You might have seen the commercials or maybe you’ve heard about the Robinhood app from friends and family. Whatever the case, we want to take you through the most important things to know about the Robinhood app for iPhone and Android before you install it.
The world of investing, whether it be traditional investments or crypto, can feel intimidating and complex. Robinhood has tried to shake things up with a user-friendly application that can be used for commission-free stock, options, ETF, and crypto trading.
If you’re thinking about downloading the Robinhood app on your Apple or Android device, it’s important to understand the key features and potential drawbacks of the popular app.
In this walkthrough we’ll quickly bring you up to speed on what the Robinhood app is, how much it costs, and more.
Robinhood App Basics
Let’s start with the Robinhood app’s basics.
On the Apple side of things, the Robinhood app is available for iPhone and Apple Watch. There isn’t an iPad-specific app, but you can run the iOS version on an iPad. The Robinhood app requires a device to be running iOS 15 or newer. It won’t work on devices running iOS 14 or older.
On the Android side, it requires Android 7.0 and newer to run. There isn’t an Android app for tablets, but it will run on Android slates.
One of the reasons people like using the Robinhood app is because, unlike some investment apps, it’s actually pretty easy to use. This ease of use makes it simple to navigate, even for beginners.
Users can view market data, research companies, and place trades with just a few taps within the app.
Robinhood frequently updates its mobile applications. The company says failure to update may cause users to encounter content that contains out-of-date, missing, or incorrect information including, among other things, important disclosures and agreement updates.
Is the Robinhood App Free?
Yes, the Robinhood app is a free download for iOS and Android devices.
It’s also free to open up a Robinhood account which you’ll need if you want to start using the service on your phone or tablet. Robinhood doesn’t charge fees to open or maintain an account.
You’ll also need to be 18 years old or older, a valid Social Security Number, a legal U.S. residential address within the 50 states or Puerto Rico, and be a U.S. citizen, U.S. permanent resident, or have a valid U.S. visa.
The company may not have commission fees or charge fees for an account, but users will incur fees for trading. The company says these are passed onto users to help the company cover costs.
New Robinhood users should become familiar with these charges before trading with the application.
What Can the Robinhood App Can Do?
The Robinhood app can be used for a variety of investing purposes, and it’s a solid option for those entering this world for the first time.
We’re not going to break down every single function in this guide, but here are a few highlights to keep in mind before you start using it:
- Commission-Free Trading: The company’s claim to fame is its lack of commission fees for stock, ETF, and options trades. This makes it a great option for new investors who don’t have a large portfolio or who want to make frequent trades without incurring hefty charges.
- Fractional Shares: The app allows you to buy fractional shares, meaning you can own a portion of a stock based on your budget.
- Investing Resources: The app offers educational resources within the app, including articles, videos, and explainer modules. These resources can help you understand basic investment concepts and make informed decisions.
- Margin Trading: You can use the app for Margin Trading, which means you can borrow money to invest.
- Crypto: If crypto is your thing, you can buy and sell a variety of cryptocurrencies on the app, including Bitcoin and Ethereum. There’s also no commission for these trades.
While the app is easy to use, trading is far more complex. Don’t solely rely on the information provided within the app.
Users should conduct their own research on companies and crypto and understand the risks involved before investing money.
What Can’t the Robinhood App Can Do?
You should be aware of some limitations on the Robinhood app.
Compared to traditional brokerages like say a Charles Schwab or Merrill Lynch, Robinhood offers a limited selection of investment products.
You won’t find mutual funds, bonds, or some of the other more complex investment vehicles on the platform. If you want to invest in those, you need to use another service.
Is the Robinhood App Safe?
While Robinhood has plenty of safeguards in place, it’s not immune to hacks or data intrusions so you’ll want to keep a close eye on your accounts.
Robinhood utilizes a variety of safety measures to keep your data and money safe. It uses encryption for sensitive data like social security numbers and users can also use two-factor authentication for an added layer of security.
2FA can be enabled using an authenticator app like Google Authenticator or SMS.
Robinhood App Problems
Like most apps, the Robinhood app has its fair share of issues. Users have reported bugs and a variety of performance issues while using the app on their iPhones, Apple Watches, or Android devices.
Fix Robinhood App Lag or Not Working
If you start noticing lag, or the app stops functioning like it normally does, here are fixes you can try:
- If your device’s WiFi signal is weak, try using cellular data.
- Update the Robinhood app.
- Force quit the Robinhood app and reopen it.
- Log out and log back into the app.
- Restart your iPhone, Apple Watch, or Android device.
- Uninstall and reinstall the app.
Fix Robinhood App Grayed Out Stocks
If a stock is grayed out on the app, Robinhood says it’s probably because the system currently has a delay in reporting current market data.
If you see this, wait a couple seconds and give the app time to refresh and update the respective stock to red or green. If it still doesn’t appear red or green, log out and log back in.
Does Robinhood Have Customer Support?
Robinhood primarily relies on in-app support resources. There’s also limited email support.
Currently, there’s no phone support available, which might be a drawback for some users who prefer a more hands-on approach when investing.
