Robinhood review 2023

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19 brokers reviewed

147 data points analyzed

8 categories considered

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How we rated Robinhood’s features

Bonus star

★★★★★

We gave Robinhood a bonus star for offering matching contributions on its IRAs.

Fees	★★★★★	It offers commission-free trades and account fees are generally lower than the competition.
Available securities	★★★★★	Four tradable securities, including cryptocurrency.
Customer support	★★★★★	Support is available 24/7 by live chat, phone and email, with quick response times.
Mobile app	★★★★★	Robinhood scores high on the Apple App Store but slightly lower on Google Play.
Research and tools	★★★★★	You can pay a premium for more robust reporting, but free resources are limited.
Reliability	★★	Multiple service outages have been reported for this platform.

To learn how our star ratings are calculated, read our methodology at the bottom of the page.

Robinhood is best for beginner and intermediate traders and investors

Robinhood is a practical option for novices and intermediate traders and investors because it makes it incredibly easy to participate in the stock and crypto markets while offering a respectable trading platform for those looking to take more of an active role. Its platform is one of the most user-friendly on the market and the company continues to innovate with new features, including matching IRA contributions and a trading market that’s open 24 hours a day, five days a week.

What you can trade on Robinhood

• Stocks
• Options
• ETFs
• Cryptocurrency

Account types available with Robinhood

• Brokerage
• Traditional and Roth IRA

Where Robinhood shines

Robinhood is one of the most accessible and beginner-friendly trading platforms on the market. It’s easy to get started, easy to use and commission-free. Instant deposits, fractional share trading from just $1 and Robinhood’s 24/5 trading give you quick and broad access to the market. Robinhood’s 24 Hour Market lets you place limit orders to buy whole shares of 43 stocks and ETFs, including names such as Tesla (TSLA), Amazon (AMZN) and Apple (AAPL). Meanwhile, any uninvested brokerage cash in your account can earn 1.5% interest with daily compounding (which helps your money grow faster).

Upgrading to the premium subscription, Robinhood Gold, bumps this earning power to a rate of 5% (subscription fees apply) and provides extra perks like lower margin rates and larger instant deposits. Robinhood offers options trading and margin trading, and crypto customers have complete control and ownership over their crypto.

What’s more, Robinhood Retirement offers a 1% match on contributions, IRA transfers and 401(k) rollovers. Customers who contribute at least $1 to a Robinhood Retirement account instantly receive 1% in matching funds from Robinhood. The IRA contribution limit for 2023 is $6,500, meaning customers can get up to $65 in matching funds from Robinhood this year. For IRA transfers and 401(k) rollovers, there’s no cap on the match. If you transfer to Robinhood an IRA with $10,000, Robinhood gives you $100.

3% IRA match available

Robinhood’s IRA match sits at 3% on all annual contributions for Robinhood Gold members. You must remain a Gold member for at least one year from the first 3% match to keep the additional 2%. Otherwise, you’ll get the standard 1% match. For reference, the average 401(k) employer contribution was 4.8% in the first quarter of 2023, according to Fidelity. And mind you, Robinhood is the only broker we review to offer an IRA match in this form.

Robinhood Gold

While Robinhood is free to use, it also offers access to an upgraded version of its platform for a $5 monthly fee. Robinhood Gold features include:

• Earn interest on uninvested cash. If you’re holding cash for your next investment, earn 5% interest on uninvested brokerage (subscription fees apply) cash balance in your account (1.5% without Robinhood Gold).
• Larger instant deposits. Instant deposits up to $50,000 (as long as your portfolio is $50,000+).
• Professional market research. Receive extensive stock reports from Morningstar that include company strategy, performance and risk.
• Technical analysis. Access to Level 2 market data from Nasdaq. Gold members also get unlimited access to Morningstar’s premium, in-depth stock research reports for approximately 1,700 stocks.
• Better margin investing rates. Access to lower margin investing rates at 8% (11% without Robinhood Gold).

Robinhood offers a free 30-day trial period of Robinhood Gold. However, if you decide to use margin investing during the trial period, there’s an annual 8% annual interest charge on any amount you borrow over $1,000. Plus, you cannot earn the 5% interest if you invest on a margin.

Robinhood Gold

• Earn up to 5% APY on uninvested cash (subscription fees apply)
• Get up to a 3% match on all new IRA contributions, IRA transfers and 401(k) rollovers
• Access professional research from top-tier research provider, Morningstar

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Where Robinhood falls short

While all Robinhood customers have access to analyst ratings and a handful of advanced charting features, Robinhood‘s charts still lag the capabilities of several other brokers. And its most powerful tools and data are reserved for Robinhood Gold subscribers. What’s more, Robinhood’s lineup of tradable assets, though decent and expanding, isn’t as extensive as what the biggest brokers currently offer.

Additionally, one fee that Robinhood charges that comes in higher than the competition is its $100 outgoing account transfer fee. You’ll see this fee on Robinhood’s fee schedule as the automated customer account transfer service (ACATS). This is the fee Robinhood charges if you want to transfer your account to a different broker. Most brokers charge $75, though we’ve seen this fee go as high as $125.

Robinhood’s fees

Minimum deposit	$0
Annual fee	$0
Stock, ETF, option and crypto trade fees	$0
Margin base rate	11%
Inactivity fee	$0
Wire transfer (domestic and international)	$0
Returned check, ACH or stop wire transfer fees	$0
Mandatory reorganization fee (fee for reverse stock splits)	$0
Robinhood Gold maintenance fee	$5 monthly
Outgoing account transfer fee	$100

Is Robinhood legit?

Yes, Robinhood is a legitimate broker that was founded in 2013. It’s registered with the US Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Robinhood Crypto is registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business.

Robinhood’s platform is easy to use

Here are some of the tools you can use to trade with on Robinhood:

• Watchlists
• Key statistics, such as market cap, P/E and average volume
• Buy, hold and sell ratings
• Recent earnings results and estimates
• News feed
• A chart with some advanced features

Upgrading to Robinhood Gold for $5 per month gets you access to Morningstar research and Level 2 Nasdaq market data, though day traders might still find it lackluster. You can add the Level 2 Nasdaq market data, including a depth chart and book in the advanced chart of any given stock. We did notice that Morningstar research wasn’t available for every stock, though.

Robinhood retirement accounts

Robinhood offers Roth and Traditional IRA account options, both of which are available to earn Robinhood’s 1% IRA match on contributions, IRA transfers or 401(k) rollovers. As a Gold subscriber, the match jumps to 3% on eligible IRA contributions.

Robinhood IRA types

• Roth
• Traditional