Robinhood trading app
So I wanted to diversify a little and also start learning about stock trading, so I dropped some money into Robinhood. Anyone else work with this app? It seems to be legit and it has no fees or commissions, which is a little too good to be true. Thoughts?
Seems like a good idea and it's always better to keep those trading costs low. Saving $10 off each trade sounds good to me. How do they make money though?
So according to investopedia, "generates interest off of unused cash deposits from user account according to federal fund rates."
It also appears that they "loan" funds through their Robinhood Gold, allowing you to use up to $2000 in "Gold Funds" to trade even when you don't have the cash. I'm guessing you pay back the loss on bad trades.
It seems good on the first sight. Share your experience later on please.
No idea.
If anyone wants to try it, here is my referral link. Just thought I would throw it up here.
http://share.robinhood.com/buckyh