Every investor before investing in any company always checks whether the investment is in safe hands or not.
In this blog we will talk about whether Robinhood is safe, Robinhood safe to link with the bank account or Reddit, safe to give ssn, safe for crypto and so on.
It’s an obvious fact that nowadays the old school method of investing is no longer used as new financial technology has taken its roots. Consider the saving apps, numerous investment apps, robo investing plans, cryptocurrencies, budgeting apps and new online brokerages.
Robinhood is one of the leading apps in the financial service industry. At the end of 2020, more than 10,000,000 users have invested in this app. Individuals were now inquiring that “Is Robinhood a safe app?”
Robinhood has whirled the world of investing upside down. As Uber has changed the manner in which individuals use taxis, Robinhood also improved the way the people contribute to the company.
With the help of the Robinhood app:-
- You do not require more than $1,000 to open a brokerage account.
- Purchase 50% of shares or other fraction of stocks like Amazon, Apple, or Netflix.
- Receive a free share stock while opening a new account. If you refer your friends with your code you will get more free stock.
This leading app of United States has reached a certain height that it evolves to growing brokerage.
The Robinhood concept is quite straightforward because traditional investment charged a lot of commission and so this app helps the users to invest without commission.
If investors want to invest on Robinhood app he needs to know why he is choosing this app. What is the reason for investing in Robinhood?
The app was the first app to approved by the market makers as there is no commission charged while creating an account.
It means that users can open an account with a couple of dollars and begin purchasing shares without paying commission for each trade.
As a model of commission-free give its user to trade securities for free. First, the app was only on iPhone but now Android versions also get to use the app. Here the users are permitted to invests in options, U.S. stocks, ETFs and cryptocurrencies.
One thing to know is that Robinhood is for individuals That is the reason there are no record essentials and no charges to exchange with Robinhood.
Robinhood is for the individuals and this is the reason that there are no fees and no account minimums to trade.
These two highlights are extraordinary in the fintech space. You can trade at stocks and ETFs and also can trade options and cryptocurrency.
Robinhood additionally offers the Robinhood Gold account, a premium account that permits to trade on margin. In any case, starting financial backers don’t have to stress over that or pay for that.
In order to open an account on Robinhood, provide details like name, email, and address. Also, link the account with your bank account if you wish to fund it.
Is my money safe in Robinhood?
Robinhood is totally safe to invest in. Here the funds are ensured up to $500,000 for securities and for cash claim $250,000 since they are the members of the SIPC. Besides, Robinhood is a securities brokerage and is managed by the SEC or Securities and Exchange Commission.
After successfully trading for months you can sell everything and transfer the cashback to the account from Robinhood.
If you want to trade on Robinhood without taking second thought you can start trading. Your money will be safe as it blended by regulation and protection. If you doubt the safety of SSN then you do not need to worry.
The cryptocurrencies purchased on Robinhood are stored in a combination of hot and cold storage. If you think of protecting your coins then the crypto is registered with FinCEN.
The leading app has help young investors to launch themselves in the field of financial service. Investing made easier just by creating an account and receiving free stocks. Usually, this type of apps is mainly used by young users as they can invite others through their referral code. This commission-free app is helping many users to invest to make more money.