What do you guys think about that Robin Hood app? Have you used it and is it legit?
hey brother,
yes, i used ROBINHOOD before
it is really real and legit
it has
zero commission feewhat i mean by this is
when you usually buy stock, you paid a commission fee (brokerage fee)
FOR EXAMPLE: apple stock is trading at $147 right now + $4.95 commission (if schwab is your brokerage)
so the total final price is actually: $151.95this is for both
sell/buyit is per transaction,so you can buy as many apple stock as you want, FOR examplee: $3000 + $4.95 commission
you can sell $3000+ $4.95 commission
some people charges high commission fee ETRADE charges $6.95
these fee are a killer
some mutual fund has what is call a front loaded, maybe even a back loader,
where they can charge up to $50 per transaction.
so you already down $50 at the start
you want to invest in those that don't have a loading fee
robinhood don't allow you to buy mutual fund (collection of stock)
mostly just stock and ETF
so that's a downer, but now alot of mutual fund also have an ETF version so you can buy that too
also
a really important thing, is robinhood is just a regular taxable brokerage account
you should really be putting it in a ROTH IRA somewhere else that offer them
you should be maxing your ROTH IRA $6,000 first
because all captial gains are tax free, where robinhood, you going get hit with a bill from uncle sam