Robinhood Review 2024: Fees, Platforms, Apps, Safety, Pros & Cons

Robinhood is a US-based brokerage company that provides its clients with Stocks, Options, ETFs, and Cryptocurrencies. They provide commission-free trading on these assets and several other benefits. This Robinhood review will examine its trading platforms and apps, account types, fees and commissions, spreads, and customer safety protocols.

Regulated By


Used By

1,000,000+ users

Established in


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74% of retail investor accounts lose money

Spreads From

EURUSD 0 pips

What Can You Trade on Robinhood?

  • Stocks
  • ETFs
  • Forex
  • Commodities
  • Indices
  • Crypto

Robinhood Platforms


Robinhood Funding Methods

Wire TransferVisaMaster Card

Robinhood Review 2024: Fees, Platforms, Apps, Safety, Pros & Cons

Robinhood is a US-based brokerage company that provides its clients with Stocks, Options, ETFs, and Cryptocurrencies. They provide commission-free trading on these assets and several other benefits. This Robinhood review will examine its trading platforms and apps, account types, fees and commissions, spreads, and customer safety protocols.

  • author Adesuwa Ebuehi
  • Last updated 17/01/2024

74% of retail investor accounts lose money

Regulated By


Used By

1,000,000+ users

Established in


Spreads From

EURUSD 89 Points



What Can You Trade?

  • Stocks
  • ETFs
  • Forex
  • Commodities
  • Indices
  • Crypto

Funding Methods

Wire TransferVisaMaster Card
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Assets: Stocks, Indices, Forex, Commodities, Cryptocurrencies & ETFs
Min Deposit: $10
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78% of retail investors' accounts lose money.


Robinhood is a financial service provider located at 85 Willow Road, Menlo Park, California. They provide real Shares, Options, ETFs, and Cryptocurrencies to traders who wish to invest in these assets. Unfortunately, they do not offer CFD instruments such as Forex pairs, Commodities, or Indices. They also do not provide Bonds or Mutual Funds. All stocks listed on their website are from NASDAQ and the New York Stock Exchange. They also allow clients to purchase up to 650 global stocks on these exchanges via ADRs.

Robinhood Main Features

Minimum Deposit$0
RegulationSEC & FINRA
Number of Markets4,000+
CFD TradingNo

This broker is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). They have four subsidiaries that provide different services as explained in subsequent sections of the article. Robinhood is a relatively affordable broker. They do not charge a commission on trades. They also do not request a fee for deposits, withdrawals, or inactive accounts. However, customers will still be expected to pay a Trading Activity Fee, Regulatory Fee, and an American Depositary Receipt fee where applicable.

This Robinhood review discusses all the essential information regarding trading with this broker, including its account types, fees, trading platform, and deposit and withdrawal methods.


  • Supports Cryptocurrency Trading
  • Great App User Interface
  • No Minimum Deposit or Withdrawal Amounts
  • Free Trading on US Stocks and ETFs
  • Fractional Shares Available


  • Poor Customer Support
  • Limited Financial Assets Available
  • Limited Learning Resources

Available Assets at Robinhood

Robinhood offers 5,000+ financial assets, which include Stocks, ETFs, Options, and Cryptocurrencies. They do not deal in CFD trading and do not list instruments such as bonds, forex, indices, or commodities. In this section of our Robinhood review, we provide more insights into the broker’s available assets.


Clients of this broker will be able to invest in a vast number of US Stocks, such as TSLA, AMZN, GOOG, and NVDA. Also, customers can get involved in the Stock market with as little as $1 due to the availability of fractional shares. Robinhood does not support stocks that trade on foreign exchanges. However, clients will have access to up to 650 global shares via ADRs.


In addition to Stocks, Robinhood also provides its users with several Option Contracts. Clients can create an account and begin speculating on the prices of these instruments. They will also have access to margin trading.


There are 76+ cryptocurrencies listed by this broker on its web and mobile application. These tokens include stable coins and altcoins. Investors will have access to popular options such as Litecoin, Bitcoin, Ethereum, Solana, and Cardano.


