![]() ![]() Broker-assisted phone trades are $10 each, according to their fee schedule.I’m currently on a wait list for the free options trading as well.There are unofficial sites that use the Robinhood API to provide web access, but I would be wary of sharing your login credentials with a 3rd-party.Everyone can access their account via a mobile Apple iOS or Android device (iPhone, iPad, iPod Touch, Android phone, Android tablet). Full rollout is not scheduled until some time in 2018. Although they announced that a web interface is available, I have been on the waitlist since early November (currently #600,000 in line).What’s the catch? Getting free trades is great, but be aware of the following: No waiting 2-3 days for a bank transfer to complete. Use up to $1,000 of your pending bank deposits right away. ![]() (All brokerage margin accounts offer this.) That means you can reinvest those funds without waiting two days for settlement. Immediate access to funds from selling stock.Robinhood Instant is a free upgrade that gets you a “limited margin account” that has the following features: To do this, go your app account menu, select “Banking”, then select “Stock Transfer” and follow the on-screen instructions. Robinhood now accepts incoming stock transfers from outside brokerage accounts. There is also a automatic deposits feature where you can schedule ACH transfers on a weekly, biweekly, monthly, or quarterly basis.ĪCAT account transfers. ACH transfers are free and take approximately 3 business days (same as other brokerages). Bank, Charles Schwab, PNC, Silicon Vally Bank, and USAA. You can manually link any bank account with your routing number and account number, but you can also directly use your username and password at these banks: Chase, Bank of America, Citibank, Wells Fargo, U.S. (Update: I no longer see any mention of this phone number on their website.) They want you to use their customer service email The lack of instant customer service via phone is one major way that Robinhood is not the same as a major brokerage account like Fidelity or Schwab.įunds transfers. The Robinhood customer service phone number is (650) 940-2700 during during market hours (9:30am – 4:00pm EST), however many readers have reported difficulty getting through. Level 2 self-directed options strategies (buying calls and puts, selling covered calls and puts) as well as Level 3 self-directed options strategies such as fixed-risk spreads (credit spreads, iron condors), and other advanced trading strategies are available. Free options trading: No commission and no per contract fee upon buying or selling options, as well as no exercise or assignment fees.Certain orders may be entered as good for the day or good till canceled (GTC). Market orders, limit orders, stop limit orders, and stop orders available.Yes, it works, all with no minimum balance requirement. Robinhood Financial is a member of the SIPC which protects the securities in your account up to $500,000. Everything was done online there were no paper documents that required mailing or faxing. This is the same as any other brokerage firm, but this may also be the first such account for many users. You must provide your personal information including Social Security number, net worth, income, investing experience, etc. In 2020, CNBC reported them raising money at an $8 billion valuation!Īpplication process. In 2017, Bloomberg reported them raising money at a $1.3 billion valuation. In 2017, they reached over a million users. In August 2015, they rolled out both iOS and Android app and reported processing over 2 million free trades. I was skeptical as I’ve been an long-time early adopter of free trading platforms (read: cheapskate investor). I’ve been Robinhood beta user since mid-2014. Firstrade includes free trades of mutual funds, which is rare… if that is your thing.īackground. SoFi also offers free stock trades and “slices” (fractional shares), along with a sign-up bonus and free tickets to events (SoFi is short for Social Finance). WeBull app is also good for active traders with free stock trades and free options trades, but adds a real customer service phone number where you can talk to a human, as opposed to Robinhood’s email address. Free share of stock for new users with referral.Free trading of Bitcoin and other cryptocurrencies 24/7.No commission and no per contract fee, plus no exercise or assignment fees. They started with free stocks trades, but have since expanded their suite of services to the following: Robinhood is one of the new wave of brokerage apps. ![]()
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