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Robinhood
4.3
★★★★★
Finder score
Stock trade fee
$0
Minimum deposit
$0
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Our verdict

Trade stocks, options, ETFs and crypto with Robinhood, and earn up to a 3% match on your IRA contributions.

Consider Robinhood if you want a modern and engaging trading platform with industry-low fees and prompt 24/7 support, or complete control over your crypto. Robinhood retirement pays up to 3% in matching funds on contributions and up to 1% on IRA transfers and 401(k) rollovers, and the platform's trading tools are respectable. Robinhood is the winner of Finder's 2023 Investing Innovation Award. But its advanced research and financial tools are limited to Robinhood Gold. Upgrading to Robinhood Gold also opens the door to a 5% yield on your uninvested cash (subscription fees apply). Look elsewhere for automated investing or access to mutual funds, CDs, bonds or futures.

Best for: Beginner and intermediate traders and investors who want 100% commission-free trading on an intuitive trading platform or retirement-minded investors who want matching funds on IRA contributions.

Pros

  • Get up to a 3% match on all Robinhood IRA contributions with Robinhood Gold (1% without Gold)
  • Fractional share trading with as little as $1
  • Full control of your crypto
  • Earn 5% interest on uninvested brokerage cash with Robinhood Gold (1.5% without Gold). Subscription fees apply
  • 24/5 trading available

Cons

  • Limited tradable assets
  • Limited analysis and research tools for its standard account
  • No robo-advisor
  • Can't change cost basis method manually

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
  • Ask a question

How we rated Robinhood’s features

Investment options

★★★★★

  • Stocks
  • Options
  • ETFs
  • Cryptocurrency
  • IPO access
Trading platforms and technology

★★★★★

  • Mobile and web-based trading platforms
  • Screeners, watchlists, price alerts, market news, analyst reports, advanced charts, company statistics, earnings estimates, analyst ratings, price targets, trending stock lists but no company financials
Trading costs

★★★★★

  • Zero commission stock, option and ETF trades
  • No options contract fees
  • Competitive margin rates
Account fees

★★★★★

  • No annual fee
  • No inactivity fees
  • $100 full outgoing account transfer fee
Customer support

★★★★★

  • Live chat and phone support, with 24/7 access
Mobile app rating and security

★★★★★

  • 2FA and biometrics capabilities
  • Highly rated among Apple and Android users
Features and amenities

★★★★★

  • Fractional share trading
  • Instant buying power
  • 24/5 trading
  • Offers educational articles and videos
Cash sweep rates

★★★★★

Earn up to 5% APY on uninvested cash with Robinhood Gold
Account types and minimums

★★★★★

  • Individual brokerage accounts
  • Traditional, Roth and rollover IRAs
  • No minimum deposit requirements

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
Dive deeper What is an IRA?

Latest Robinhood updates

March 26, 2024: In its newest product launch, Robinhood unveiled a cash back credit card for Gold members, a revamp of the Robinhood app with customizable widgets and a 1% unlimited deposit boost on all brokerage deposits, with no cap, for Gold members.

February 6, 2024: Robinhood Gold members can earn 3% on IRA and old 401(k) transfer until April 30, 2024.

January 30, 2024: Robinhood announced access to the Fractyl Health Inc. IPO. Head to Robinhood’s IPO Access section in its app, select Fractyl Health and then select I’m interested to start the process to claim IPO shares.

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 2024 is $7,000, meaning customers can get up to $70 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.

Until April 30, 2024, Robinhood Gold members can also get 3% on IRA and old 401(k) transfers.

robinhood 3%

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. Earn 5% interest on uninvested brokerage (subscription fees apply) cash in your account (1.5% without Robinhood Gold)
  • Larger instant deposits. Access 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% (12% 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

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

Robinhood

  • Invest in stocks, options and ETFs with zero commissions and no options contract fees
  • Invest with as little as $1
  • Get up to a 3% match on all Robinhood IRA contributions with Robinhood Gold (1% without Gold)
  • 24/5 trading
  • Trade on margin at a rate of 12%
  • Invest in IPOs at IPO prices
  • 24/7 customer support

Robinhood Crypto

  • No commissions
  • Invest with as little as $1
  • Supports 15 coins as of April 2024, including BTC, ETH, DODGE and more
  • 24/7 customer support
  • Most customers’ coins are held in cold storage
  • Robinhood doesn’t lend your crypto or leverage against it
  • Transfer your crypto into and out of your account without deposit or withdrawal fees

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.

