Robinhood for Android is Now Available!

[dgstorm]

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Whether you are a budding new stock trader or a seasoned veteran and you use an Android phone, you should check out this cool app and service. It's called Robinhood, and it is a FREE stock trader app. To be clear, this app isn't just free to download, it's also free to use. In fact, the service is completely free even when making stock trades!

Yep, you read that right. That means you no longer need to pay $10 bucks a trade or more with E-Trade or any of the other stock trading companies. With Robinhood, you can invest with NO FEES. Robinhood originally came out on the Apple iPhone first, but they recently finished their Android version and made it available on the Google Play Store (here).

Be sure to check out the link above and watch the video for more info. We will be using the app, and will offer a brief analysis/review at a later time.

 

[PereDroid]

So how do they make $$$$?

Answered my own question: they will offer + accounts for a fee and they collect interest on any money you haven't invested yet. Example: if you have some Google stock and it pays you $30. Robinhood keeps that in an account for you which collects interest. If you reinvest that money right away they don't collect. But if you let it sit there to accumulate they get paid on the interest.
Very fair.

 

[Jonny Kansas]

I keep telling myself I need to get into the stocks, even if just for a tiny sum of money, just to check it out for myself. Other than my retirement plan that's fully managed based on the questionnaire I filled out when I signed up, I don't know much about stocks at all.

 

[PereDroid]

I wonder if there's an easy way to move my holdings in there?


This would seem to be a really neat way to get your feet wet. Throw $100-$200 in a buy some $20-$30 stocks.

 

[Jonny Kansas]

That's kinda what I was thinking.

 

[liftedplane]

I wonder if there's an easy way to move my holdings in there?


This would seem to be a really neat way to get your feet wet. Throw $100-$200 in a buy some $20-$30 stocks.

go one step farther throw 200 in and but up some penny stocks... there's some great ones like Agria corp I've been following for a few years... it's up by about $0.40 since I first started tracking it. doesn't sound like a lot but if you bought it at $1.20 and sold at $1.80 that can add up if you bought $1000-$10,000 in stocks...

yes penny stocks CAN be more volatile... they can also have far large payouts... imagine buying into new company that's stock is < $1 and then it blows up to > $4 you could quadruple your investment... had a friend who did that with $10,000 bought in at $0.05 and sold at $5.05 made a killing

 

[FoxKat]

go one step farther throw 200 in and but up some penny stocks... there's some great ones like Agria corp I've been following for a few years... it's up by about $0.40 since I first started tracking it. doesn't sound like a lot but if you bought it at $1.20 and sold at $1.80 that can add up if you bought $1000-$10,000 in stocks...

yes penny stocks CAN be more volatile... they can also have far large payouts... imagine buying into new company that's stock is < $1 and then it blows up to > $4 you could quadruple your investment... had a friend who did that with $10,000 bought in at $0.05 and sold at $5.05 made a killing

Jesus, that's one incredible profit for 10K invested.

 

[liftedplane]

Jesus, that's one incredible profit for 10K invested.

I know... he got out of the army a year later, bought a house, bought his wife and himself new cars and then kept investing...

 

[Jonny Kansas]

Like I said, I definitely want to get my feet wet. This sees like a good way to do so since they don't charge for trades. I'm sure I'll lose some money, so I'll be starting very small and probably mostly with penny stocks to begin with.

I really don't know what I'm doing other than I know you want to buy low and hope to sell high, but you never really know what's gonna happen. If nothing else, maybe I'll have some fun and learn something, but I won't be investing even $1000 to begin with. Now, if I happen to get lucky and make a little bit of money, I'll certainly throw that back in the mix and see what happens.

 

[dgstorm]

A "dabbler" investor could start out with safe bets, and then start reinvesting the profits from those safe bets instead of the original amount. That might be a way to dip your toes in...

 

[Jonny Kansas]

I thought about trying that Acorns app that came out a while ago where they round up your purchases to the nearest dollar and and invest the change, but it seems pretty hands off and I already have that with my 403.b plan and it's intended for long term investing, so you tend to lose money until you've got at least $1000 in there, based on the reviews I was reading.

I want to try my hand and do some of my own trading. No fees to do so and trying out safe bets seems like the perfect place for me to start.

 

[PereDroid]

I'm not a fan of penny stocks. LiftedPlane's friend is an anomaly. Buy stuff you believe in, not companies you've never heard of.

Shall we make this the new Stock Tip thread?!?!

Personally I like grocery retailers. That's one thing that is brick and mortar and won't be replaced by the internet any time soon. Not even Amazon Pantry is going to replace Kroger's in our lifetime.

Speaking of Kroger. I had 500 shares of Kroger which was trading around $72. That's $3600. What a lot of people don't really talk about when talking about stocks is DIVIDENDS. All most people think of is BUY LOW, SELL HIGH. Every quarter, if the company does well, you get paid dividends. So a few weeks ago, Kroger announces a stock split. Now I have 1000 shares of Kroger valued at $32. Still $3,600. But then they announce a dividend payment Sept 1st of 21 cents per share. I'm about to make $210. I could reinvest or leave it there to collect more from other investments and then buy something else. This is the money that Robinhood would put somewhere and collect interest until I use it.

 

[Jonny Kansas]

I just figured penny stocks were a cheap place to start. Haha! But I'd be happy to take any/all advice I can get.

Like I said, I'm interested in starting SMALL to get a grip on trading in general and also how the app works. I'd definitely like to buy stock in something I believe in, but my starting budget would only let me buy maybe 1 or 2 shares at $72 each at this point.

 

[PereDroid]

I certainly wasn't suggesting you start with $50+ stocks.

2 under $10

FBP: $3.90
First Bancorp
MWW: $7.69
Monster.com

Top 10 Stocks Under 20 - July 6 2015 - Zacks.com

 

[Jonny Kansas]

I know you weren't. Just wanted to make sure I made it clear how small I intend to start. Haha! Thanks for the info. Just waiting on my account verification to finish with Robinhood here and I'll give something a try.