Monday, April 27, 2015
App Thoughts: Robinhood
Robinhood is a stock market trading application that launched to the public in the past couple months (after a significant waiting list in beta mode).
The application allows for stocks to be traded in real time with $0 minimum balance and $0 trades. The general thought process being that the company can leverage technology to minimize overhead.
Ever since high school there has been various times were I've been clued into the market, watching certain stocks and having an interest to jump into the game. Yet, to pick individual stocks has been something that just didn't seem financially feasible. I wanted to dabble, not set a major account.
Instead, I do have a employer sponsored 401k which I actively monitor and adjust my mix based on what's going on, but not being allowed to play in the weeds.
So, when I heard about this app, I wanted to give it a try. And with some generally nominal deposits, I've had the chance to try it out and find it to be a fantastic opportunity to start small and make my own investments.
Having not worked with the competitors of Robinhood, I'm not sure where this company is providing me better or worse services than more established companies of this type.
Application designers of the Palo Alto start-up have done a nice job in their application design and web design. Even their frequently asked questions section of their website is clearly written, helpful, and very transparent.
The things that I enjoy here as well has been the thought process of investing - I have always read and heard people discuss things like "invest in what you know" or "invest in what you're already buying" and it's been interesting to spend some more time delving into the companies that own the products that I regularly consume. Obviously some companies are logical (we all know Nike's makes shoes), but when it comes to knowing who really owns the shoe brands I love, or the eggs I buy it has been enlightening and educational in it's own way.
It's exciting to see apps that do more things than just create mindless games, but instead create accessibility to something that previously was (or seemed) far less accessible. Very pleased, very pleased.