Individuals who wish to invest in Exchange Traded Funds can open an account with this broker and get started. Some examples of ETFs available on Robinhood include SPDR S&P 500 ETF, iShares Russell 2000 ETF, iShares Core S&P 500 ETF, and Vanguard S&P 500 ETF.

Stocks Trading at Robinhood

This broker’s stock listing comprises stocks listed on US stock exchanges. Clients who wish to purchase global stocks will have access to 650 instruments via ADRs. Robinhood does not offer stocks from non-US exchanges or CFD shares. In this section of our Robinhood review, we discuss all the essential details regarding Stock trading on their platforms. We provide insights on vital topics such as leverage, fees and commissions, and available stock exchanges.

Available Stock Exchanges at Robinhood

Robinhood offers real stocks only. Also, all shares listed on this broker’s website are provided by NASDAQ or the New York Stock Exchange. Unlike other brokers, they do not offer instruments from non-US exchanges.

CountryAvailable Stock Exchanges
United StatesNASDAQ

Stock Trading Fees & Commission at Robinhood

Robinhood is a relatively affordable broker as it does not charge a commission on Stocks and ETF trading. However, traders will be required to pay a small fee imposed by FINRA for sell orders. This regulatory transaction fee is set at $8 per $1,000,000 of principal for sell orders. However, this charge will not be applied to orders with a notional value of less than $500. In addition to this, there is also a Trading Activity Fee of $0.000145 per share rounded up to the nearest penny. Finally, issuing banks may charge a fee of $0.01 – $0.03 per share for American Depositary Receipts (ADRs).

Stock Trading Leverage at Robinhood

This broker offers margin trading to its clients for Stock trading. This means that customers can access more funds than their available account balance. The standard margin rate is 12%, which is up to 1:8.3 leverage.

Robinhood Regulations

Robinhood is a United States registered broker-dealer. They operate in full compliance with all the federal and state laws regarding the operation of financial service companies, including the Anti-Money Laundering and the Bank Secrecy Act imposed by the Financial Crimes Enforcement Network. They are also regulated by the Securities and Exchange Commission (SEC) and are members of the Financial Industry Regulatory Authority (FINRA). We provide more details about their regulatory information and subsidiaries below.

Robinhood Financial LLC (RHF) – This entity is responsible for handling brokerage services. They are regulated by the SEC and are members of FINRA. Furthermore, they enjoy SIPC coverage. Their office address is 85 Willow Road Menlo Park, CA, 94025, United States.

Robinhood Securities LLC (RHS) – This subsidiary of Robinhood Markets Inc. is in charge of clearing services and enjoys SIPC coverage. They are also regulated by the SEC and members of FINRA and share the same office address as Robinhood Financial LLC.

Robinhood Crypto LLC (RHC) – RHF manages the purchase and sale of cryptocurrencies. Unlike the previous subsidiaries, this entity is not regulated by FINRA and its accounts are not FDIC insured or protected by the Securities Investor Protection Commission (SIPC). They are also located at 85 Willow Road Menlo Park, CA, 94025, United States.

  • NMLS ID – 1702840

Robinhood Money LLC (RHY) – This subsidiary is also located at 85 Willow Road Menlo Park, CA, 94025, United States. They are also not regulated by FINRA nor privy to SIPC protection.

  • NMLS ID – 1990968

Robinhood Fees and Commissions

Robinhood is a relatively affordable brokerage company as they do not charge maintenance, deposit, withdrawal, or inactivity fees. They also do not charge commissions on Stocks, Options, Cryptocurrency, or ETF trades. Here in our broker review, we examine all the trading and non-trading-related costs of this broker.

Trading Fees

As mentioned earlier, there are no commissions for investing with Robinhood. However, customers will be expected to pay a trading activity fee and an American Depositary Receipt fee.

Trading Activity Fee

The broker charges its customers a small fee for sales involving 50 or more shares. This fee is imposed by FINRA on brokers, who then pass it to their customers. The trading activity fee on Robinhood is currently set at $0.000145 for shares and $0.00244 per contract, rounded up to the nearest penny.