Lastly, Robinhood uses first-in, first-out as its default cost basis method and there’s no option to manually change this ahead of a trade. According to a Robinhood representative, you can contact Robinhood support before the sell order settles to request a specific lot adjustment. Here’s what you need to provide with your request:

  • Security identifier
  • Closing trade date and price
  • Open lot date, price and cost
  • Quantity of each specified lot

Again, you need to request a tax lot change before the sell order settles.

Robinhood’s fees

Minimum deposit$0
Annual fee$0
Stock, ETF, option and crypto trade fees$0
Crypto spread0.35%
Margin base rate12%
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
Robinhood Retirement

Our pick for IRAs: Robinhood

  • $0 stock trade fee
  • $0 min. deposit to open
  • Earn up to 3% in matching funds on contributions with Robinhood Gold (1% without Gold)

Robinhood app

Robinhood is simple and straightforward, with a clean interface that makes it ideal for newbies. That said, Robinhood’s charting and free research tools are subpar, especially compared to the sophisticated financial tools of some newcomer brokers.
Screenshots of Robinhood mobile app

Robinhood app reviews

App storeRatingTotal reviews
Google Play 4.14 486,198
Apple Store 4.20 4,291,817

Robinhood’s customer support

Connect with Robinhood support in three ways:

  • Email support
  • Phone
  • Online chat

How to open an account with Robinhood

  1. Select the “Sign up now” button below and enter your name, email address and password.
  2. Enter your phone number and address to verify your identity.
  3. Provide personal information, such as your Social Security number, date of birth and citizenship. Then, answer a few questions about investing and provide details about your employment.
  4. Review Robinhood’s agreements and choose whether to fund your account now or later.

At the time of writing, Robinhood may require you to submit a selfie of you holding your license to verify your identity. You can skip this and go to your account landing page, but Robinhood will need this information from you to approve your account.

Eligibility and required information

  • A valid US residential address
  • Be 18 or older
  • A valid state-issued ID
  • A valid Social Security number
  • Bank account information for account funding
  • Employment information

Sign up now

How safe is Robinhood?

Robinhood’s platform is considered safe and secure. Through its memberships of SEC, FINRA and SIPC, customers are protected up to $500,000 – including up to $250,000 in cash balances – in the event of Robinhood’s insolvency. In addition, customers enrolled in Robinhood’s cash sweep program are provided a total of $2 million in FDIC insurance on uninvested cash through its partner banks.

Any crypto bought on Robinhood is stored in a mix of cold storage and hot storage. While crypto is not covered by either FDIC or SIPC insurance, Robinhood carries a crime insurance policy protecting crypto held by Robinhood against losses from theft and cybersecurity breaches.

Compare Robinhood to other platforms

Robinhood logo

Robinhood

★★★★★

Finder rating 4.3 / 5

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Available asset types

Stocks, Options, ETFs, Cryptocurrency


Stock trade fee

$0


Minimum deposit

$0


Complete signup bonus

Get a free stock when you successfully sign up and link your bank account.

SoFi Invest® logo

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Finder rating 4.1 / 5

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Stock trade fee

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Tastytrade logo

Tastytrade

★★★★★

Finder rating 4.6 / 5

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Available asset types

Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills


Stock trade fee

$0


Minimum deposit

$0


Complete signup bonus

Get $100-$5,000 when you open and fund an account with $5,000 to $1,000,000+

Frequently asked questions about Robinhood

How we rate trading platforms

★★★★★ 5/5 — Excellent

★★★★★ 4/5 — Good

★★★★★ 3/5 — Average

★★★★★ 2/5 — Subpar

★★★★★ 1/5 — Poor

We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.
For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.

Frequently asked questions

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Matt Finder

Editor, Investments

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