Hey all, welcome to VueRichInitiatives –
In today’s blog, I’ve decided to write about which brokerage I use to trade stocks. This is really to answer those who have questioned me about where I do my trading, and hopefully be a nice introduction for individuals who are interested in starting up their own trading account. Let’s get to it!
So currently, I use Robinhood to trade stocks. Robinhood is a solely mobile trading app, meaning they DO NOT operate on a website such as other large brokerages (TD Ameritrade, Fidelity, E-Trade, etc.). I have been using Robinhood for about 5 months now and I absolutely love it – especially if I was doing better. (;
Robinhood is a completely FREE trading app, meaning you don’t have to purchase the app, nor do you have to pay any commissions to buy, or sell stocks! I was mind-blown at the time; I was paying nearly $20 at another brokerage to buy and sell stocks – trust me, it really adds up! Anyway, if anyone is new to trading/investing, I really do recommend trying this app out. It doesn’t hurt, especially if it’s going to cost you $0 in fees to get started. Every dollar you decide to put into the account is going to be yours to trade, or invest with.
I will list out some major pros and cons I find with this brokerage below, so that you could make a more informed decision on who YOU decide to make YOUR first brokerage when you take this initiative.
– Completely free to use
– User friendly
– Easy and quick to fund your accounts
– Access to leverage up to double your cash balance (does have a monthly fee for this option)
– Limited access to information about stocks and market news
– Limited buy and sell methods (no trail-stop buy and sell for example)
– No access to OTC and OTC-BB securities
– Apparently, there is sometimes a lag in price (I’ve never had this problem)
Just so you guys are aware… I’m not being paid to advertise Robinhood. I just think it’s a sweet app to use for my hobby and I think some traders (or soon to be traders *wink wink*) would also really enjoy the cost saving benefits it offers – my favorite benefit from them by the way! Please let me know if you have any questions about Robinhood, or setting up your brokerage account. I may not have all the answers, but I may have some, and I’ll do my best to help you take initiative today!