So a friend of mine sent me a link today for a new trading platform called Robinhood. I’m a skeptic, but I thought I’d detail a bit of what it’s supposed to be here. Commission free stock trading. They don’t really have a clear explanation on how they’ll make their money without commissions, but they’re venture funded by Google and others, so I’m giving them a bit of leeway there.
I signed up to become one of the first adopters, and I’m hoping to get my link before long. If you’re interested, sign up yourself. I’m not going to be putting much faith in them until I see for myself what to expect. I’ll probably gamble $100 on trades.
I emailed their support email an hour ago, but haven’t heard back yet. I’m looking to find out if they’re going to support automatic investing like ShareBuilder does, which would be one in their favor. If they do, then my previous posts about 3 months to profit would not be required at all, since they’re all about limiting the commission fees.
They’re working currently on implementing Margin trading, which I would never use because I find it insanely risky. I’m a much more conservative investor. I like to have my money work steadily for me, not do crazy shit and expect it’s going to come back rich.
Happen to know about Robinhood? Leave your knowledge in the comments so we can all bask in the glory that is your hubris.