RobinHood is a smartphone app-based brokerage company with two amazing features: $0.00 trades and no minimum balance requirements. They've been open for about 3 years and are members of FINRA and SIPC. As of 2017, they have over a million users and they have processed $30 billion in trades, all of which made me trust them enough to open an account with them. I like inexpensive and safe online brokerages, and you can't get less expensive than zero per trade.
They have a fantastic new offer. When you are referred to RobinHood by a current customer and open an account, you will get one free share of stock. The person referring you will also get a free share, so thank you for allowing me to refer you! After you become a RobinHood customer, you can refer your family and friends.
Now, what that share of free stock will be worth is anyone's guess...it could be a share of Facebook (currently around $170), Apple (currently around $152), Microsoft (currently around $75), or (more likely) a share of an under-$10 stock, but you know what, in any case, it's FREE! According to RobinHood, you have a 98% chance of receiving a free stock worth $10 or less and 2% chance of receiving a stock worth more than $10. When I opened my (referred) account, I got a free share of CHK (Chesapeake Energy) worth $4.20, and when I referred my husband, he got a free share of GRPN (Groupon) worth $4.56.
You can sell your free share after 2 trading days, and you can withdraw the entire amount and close the account after 30 days, if you so choose. I'm keeping mine open because I'm going to be using it for a while (I love free trades). For the last 20 years, I've been primarily using eTrade for my portfolio and pay $5.00 per trade, so I'm definitely going to try out RobinHood and keep the account open, at least for a while.
This offer is kind of a no-brainer...you've got nothing to lose by joining and a FREE share of stock to gain.
Because RobinHood is a regulated brokerage firm, they need to abide by the rules verifying your identity, they do have to collect some personal information from you, including your social security number, fyi. Among other reasons, that prevents people from setting up phony accounts.
There is no minimum amount to initially fund an account; I opened both mine and my husband's account with just $10. Currently there are no fees for maintaining or closing an account. If you close your account, you'll need to liquidate and transfer any assets in the account to another bank account or brokerage account, and then once your account balance is zero, you can request a closure.
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