Be your own Robinhood: Building wealth at the tips of your fingers
Robinhood, the app worth over $5.6 Billion with one main promise: trade stock and cryptocurrency with no fees.
Launching in December of 2014, it rapidly became the favored choice of the younger generation interested in investing. Becoming the first ever financial app to receive an Apple Design Award due to the easy-to-use yet chic design which permits clients the liberty to make a transaction minus any type of processing fees that are usually associated with such.
What is it that youthful investors are interested in? Low-cost and intuitive stock trading on the go at their fingertips. Starting out as invitation-only, by March of 2015 when it became open to the public the waiting list was exceeding 700,000 people. In less than 8 months, Business Insider released a report that over $1 billion in trades had been made possible through Robinhood. Following the end of 2018, Robinhood is projected to have an assessed worth of $5.6 billion, which more than quadruples its valuation during the previous year of 2017 at $1.3 billion.
In my quest to provide my fellow college students with information on how to invest, and deliver ease of use and understanding, the following is a walkthrough of what it is like to use the Robinhood app. (IOS)
Robinhood app icon on an Iphone 6s
Sign up process is quick, efficient and easy. It will spontaneously ask for your email address.
Create a password, legal name, phone number, date of birth, mailing/billing address, citizenship, social security number, investment experience, employer, any ties to brokerages.
Review answers, submit. (whole process only took me maybe 2 minutes)
Before trading can be initiated, have to link bank account. Now you are officially signed up.
Bank account offers choice to setup predetermined or custom one-time transfer to Robinhood. (this takes a few days to process, funds will not be available for trading, will stay in Robinhood account)
X out of screen, come to home screen giving the option to add money to my account. (This is where most transactions will take place)
Make a deposit, free to use instantly. (Either one time payment or recurring; weekly, twice monthly, monthly, quarterly)
Homescreen looks like. Total funds, large # center – cash & stocks, how much you made since market opened, small # center (green for profit, red for loss)
Looking for a certain stock, (I chose Netflix) click the magnifying glass then type it in the search bar. If you are interested in keeping an eye on this stock and receiving updates, add it to your “watchlist” by clicking on the check mark to the right of the name.
Click on the stock, it will show you that rate at which it is being buying and sold per share. If you want to buy it, click the “BUY” button on the bottom of the screen.
Scroll down, you can read up to date and important information regarding that stock that has been taken from the web. (I received one free share of stock of Groupon, after a friend referred me. You too will also receive a share when you refer a friend to use Robinhood and they set up an account)
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