Robinhood Review

 I've been using Robinhood for a little while now and I figured it was as good a time as any to weigh in and give my thoughts on it.  There are upsides and downsides, so we'll look at both to see if this is something that you should consider looking into.  

Let's get the bad out of the way, and that's the layout.  Other reviews have raved about it.  The only thing I can think is that it was designed to be used on a phone and I'm using a laptop.  I'm getting used to it, but I'm still not crazy about it.  Personally, I think E-Trade's layout is better.  It's smoother, easier to navigate, and it gives you more information.

On a similar note, the information you want to see is crammed into these little sidebars that the screen cuts off.  Even your portfolio itself is relegated to such a section.  It's hard to imagine trying to monitor and manage a larger account in that little box. 

For the dividend investor, Robinhood doesn't give you an estimated projected forward income the way E-Trade does.  I guess you can do that yourself, but having it is still preferable.  The site will give you a couple of days notice before you get your dividend, which does makes for a nice surprise when it pops up, but you'd still be operating on the fly.

Don't worry, there are upsides.  The first is the free stock.  Now, I've only gotten the one share from using a referral link, but there is potential to get more later on down the line.  Even so, the one share was a good way to get the ball rolling.  Sure, the stock wasn't impressive, but I was able to sell it and get something that better suited my portfolio.  It does make you wait three days to do that for some reason.  It bugged me when I first started, but it's a moot point now.  Still thought it was worth mentioning for those who are looking to do that or to "stock bank".

The other major pro is the partial share buys.  I am loving this.  Being able to put a couple of dollars into companies that are more expensive is huge.  Not only can I initiate positions that I otherwise wouldn't be able to afford, but I can make moves more frequently and get that snowball rolling just a little bit quicker.

So, is Robinhood worth using?  That depends.  I wouldn't suggest using it as a primary account, but if you're looking to get started, this allows you to get your feet wet and learn the ropes before setting yourself up with another brokerage. If your current broker doesn't allow partial share buys, than this also works as a good supplemental broker.  

Click here to open a Robinhood account

Click here to open an E-Trade account