American Depositary Receipt Fees

ADR fees are custodial charges typically required by banks for certificates that represent foreign stocks that are tradable on the US markets. The exact value of ADRs ranges from $0.01 – $0.03 per share.

Non-Trading Fees

Non-trading fees with this broker are few. Customers will only be charged a regulatory fee as other costs, such as inactivity and deposit or withdrawal fees, are not applicable.

Regulatory Fee

Robinhood fees include regulatory charges, which are imposed by FINRA and passed on by the broker to its clients. Customers are expected to pay $8 per $1,000,000 of principal for sell orders. However, for sales with a notional value of less than $500,  customers will not be charged.

Service Fees

Robinhood does not charge fees for electronic statements and trade confirmations or paper form CRS. However, clients who require paper statements and trade confirmations will be charged a $2 fee. In addition, Domestic Overnight Mail and International Overnight Mail will cost $20 and $50, respectively.

Transfer Fees

Returned check – IRA rollovers and outgoing transfers with Robinhood cost $25. Also, domestic outgoing check delivery will incur a fee of $20. Finally, clients who wish to withdraw their funds from their Robinhood account or add funds to a non-Robinhood debit card will be charged a 1.5% fee.

Account Types at Robinhood

Here in our Robinhood review, we discuss the various account types that they offer. A quick survey of their website highlights four account options – Robinhood Instant, Robinhood Margin, Cash Account, and Retirement Account. Below, we outline the unique features of each of these accounts to enable you to decide the most suitable option for your investment portfolio.

Robinhood Instant

This account type is the default option offered to all first-time users of this broker. Customers will be able to use funds that haven’t settled. They will also have access to level-3 options trades, pending approval. The Instant Account allows margin trading under specific conditions. Finally, users will be able to make instant deposits with a limit of $1,000.

Robinhood Margin

Robinhood Margin accounts allow traders to enjoy more buying power with margin investing. They will also enjoy all the above-listed benefits for Instant accounts. Margin investing is available at 12% for non-Gold clients and 8% for customers on Robinhood Gold.

Cash Account

With Cash accounts, there are no limits to the number of trades as it is not under Pattern Day Trading (PDT) regulations. This account type does not allow you to invest in unsettled funds. Customers may need to wait for up to 5 business days after making a deposit before they can begin trading. Furthermore, this account type is not eligible for level-3 options trading or options rolling.

Retirement Account

Robinhood offers its clients two retirement account options – traditional IRA and Roth IRA. Users who wish to save up for their retirement can open any of these accounts and enjoy all the benefits available, including an additional 1% on each dollar deposited.

Robinhood Trading Platforms

The Robinhood trading platform is a proprietary application that is free to download on iOS and Android mobile devices. It is also available as a web application for customers who wish to trade on their native desktop or mobile browsers. At the moment, this broker is not compatible with MT4 or MT5. Traders who prefer to use these platforms will have to learn how to use the Robinhood exclusive application. In this section of our review, we discuss the features of these applications and outline a step-by-step process for opening an account with this broker.

Robinhood Desktop Trading Platforms

Investors who wish to monitor their portfolio and trade on the desktop can do so with the Robinhood web application. Below we outline some of this platform’s features.

User Interface

The Robinhood web application presents one of the most intuitive user interfaces by a brokerage company in the US. Transitions between the various tabs and features are relatively seamless and first-time users can begin investing in stocks, ETFs, or options without much assistance.


The news feature allows clients to stay informed on the latest happenings across several markets and industries. This can help them to speculate on the prices of different instruments accurately.


Robinhood’s trading platform’s design prioritizes efficiency. Users should be able to access all the information they need to make an investment decision with as few clicks as possible. Also, the charts are easy to read and provide pricing information across several time periods.


The search tab provides quick navigation on this broker’s web application. Regardless of the nature of the instrument, you can easily find it by typing its name in the search box located at the top of the home page.


With lists, users can easily keep tabs on all their preferred assets. On Robinhood, customers can create multiple lists across different categories, depending on their unique preferences.

