Robinhood is a popular investing app that has gained immense popularity among millennials and Gen Z investors in recent years. It is a mobile app that allows users to buy and sell stocks, ETFs, options, and cryptocurrencies without paying any commission fees. But the question arises – Is Robinhood just a mobile app or does it have a desktop version too?
What is Robinhood?
Robinhood is a financial technology company that was founded in 2013 by Vlad Tenev and Baiju Bhatt. The company’s mission is to democratize finance for all by making investing accessible to everyone regardless of their net worth. Robinhood’s zero-commission trading model has disrupted the traditional brokerage industry by offering commission-free trading.
Is Robinhood just a Mobile App?
Yes, currently, Robinhood is only available as a mobile app for both iOS and Android devices. The app has an intuitive interface that allows users to easily navigate through different sections of the app such as Watchlist, Portfolio, Markets, News, and Settings.
Why Doesn’t Robinhood Have a Desktop Version?
Robinhood has intentionally focused on building its mobile app instead of creating a desktop version because it wants to cater to the growing number of young investors who prefer to use smartphones for investing. According to a survey conducted by Statista in 2020, 84% of U.S adults aged 18-29 use smartphones for internet browsing compared to just 58% who use laptops or desktops.
Moreover, Robinhood’s mobile-first approach aligns with its mission of democratizing finance for all by making investing accessible to everyone regardless of their location or device. By offering only a mobile version, Robinhood can provide an excellent user experience that caters specifically to the needs of its Target audience.
The Benefits of Using Robinhood’s Mobile App
Robinhood’s mobile app has several benefits that make it a popular choice among retail investors. Here are some of the key advantages of using Robinhood’s mobile app:
- Commission-free trading: Robinhood does not charge any commission fees for buying and selling stocks, ETFs, options, and cryptocurrencies. This makes it an affordable option for retail investors who want to invest in the stock market.
- User-friendly interface: The app has a simple and intuitive interface that makes it easy for users to navigate and trade.
The app’s clean design allows users to focus on what’s important – buying and selling stocks.
- Real-time market data: Robinhood provides real-time market data that allows users to stay up-to-date with the latest stock prices, news, and trends.
- No account minimums: Unlike traditional brokerages that require a minimum account balance to start trading, Robinhood has no account minimums. This means that anyone can start investing in the stock market with as little as $1.
The Drawbacks of Using Robinhood’s Mobile App
While Robinhood’s mobile app has several benefits, there are also some drawbacks that investors should be aware of before using the app. Here are some of the key disadvantages of using Robinhood’s mobile app:
- Limited research tools: Robinhood’s mobile app lacks advanced research tools that are available on desktop platforms such as Bloomberg Terminal or E*TRADE Pro. This can make it challenging for investors who want to conduct in-depth research before making investment decisions.
- No fractional shares: Unlike some other investing apps like M1 Finance or Betterment, Robinhood does not offer fractional shares which can make it difficult for investors to diversify their portfolios with small amounts of money.
- No retirement accounts: Robinhood does not currently offer retirement accounts such as IRAs or 401(k)s. This means that investors who want to save for retirement cannot use Robinhood to do so.
In conclusion, Robinhood is a mobile app that allows users to buy and sell stocks, ETFs, options, and cryptocurrencies without paying any commission fees. While Robinhood’s mobile-first approach has several benefits such as a user-friendly interface and real-time market data, it also has some drawbacks such as limited research tools and no retirement accounts. Therefore, investors should carefully consider their investment goals and needs before using Robinhood’s mobile app.