We at Blrt love an innovator and so we are very excited for the upcoming Australian launch of an incredible fintech innovation: Robinhood, a free stock trading app that allows users to manage their own stock portfolio and execute trades for the low, low commission of $0.00. We didn’t need to get out our calculators to figure out that’s a pretty big savings over the $7-10 commissions some other brokers charge on trades!The @RobinhoodApp is bringing free stock trading to Australia Click To Tweet
Robinhood is currently available in the USA and as of August has transacted over US$1 billion through their platform, sparing their users an estimated US$22 million in trade commissions. As important as those savings, though, is the fact that the Robinhood trading app has made it easy and fun for an entire generation to get started in trading stocks. Their app is simple to use and beautiful to experience. The company took home an Apple Design Award in this, their first year of operation.
Our resident (and very handsome) American has been using the Robinhood app for the past few months, enabling us to give you this advance review of what the app is all about:
Fintech: The revolution has arrived
Fintech companies – most of which are startups at this stage – are shaking up the financial world. So then, what is a fintech company?
Software has been a part of the finance world for some time now but innovation moves ever forward. The best fintech companies are able to remove the overhead that bloats large financial companies – not the least of which being brick and mortar branches – to deliver the same services at a fraction of the cost. In the case of fintech apps like Robinhood the research and execution is also outsourced… to you, the user.
The result will be a dramatic shift in the way the world handles their finances. Top fintech companies are slowly steering us that way and the arrival of Robinhood to Australian shores is a signal of that revolution.The #FinTech revolution is changing the face of Australian #investing. Click To Tweet
Our Robinhood app review
Accessing any aspect of your personal finances through a mobile device can make some people nervous. Robinhood makes security a focus, requiring a password, PIN or touch ID to access your account.
After signing in you’re taken directly to a dashboard that shows you the market value of your portfolio at a glance. The design of the app responds to different factors. When the markets are open, the backgrounds are white and bright; when they’re closed, Robinhood turns out the lights. The design accents also change colour depending on what kind of day you’re having on the market: red accents mean you’ve had better days but green accents will turn that frown upside down.
From the dashboard you can quickly review the performance of your portfolio in the current or most recent day or the past month, three month, six month, or one year period. An option to view your entire history is also present but it hasn’t yet been activated.Trading #stocks with @RobinhoodApp is easy and beautiful. Click To Tweet
How to trade stocks with Robinhood
Trading is as easy as transferring money into your Robinhood account directly from your bank – many of the major USA banks can facilitate that transfer with only your online banking login and it’s reasonable to assume the same functionality will be made available in Australia.
If you’re a lazy saver you also have the option of setting up automatic deposits that transfer money at intervals of your choosing before you’re able to spend that money on a new toy.
All of the finer details of your account are located in the menu, including a breakdown of your current portfolio value by component: stocks and cash, buying power (how much stock you can spend on stocks right that second), stocks only and cash only (which may differ from your buying power if you have uncleared funds).
You can also access a detailed order history from the menu – including exportable trade confirmations – as well as a history of your dividend payments.
Keep an eye on your stock portfolio
Back on the main screen you’ll spot a relatively new feature of the app: cards. Robinhood uses these to give you alerts about rapid price fluctuations in stocks you own or are watching, as well as news about your stocks and the overall stock market.
Below these cards you can review your investments in individual stocks and keep an eye on other stocks that you haven’t yet invested in. Everything you own stays on top of the mountain while your watch list hangs on below. Here you can graphically see the stock performance over the current or most recent day. Toggling the button to the right of the graph will switch between the current share price, the percentage change for the day, and the current market value of your total investment in the company.
Clicking into a company will show you more detail still. Here you’ll find vital stats, all of your recent orders, a brief description of the company and the total percentage of your portfolio currently wrapped up in the company.Staying on top of your #stockportfolio is easy with @RobinhoodApp. Click To Tweet
Free stock trading comes to Australia
Overall the Robinhood stock app is a very sleek and simple tool that makes trading stocks both simple and fun. By allowing you to execute your own trades without paying commissions, Robinhood allows new investors the opportunity to buy and sell at will while they get the hang of how things work. More advanced and/or experienced traders might need a little bit more under the hood but the average punter will find everything they need here.
If you’ve been afraid to dip your toes into the waters of the stock market, Robinhood is a great way to get over that fear without racking up the seven to ten dollar trade commissions charged by other brokerages.
Keen Aussies can register their interest in the Australian Robinhood app to receive updates and gain early access at Robinhood.com.
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