How to Open an Account on Robinhood Desktop Trading Platform

  1. Visit and select Sign Up.
  2. Enter your full name, email address, and chosen password.
  3. Provide your residential address and phone number.
  4. Enter your social security number and state your citizenship information.
  5. Indicate your prior investment experience.
  6. If you wish to trade options, choose to enable Commission-free options trading.
  7. State your employment information.
  8. Review and accept the terms and conditions and submit your application.

Robinhood Mobile Apps

Here, we explain the various features of this broker’s mobile app. We also provide you with detailed guidelines on their account opening process.

User Interface

The Robinhood app’s user interface is easily one of its best features. It is easy to understand and new users can find their way around all the different tabs and functions with little or no guidance.


The Design of the Robinhood mobile trading app is very simple and user-focused. It has five tabs that are easy to navigate and a great color scheme. Furthermore, there are no unnecessary complexities or overly crowded screens.

Two-Factor Authentication

The Robinhood mobile app allows clients to further secure their accounts by including an extra verification step. To access this feature, select the Accounts tab and enable 2FA. You will be able to select your preferred authentication method between authenticator apps, SMS, and device approvals.


The search feature makes it possible for users of this broker to find their preferred asset from the thousands available within seconds.


Clients of this broker can have access to up-to-date news about their preferred assets. After selecting an instrument, they can scroll down to see the news section and monitor the latest happenings to make better-informed trading decisions.

How to Open an Account on Robinhood Mobile App

  1. Visit your device’s App Store, search for Robinhood, and proceed to download it.
  2. Open the app and select “Sign Up”.
  3. Enter your email address.
  4. Enter your password.
  5. Enter your first and last name.
  6. Provide your phone number and enter the verification code you will receive.
  7. Fill out all other personal information requested, including your residential address, date of birth, and citizenship.
  8. Verify your identity by providing your social security number.
  9. Highlight your knowledge of investment by answering a few questions.
  10. Choose if you wish to enable Commission-free options trading.
  11. Provide your employment history and information.
  12. Check the tax status certification and brokerage account agreements.
  13. Link your bank account with your Robinhood brokerage account to add funds and begin trading.

Robinhood Payment Methods

Payments with this broker depend largely on the type of method used. Clients can fund their accounts or retrieve their money via several methods. In this section of our review, we outline the available options for deposits and withdrawals at Robinhood, their minimum deposits, and any related costs.


Customers of this broker can add money to their accounts via bank transfers or debit cards. Unfortunately, other methods such as e-wallets, credit cards and cryptocurrency are currently unavailable. With bank transfers, clients are permitted a maximum of 5 deposits per day. Also, they cannot add more than $50,000 to their accounts daily. However, debit cards have a $1,000 daily limit.

The processing time for deposits varies for each method. While transfers from an individual’s bank account will take up to 5 business days, debit card transfers may be completed in 30 minutes. Although these are* the standard timeframes, processing may take longer depending on the bank involved. Finally, there are no minimum deposit amounts or deposit fees.

Deposit MethodProcessing Time
Bank transfer5 business days
Debit cards30 minutes


Withdrawal options are similar to deposits. Customers can retrieve their funds or profits by transferring directly to their bank accounts or with a debit card. For fund retrievals to a linked bank account, Robinhood allows 5 requests daily. They also allow a maximum withdrawal amount of $50,000 each day. However, for instant transfers, this limit is set at $5,000. Debit cards have a daily withdrawal limit of $5,000.

Customers can facilitate the withdrawal process by requesting an instant transfer. This process enables them to access their funds within 10 – 30 minutes. Unfortunately, instant transfers attract a 1.5% fee.

There is no minimum withdrawal amount or withdrawal fee for regular fund transfer requests.

Account Base Currency

Robinhood only allows customers to open accounts denominated in USD.

Robinhood Research and Education

Robinhood’s research and educational materials are relatively limited compared to what is provided by many other brokers. They provide clients with the opportunity to learn via beginner-friendly articles. However, more experienced investors may not find these resources very useful. Users will be able to access advanced market data and professional research from experienced financial analysts, but this will require a subscription to Robinhood Gold at $5 per month. Furthermore, this broker has a podcast, Under the Hood, that covers essential subjects related to investment. This podcast is available on Google, Apple, and Spotify Podcasts.

