Unlike some other investment apps, Robinhood won’t recommend a portfolio for you. More on Is Acorns app safe Is Robinhood the right app for you? The Robinhood website contains plenty of resources that you may find useful if you’re a beginner. Since you’ll need to build your own portfolio (Robinhood won’t suggest one for you), you’ll need to know what you’re doing or at least be prepared to learn about trading investments from the ground up so that you don’t end up losing lots of money.
In short, yes! All investment carries risk, and the value of assets can go up or down over time. Could you lose money using the Robinhood app? Additionally, this company is registered with the Securities and Exchange Commission (SEC). This protection includes $250,000 for cash claims. Robinhood Financial is a member of FINRA and the Security Investor Protection Corporation (SIPC), meaning that the securities (stocks and options) in your account are protected up to $500,000. Robinhood Financial never stores your online banking details. You can use touch and facial ID or a custom pin to secure your account as well as two-factor authentication. Robinhood uses cutting-edge technology to encrypt your personal information. The information you’ll be asked for includes your name, phone number, email address, date of birth, address and social security number. government laws and Financial Industry Regulatory Authority (FINRA) rules. When you sign up for a Robinhood account, you’ll have to share your personal information, since Robinhood needs to comply with U.S.
Robinhood app security full#
Be sure to check out the reviews in full via the app stores (linked above) before you proceed in getting the app. On the whole, the Robinhood app receives many good reviews, although there are several reports of poor customer service – some users experiencing issues have reported a delayed response. On Google Play, the app scores 4.6 / 5 with more than 60K ratings. The app itself seems popular, having received more than 373K ratings in the App Store, where it scores a confident 4.8 / 5. Is the Robinhood app safe?Īccording to Robinhood’s website, the platform is trusted by millions in the U.S. Robinhood also collects interest on cash and stocks held in customer accounts. This is a premium margin account which starts at $6 per month it gives investors access to additional buying power. Robinhood earns revenue through a service called “Robinhood Gold”. There is no account minimum to get started, making this app accessible to anyone who is interested in investing. Some assets aren’t supported by this app, including mutual funds, preferred stocks, bonds, and most foreign exchanges. “Robinhood Crypto” is only available in specific U.S. exchanges.ĭepending on where you live, you may also be able to invest in Bitcoin and other cryptocurrencies too. Options trading is also available along with 250 global stocks that aren’t listed on U.S. Using the app, you can invest in more than 5,000 stocks on Robinhood Financial, including ETFs and most U.S. Robinhood bills itself as a “no fees” investing platform for beginner and expert traders alike. If you’re considering using Robinhood, the investing platform that lets you trade stocks, ETFs and options commission free, you might be wondering “Is Robinhood app safe to use?” In this article, learn about how Robinhood works and the behind-the-scenes processes that are in place to look after your money and your personal data.