceled. It takes less than five minutes to set up an account and can save you thousands of dollars in the long run. Here’s how Robinhood stacks up to other popular brokerages:
As you can see, it blows the competition out of the water. Robinhood’s servers stream market data from exchanges in real-time. While some brokerages delay quotes up to 20 minutes and charge for real-time data, you’ll get timely quotes for free with Robinhood. The company makes their money by collecting interest from customers who choose to upgrade to a margin account and by accruing interest from customers’ uninvested cash balances. Aside from that, Robinhood customers are not charged. The only thing you pay is a small (~$0.02) fee after selling stock. This fee is required by the US Securities & Exchange Commission and FINRA.
To apply for a Robinhood account, you must: be 18 years or older, have a valid Social Security Number (not a Taxpayer Identification Number), have a legal U.S. residential address, and be a U.S. citizen or U.S. permanent resident or have a valid U.S. visa. All very standard things when it comes to stocks.
This application has saved me tons of time and money in my everyday trading. Robinhood is currently available on the App Store as well as the Google Play Store. If you are interested in more information about this awesome app check out their website. Download the app and start saving and making big bucks.
