While Robinhood is famous for not charging commissions on purchases and sales of assets, you'll be surprised to discover what else is either free or low-cost at Robinhood. Fair pricing with Robinhood and Robinhood Gold Plus, earn 4.90% APY on uninvested cash, FDIC-insured up to $2M at partner banks with Robinhood Gold. Robinhood 24 Hour Market is here, allowing you to trade TSLA, AMZN, AAPL, and more of your favorite stocks and ETFs 24 hours a day, 5 days a week. When your brokerage gets bought out by another company, that's could be a sign to start looking to greener pastures - moves like that rarely result in a better, more affordable experience for regular people. ![]() Meanwhile, brokerages like E-Trade and TD Ameritrade are being bought up or merged by larger companies. Robinhood is independent, and it's not owned by a larger asset-management company. In fact, Robinhood will reimburse the transfer fee assessed by the other brokerage for up to $75 on incoming ACATS transfers of $7,500 or more.Īnd if you're using another brokerage, it's a good time to make the switch. ![]() Furthermore, if the other brokerage charges you for the outgoing transfer, Robinhood's got you covered. ACATS allows you to transfer all or part of an outside account. Through ACATS, you can electronically transfer cash, stocks, and other eligible assets from other brokerages to your Robinhood account. After all, don't brokerages typically charge their customers for incoming money transfers? Maybe some of them do, but you can transfer eligible assets from other financial accounts into your Robinhood account through the Automated Customer Account Transfer Service. Now, you might be wondering whether this stage of using Robinhood is really free, especially if you've got investments tied up in another platform. But of course, you'll still want to fund your account in order to get started buying and selling stocks, ETFs, and so on. When you open a new investing account, Robinhood will give you one free stock to get started. When you sign up for a Robinhood account, you get phone and chat support, and no commission fees - after all, that's what the platform is famous for. Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down. As other brokerages consolidate into large conglomerates, Robinhood's independence means it will be better equipped to focus solely on what you need out of it. The ability to buy and sell stocks and other asset types from your smartphone without paying commissions is certainly appealing, and there are plenty of other reasons to choose Robinhood as your go-to app-based brokerage. It combines simplicity with access to all the features you'll need. Robinhood's intuitive interface offers a user-friendly alternative to the cluttered and complicated apps that some other online brokerages provide. Whether you prefer stocks, exchange-traded funds, or other investments like options, there are brokers that allow today's investors to place trades wherever there's an internet connection.Īmong the trailblazers of the self-directed personal-finance revolution of the 21st century is Robinhood, a broker that pioneered zero-commission trading. While there's nothing wrong with entrusting your money to a professional money manager, it's easier than ever to take charge of your own future with self-directed asset trading - and if you're already managing your own portfolio, it's a great time to reassess your strategy.
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