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Robinhood: Best for

• Free trading

• Options trading

• Mobile-first trading

Robinhood has taken meaningful strides in recent years, expanding its offerings and moving from just a mobile app to something much more. It continues with its bread-and-butter – no-cost trades on stocks, ETFs, options and cryptocurrency (although the latter has a built-in markup) using its slick mobile app. But it’s shored up some of its prior weak spots, including customer service, where it now offers 24/7 chat functionality in addition to phone and email options. It’s also introduced IRA accounts, as well as offering a special bonus for customers who contribute to them. And it offers a competitive rate on cash balances if you’re using its upgraded Gold plan. But Robinhood is not without its faults still, including a total lack of mutual funds, limited account types, a history of not always treating customers right and unclear markups on cryptocurrency.

If you’re looking to stick to a financial app, then Webull may also be for you, and it offers some visually appealing charting capabilities in addition to slick functionality. Fidelity Investments and Charles Schwab also get you in the no-cost stock and fund trading game and have strong investor-friendly cred, too. Plus, they offer stronger research and education, if that’s what you need.

Robinhood: In the details

Pros: Where Robinhood stands out

Free trading

Stocks, ETFs, options, and cryptocurrency. Check, check, check, and check! You can trade them all for free on Robinhood, and that’s a huge boon to investors, especially options investors. While investors can find free stock and ETF trades at most brokerages these days, the real differentiator for Robinhood is its free options trading.

As options traders know, it’s easy to rack up a huge bill if you’re trading in and out of the market. That’s because brokers charge a fee for each contract, typically $0.65 a pop, quickly piling on the costs. But at Robinhood? Zilch. It’s a great choice for options investors looking to get into the market.

Of course, beyond all these freebies, Robinhood allows you to trade some cryptocurrencies commission-free, too. As of our last count, you can get access to some of the biggest, including Bitcoin and Ethereum, as well as the popular Dogecoin. And you’ll be able to do so 24 hours a day, seven days a week. You can buy cryptocurrencies directly and not via futures. However, you won’t be able to take custody of your coins, as you can at some crypto exchanges.

Account minimum and quick funding

With no account minimum, Robinhood adds to its investor-friendly cred, but its funding process is even better. If you’ve ever tried to fund a brokerage account before, you know it can take a while to get the funds into the account, even if you move the cash in right as you’re opening the account. That’s why Robinhood’s funding stands out.

Robinhood gets some money into your account immediately. By using instant verification with major banks, Robinhood allows you to avoid the hassle of traditional verification of reporting tiny deposits into your bank account. This means the app can move up to $1,000 of any deposit into the account immediately, with the rest following a few days later. It gets you in the game faster.

Intuitive mobile app

While investors can also use the web-based interface to trade, Robinhood is a mobile-first company, and so its most recognizable trading platform is the mobile app. The stripped-down app is simple to navigate, especially once you understand how the app’s icons function. You can quickly move from screen to screen, investigating stocks and placing orders.

From a convenient search bar at the top of the screen, you can pull up a stock chart. It functions smoothly and without delay, so you’re not hanging around waiting for it to load. You’ll get the stock’s vital statistics – its highs and lows, market cap and dividend yield. It also provides a news feed, a composite of analysts’ rankings, and a brief profile. If you’re ready to buy or sell, a trade button scrolls with you down the page, allowing you to submit an order at any moment.

A simple order entry allows you to type in the number of shares or options contracts you want and shows how much buying power you have. From there, just swipe up to place the trade. You can place market orders, limit orders and stop orders and a couple of other types.

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