Author Topic: Anyone using Robinhood app as an electronic stock broker?  (Read 8235 times)

krisv45

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Anyone using Robinhood app as an electronic stock broker?
« on: January 18, 2015, 02:01:51 PM »
Hello.  First time posting in the forum. . . . . . .

I was wondering if anyone is using the newer Robinhood smart phone app for buying/selling stocks.
I am currently on the waiting list (number ~400 of like ~300,000 people or so). 
If so, let me know how it is.

After maxing out state deductable amounts for two kids 529, annual 403b contributions, and roth IRA amounts I do put any extra money toward non tax deferred index funds or some dividend stocks selling covered calls at vanguard.  I plan to continue to do that. . . . however I made a fair amount of money on loyal3 when they let you use credit cards for purchases---but tired of the slow delay of execution with loyal 3 and want another option for zero commission stock broker.  I also liked when I heard the 3.5% margin rate they were going to charge because I could leverage just a bit with dividend payers.

Anyway, just debating if it is worth buying an iphone (I have an android now) just to be able to use the robinhood app.
Any thoughts would be appreciated, thanks everyone.

5oclockshadow

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #1 on: January 18, 2015, 02:55:00 PM »
I'm not using it and don't have any interest (I prefer hands-off investing), but I'm glad that it exists.  Anything that makes the financial industry more accessible to all-comers is a good thing, in my view.  If you end up using it I hope you come back to share your experience.

I saw recently on their website that they're hiring android developers.   I don't know how long you could be waiting, but it appears to be in the works.

SaintM

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #2 on: January 18, 2015, 05:02:59 PM »
I agree with 5 o'clock.  For USAA's $9 and TD Ameritrade's $10 commissions, I know the relative speed of trade executions and can set up a no-cost dividend reinvestment program.  This last point is a HUGE benefit and has been largely responsible for my increasing dividend income.  Robin Hood doesn't offer that.

milesdividendmd

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #3 on: January 18, 2015, 06:20:02 PM »
Robinhood is great.  Tough to beat no fee on any stock/etf transaction. Trades go through without difficulty and at reasonable bid/asks.

PM me if you want to try it out.  I have an invitation code that will get you off of the waiting list.  (This goes for anyone, I have 2 more codes.)  (the 2 codes were taken, sorry)

AZ
« Last Edit: January 20, 2015, 07:26:10 PM by milesdividendmd »

beavertailbill

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #4 on: January 20, 2015, 07:39:30 AM »
I agree. Robinhood is an easy to use, free way to trade stocks and ETF's. The best is that it is real time, unlike loyal3. If you don't keep cash in your account, it will still take a few days to get from your bank to Robinhood. Once it is there, you are good to go. Loyal3 is still useful if you want to take advantage of IPOs or if you want to buy fractional shares in a short list of name brand companies.

davisgang90

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #5 on: January 20, 2015, 07:43:22 AM »
I'm using it to buy my Dividend ETFs regularly.  Better than paying a commission every pay period when I invest.

I currently use an old iphone but will be happy when they offer android and web apps.

I have 2 invites left if anyone wants in.

davisgang90

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #6 on: January 21, 2015, 03:53:42 AM »
I'm using it to buy my Dividend ETFs regularly.  Better than paying a commission every pay period when I invest.

I currently use an old iphone but will be happy when they offer android and web apps.

I have 2 invites left if anyone wants in.
Update: Invites are taken.

davisgang90

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #7 on: February 05, 2015, 09:11:44 AM »
Received 3 more invites.  PM me if you'd like one.

johnny847

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #8 on: February 05, 2015, 09:27:38 AM »
No, because I don't intend to buy any more individual stocks (I do have a small amount in my Roth account. I should probably sell them, but they're less than 1% of my portfolio, and it'll cost me a commission to sell them)

milesdividendmd

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #9 on: February 05, 2015, 07:18:51 PM »
Who said anything about individual stocks?  You can buy ETFs as well.

nanu

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #10 on: February 05, 2015, 07:35:20 PM »
Recently got an invite from a friend, so I opened an account, but I'm waiting till they have an android/web app to try it out.
And anyway, I don't really have money lying around waiting to be invested (and still in college so no income right now)

johnny847

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #11 on: February 05, 2015, 09:05:39 PM »
Who said anything about individual stocks?  You can buy ETFs as well.
And I have an account at Vanguard, where I can buy their ETFs fee free. I don't see why any Mustachian has a need for Robinhood.
(Well ok, maybe if you don't meet the investment minimums for Vanguard. Can't think of anything else though).

GGNoob

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Re: Anyone using Robinhood app as an electronic stock broker?
« Reply #12 on: February 06, 2015, 07:15:51 AM »
Who said anything about individual stocks?  You can buy ETFs as well.
And I have an account at Vanguard, where I can buy their ETFs fee free. I don't see why any Mustachian has a need for Robinhood.
(Well ok, maybe if you don't meet the investment minimums for Vanguard. Can't think of anything else though).

But to buy ETFs at Vanguard, I think all you need is enough for 1 share.

I signed up for Robinhood and have an account. But since I only buy index funds and I have a Vanguard taxable account, there is no need for Robinhood, so I haven't used it yet. I'd consider it someday for an IRA since it would open up more than just Vanguard ETFs to me.

milesdividendmd

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Anyone using Robinhood app as an electronic stock broker?
« Reply #13 on: February 06, 2015, 12:41:14 PM »
Who said anything about individual stocks?  You can buy ETFs as well.
And I have an account at Vanguard, where I can buy their ETFs fee free. I don't see why any Mustachian has a need for Robinhood.
(Well ok, maybe if you don't meet the investment minimums for Vanguard. Can't think of anything else though).

This assumes that Vanguard has the best ETFs in every category. They don't. Their style weighted offerings are particularly weak. So any Mustachian interested in tilting his portfolio towards value, size, quality, or momentum, would have a reasonable use for fee free etf trading.