Unfortunately, there are no alternatives such as webinars, video tutorials, or e-books. Articles available in the Robinhood Library include Investment 101, Options Trading Essentials, and Risk Management.

Robinhood Customer Services

Customers looking to file a complaint with this broker must log into their accounts to access the full range of support options they provide. Robinhood offers 24/7 assistance to its clients via their mobile or web applications. For general information, users of this broker can dial 650-761-7789. However, they will not be able to speak to a customer service agent. To access direct communication with support staff, clients will need to place a request. Upon placing this request, an agent will reach out via phone call. Robinhood Crypto and RobinHood Money users can dial 888-275-8523 but cannot access assistance that covers products of other subsidiaries. In addition to this, users can also chat directly with a representative.

Customers who are not logged into their accounts can visit the Help Center on the broker’s website. Here, they can receive answers to frequently asked questions across different areas, including accounts and logging in, bank transfers, documents and taxes, and the Robinhood Wallet. In addition to the options listed above, clients can also contact this broker by sending a direct message on Twitter, Instagram, or Linkedin.

Robinhood Online Reviews

In this section of the Robinhood review, we summarize different user opinions of this broker on Reddit, Quora, TrustPilot, and ForexPeaceArmy. Here, we provide you with insights regarding user experiences with this broker to enable you to decide if you should open an account and begin trading with them.

What Reddit Users Say About Robinhood

On Reddit, we couldn’t find many recent comments about the broker. However, most of the comments we observed were not very positive. Although Robinhood’s beautiful user interface was singled out for praise, according to some of their customers on this platform, their customer service left much to be desired.

Specifically, there were complaints about the absence of a dedicated call line for client support. Also, one user claimed that the broker’s terms and conditions are largely unfavorable to its customers.

What Quora Users Say About Robinhood

User comments on Quora regarding Robinhood are more positive than on Reddit. One similarity across both platforms is that most customers appreciate the excellence of the Robinhood application’s interface. Also, there were several mentions of the availability of commission-free trading on stocks, ETFs, and options. Furthermore, the presence of cryptocurrency among this broker’s listed assets was also seen as a massive advantage.

Despite this, users also pointed out some drawbacks of trading with Robinhood. A customer said that they do not offer adequate research materials on their website. Another client also faulted their customer support.

TrustPilot Users’ Review About Robinhood

On TrustPilot, Robinhood has a low rating of 1.3 from 3,521 total reviews. There were numerous complaints about the broker’s services and questions about their credibility. One user claimed that they experienced several price fluctuations when placing their orders. They also bemoaned the many fees and poor customer service.

In addition to these challenges, several customers also cited instances of difficulty withdrawing their funds. According to them, the broker has a lengthy withdrawal process with burdensome requirements.

ForexPeaceArmy Users’ Review About Robinhood

Unfortunately, we could not find any reviews for Robinhood on this platform as they only offer Stocks, ETFs, and Options trading.

Other Products and Services

In addition to its brokerage services, this broker also provides other beneficial products to interested customers. This segment of our Robinhood review focuses on these supplementary offerings.

Robinhood Affiliates

Like most brokers, Robinhood also has an affiliate program for individuals who desire to earn a commission by referring new users to their platforms. This service is available to content creators, bloggers, and others with a large social media following who wish to convert their popularity into profitability. In addition to earning a commission from successful referrals, affiliates will also enjoy access to beta testing of Robinhood products, exclusive news and insights, and special events.


Snacks is a newsletter that provides daily concise financial market news to its subscribers. Customers can keep in touch with the most recent happenings in different markets by reading these 3-minute articles. To subscribe, clients will need to provide their email in the textbox provided on the Snacks homepage.

Cash Card

Robinhood Cash Card is a debit card that is available to clients of the broker. With this card, customers can make payments at any outlet that accepts regular Mastercards. This Cash Card is compatible with Apple Pay and Google Pay and allows users to perform transactions via both methods. With the Robinhood Cash Card, customers can enjoy cash back rewards which can be invested via their brokerage account. Also, clients will be able to receive direct deposits 48 hours earlier.

