Robinhood App Review – Features & Specs
There’s a huge amount of choice when it comes to stock trading apps, from the mobile apps to the Robinhood desktop app. This is certainly good news for potential investors, as they can find an option that’s perfect for them. It does, however, mean that our expectations to stand out from this packed crowd is even tougher than ever.
In order to narrow down what is worth your while, we’ll be breaking down the features and specs into several different Robinhood application criteria, so you can discover whether this app is the right one for you and your financial needs.
Availability & Requirements
First things first in our Robinhood app review and that’s who can actually utilise the Robinhood application services. One of the things you’ll learn as part of our Robinhood review is that they pride themselves on ease of use. In this regard, we mean they’re available on iOS and Android, meaning they should be supported on almost all mainstream mobile devices, alongside the overwhelming majority of web browsers. In our experience, all of them work just as well as each other, with no huge differences between them.
If you’re wondering where to find the Robinhood app, it couldn’t be simpler, as it’s on both the Google Play and the Apple App Store. We couldn’t find any compatibility notes on the Google Play store but it does appear to be widely available. Any kind of modern smartphone should suffice. The Apple store states they require iOS 11.0 and watchOS 4.0 or higher, and that it’s compatible with all iPhone, iPad and iPod Touch devices which fit that criteria.
Usability & Design
The Robinhood application makes understanding financial markets as easy as is possible. There are some downsides to this. All the bells and whistles available in expert options complicate things and make them hard to understand and utilise. In order to be accessible to more people, the Robinhood application doesn’t have all these features.
Now, we don’t view this as a flaw necessarily. It may mean it’s not right for everyone, but this is a direction they’ve chosen to go with, as opposed to a mistake. Those intricacies are there by design and are a reflection of the target audience. The question then, if Robinhood is about keeping things simple and easy to understand, is how well do they pull it off?
We’d say they’ve absolutely hit a home run. Everything from the Robinhood margin rates to the Robinhood day trade options are easy to understand. If you’re used to using smartphone apps, you should get along just fine here. Its streamlined interface means signing up and getting started is straightforward, as is quick access to things like your portfolios, transaction history, account statements and more. Some people will want something more in-depth but for giving non-experts an approachable way to invest, we’d say it’s mission accomplished.
Mobile Payment Methods: Is the Robinhood App Safe and Legit?
The simplicity of the Robinhood application applies here too. Deposit funds by linking to the bank account you’d like to transfer from. You can then enter the deposit amount and swipe up to add funds. This is the case for mobile users on iOS and Android, and for the Robinhood desktop app. All efforts are made to cut out Robinhood fees wherever possible. Using a web browser is a touch different as you need to click on Account and Banking, enter the amount and hit review and submit, but it’s simple, as is the Robinhood desktop app generally.
The limit for instant deposits using a Robinhood Standard/Instant account is $1,000 a day. More can take up to five business days. For instant deposits of up to $50,000 a day, you can sign up for a premium Robinhood Gold account. To do this, a minimum account deposit of $2,000 is required, as well as a monthly $5 subscription fee. With a Robinhood Gold account, you’ll also benefit from live market data and additional research tools. If you wish to cancel a transfer, you can do so easily, with the amount of time available to cancel dependent on when you made the request. There’s even advice to help you prevent bank transfer reversals.
The withdrawal process pretty much works the same way in reverse. The same maximum is even in place. As far as we’re aware, there’s no minimum deposit and we couldn’t find any specified minimum withdrawal either. Finally, as far as we could tell, the experience was almost the same for each type of app and browser, with only a few minor functional differences.
Of course, all the precautions regarding payment methods are all to provide a positive answer to the question ’Is Robinhood safe?’ Although some may prefer more options, there’s nothing more important than that. The strict rules on finances are also backed up by Robinhood being a member of the regulatory bodies FINRA and SIPC, the ultimate affirmative to the question ‘is the Robinhood app legit?’ for both the mobile and Robinhood desktop app.
What we said in the last part of our Robinhood app review about the Robinhood application staying as consistent as possible across the board isn’t just true when it comes to payment methods. As far as we’re aware, there’s no extra bonus to using the mobile app compared to the Robinhood desktop app, which really shouldn’t come as a surprise considering mobile is how Robinhood wants people to utilise their services.
