The Money-Making Robinhood App Goes Premium
Robinhood is the investment-app equivalent of fantasy football. Instead of buying players and shuffling lineups, you’re buying and selling stocks — watching them appreciate and depreciate, live, with the market. The beauty of Robinhood is that there’s no minimum investment requirement, making it the perfect learning tool for those wanting to experiment in the market.
Up until now, Robinhood, which launched in March 2015, has been a totally free trading platform. Now they’re offering a paid tier: Robinhood Gold, a new $10 monthly membership service that comes with its share of advantages. Gold members have two and a half more hours of trading everyday, can instantly reinvest or cash out their money (there’s a three-day limbo period with the standard service), and can take out loans from the app (up to double the money in their Robinhood account).
The new Gold membership allows Robinhood’s loyalists to get even more out of the app. And when you think about it, when other services like Scottrade and E*Trade can commission about $7 per trade, Robinhood’s $10 monthly fee is pretty nominal.
Invitations to Robinhood Gold begin rolling out today.