Robinhood app store reviews
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Robinhood app store reviews free#
While Robinhood doesn't collect direct fees or commissions from trading, the app does make money through a variety of other channels including marginal interest and lending, premium accounts and rebates.Īlthough the regular version is free to use, the app charges a starting fee of $6 per month for Robinhood Gold - their premium service that gives investors up to $1,000 of margin - allowing them to trade over the amount of cash they have in their account.Īdditionally, the app reportedly makes money off of marginal interest and margin lending. According to their site, Robinhood makes money from "interest from customer cash and stocks, much like a bank collects interest on cash deposits" as well as "rebates from market makers and trading venues."
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Still, the bank-masquerading controversy put many regulators on edge - and although Robinhood is a fairly safe platform to trade securities on, the incident seemed to raise questions over the app's intentions for future uses and their willingness to potentially bend the rules to offer new products. The app quickly issued a "mea culpa" through its company blog, announcing a re-branding and re-working of the new product that would "work closely with regulators as we prepare to launch our cash management program, and we're revamping our marketing materials, including the name." Barney Frank told CNBC in December.Īlthough Robinhood is SIPC-insured, it is not insured by the Federal Deposit Insurance Corporation, or FDIC - a requirement for checking and savings accounts. "If there's any uncertainty about regulatory protection, there is serious potential for people to be misled," former Rep.
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The controversy that ensued soon put the idea to bed - but the legal implications still seem to create lingering concerns. The app announced its plans to launch a pseudo-bank service called Robinhood Checking & Savings, which promised a 3% interest rate - despite not being FDIC-insured.