Investor Index

The Robinhood Investor Index provides valuable insights regarding customer sentiment on this broker. It monitors the past and present performances of the 100 most owned stocks on the Robinhood platform. On the Investor Index, clients can see the top sectors and where most users are investing their funds.

Is Robinhood Safe?

Robinhood safety procedures guarantee that client data and funds are secure from any third-party hacks or adverse events. They are regulated by the SEC and a member of FINRA, two highly reputable financial regulatory bodies in the United States. Two of their subsidiaries, Robinhood Financial LLC and Robinhood Securities, LLC are protected by the SIPC. This means that clients whose securities fall within their jurisdictions are protected up to $500,000. However, it is vital to note that this protection does not apply in the case of the loss of value of an asset. Furthermore, assets under Robinhood Cryptocurrency are not under SIPC protection.

For clients that are part of the Brokerage Cash Sweep Program, all swept cash deposits are eligible for FDIC insurance up to $1.5 million. Finally, user data such as passwords and Social Security Numbers are kept encrypted and this broker’s website runs on the TLS protocol. They also allow customers to add an extra layer of security with Two-factor authentication.

Bottom Line

Our Robinhood review highlights some of the advantages of opting for this broker, including the availability of cryptocurrency and fractional shares. They also have an excellent user interface for trading and commission-free trading on US stocks and ETFs. However, there are still many areas for improvement, especially their customer support and learning resources. The comments about this broker online are largely not positive and it has a poor rating of 1.3 on TrustPilot.

Individuals looking to invest in US stocks, ETFs, options, and cryptocurrencies may find Robinhood’s asset listing useful. Unfortunately, CFD traders will not be able to use this brokerage company’s services. Customers looking to invest in non-US markets will also not be able to find any assets to purchase on the Robinhood platform.

Overall, this broker appears to be trustworthy as it is regulated by the SEC and is a member of FINRA. It also has several safety measures in place to secure its user’s data and funds. To fund your account and begin trading, you will need to link your bank account or debit card to your brokerage account.

Q & A

Yes, they are. Robinhood is regulated by the SEC and covered by the SIPC.

They were founded in 2013.

Yes. They are regulated by the SEC.

The company is owned by Vladimir Tenev and Baiju Bhatt.

Yes, it is.

As of 7 August 2023, Robinhood’s stock price is $11.28.

To log into your account, go to the broker’s website, click on Log in, and enter your username and password.

Yes, the broker’s stocks can be traded with margin.

Traders not resident in New York can buy Shiba Inu on Robinhood.

To download the broker’s trading app, visit your device’s app store.

No. Robinhood is a commission-free broker and charges relatively low fees compared to many of its competitors.

No, they do not charge crypto fees.

No, Robinhood does not charge commissions on stocks.

Yes, you can. Clients of this broker can store all their crypto assets in their wallets.

Yes, Robinhood permits customers to invest in Penny stocks.

Funds held in a Robinhood Cash or Spending account are eligible for FDIC coverage. However, all assets held under Robinhood Crypto do not have FDIC insurance.

Yes, most client reviews of this broker online are positive.

This broker offers an Instant, Margin, Retirement, and Cash Account.

Yes, Robinhood offers stocks lending.

Visit and enter your email address in the text box provided.

The interest rate on stock loans on this broker is 15% of the weighted average interest rate obtained from lending a specific stock.

To apply for a cash card, you need to open a Spending Account. After which your card will be sent via mail.

Robinhood earns most of its revenue through payment for order flows.

You can withdraw funds from this broker by transferring directly to a linked bank account or via a debit card.

Withdrawals may take between 48 – 72 hours.

The Robinhood wallet is only used to store Crypto.

Yes, the broker does offer a retirement account.

Robinhood gold is a subscription service that provides investors with advanced tools, benefits, and features to improve their trading experience. Clients will have access to benefits such as Level II market data from NASDAQ, in-depth analysis from Morningstar, and bigger instant deposits.