While there’s no extra incentive to use the mobile app, bonus options are available through the likes of Robinhood Gold, which costs $5 a month and allows you to trade on margin and make bigger instant deposits. This is an important paid bonus service because it opens Robinhood up to more serious investors while still keeping their core target audience.
However, it has nothing to do with any kind of bonus for mobile users, nor does the Robinhood cash management scheme which is offered as part of your brokerage account and provides access to Robinhood Financial. With this, you get a Robinhood debit card, ACH account and routing number and access to other payment options like Apple, Google and Samsung Pay. Once again, this appears to be available to everyone (pending a waiting list), no matter which version of Robinhood you prefer, whether that be mobile or the Robinhood desktop app.
Keeping its functionality simple and available to everyone is what the Robinhood application is all about, so you’ll not be surprised to learn that it’s pretty much universal across the options. This is something that has been a running theme throughout this Robinhood app review, from the mobile app to Robinhood desktop app.
Ultimately, this is where you can understand whether Robinhood is right for you. What they offer is a low cost and accessible way to trade, including cryptocurrency options. It’s ideal for non-expert, risk-averse investors, while still having a good amount of leeway for a broader selection of users through Robinhood Gold.
However, there are limitations. Some alternatives have more research tools and features, although they make up for that somewhat with an excellent news blog. In other words, the functionality, like the design, reflects an option that won’t be for those looking for the most features and options possible, but has terrific functionality for those who want to streamline their understanding with the likes of watch lists, stock charts and price alerts.
Most important of all is how well all this works on mobile. Not only are all the features from the Robinhood desktop app available on mobile, but it’s a terrific way of utilizing it. Its beautiful design and choice of functionality work perfectly in sync.
Mobile Customer Service
The first element of customer service to cover in our Robinhood app review is their excellent Help section. We found a huge amount of information available there and it answered many of our questions very thoroughly. One thing that we really think makes the Robinhood application stand out is that their writing quality from the Help section to their blog truly is fantastic and offers an awful lot, both in terms of help and insight.
From what we understand, the contact options are email and Twitter. In terms of speed, the latter may be your better option and indeed if there is a general issue. With that said, there’s no set timeframe for a response and people’s experiences in this regard vary too much for us to give you a serious approximation.
While this will no doubt disappoint some, we have to say that we believe this is really what’s to be expected from an app that provides so much for so little. All this help does indeed cost money: for instance, an around the clock live chat team would require significant investment. When fees are as low as possible, it’s understandable that getting that for so little is logistically not possible. What they do provide though, in the help section, is world-class.
Stock trading apps are always a double-edged sword because of the complicated nature of their business. If you have an app which has all the bells, whistles and research any expert could possibly hope for, then you will end up with something that’s beyond the understanding of most people. Choose to trim this down, and you’ll get something much more accessible, but not as in-depth as possible. There is no right or wrong answer: it’s just the logistical realities.
That said, this Robinhood app review shows it’s clearly in the latter camp. Ease of use and accessibility is a massive selling point here. In addition, while they still don’t veer quite into absolute expert territory, things like their Gold service do make them a flexible option as well. Make no mistake, this is not an app without features and functionality. Its streamlined interface allows you to trade stocks and cryptocurrencies with tools that will be ideal for many investors. Plus, their fees really are kept to an absolute minimum at every turn.
It may not be the perfect choice for all investors, but there is a huge audience for which Robinhood will be absolutely ideal. The question isn’t whether Robinhood does its job well, because it absolutely does. The question really is what kind of investor are you. If you’re the kind of person for whom this type of approach is ideal, there are few, and arguably no better, in many regards.
Robinhood App Review FAQ
There’s nothing more important to our readers than their security when utilising an app like Robinhood, especially because it’s an app which pertains to finance. That’s why, as part of our Robinhood app review, we make sure to check the legitimacy of the apps through its banking option alongside any kind of certification it has in order to ensure it is properly regulated, legal and accountable. In other words, we check that it’s legitimate in both the eyes of the law and the user.
For many people, the Robinhood app will simply appear to be too good to be true. In our Robinhood app review, we’ll be testing every part of Robinhood to ensure it really is every bit as good as it claims to be and if there are any hidden catches that people should be wary of.
When dealing with anything to do with finance, one of the things that gives people a great deal of anxiety is how they withdraw their funds when they need to. In our Robinhood review, we’ll be discussing everything you need to know in terms of your banking options, including deposits, withdrawals, processing times and fees, as well as the legitimacy and security of the app of one of the best online brokers.