How to Sign Up for a Robinhood Brokerage Account: >> robinhoodapphelp.com
We're helping the world invest better by compiling a list and step-by-step instructions on how to open accounts. This tutorial will focus on Robinhood's online brokerage accounts. Check out our broker comparison page to see the offers of other brokers.
What you need to get started
· Social security number
· You will need bank information to fund your account. This can be done later.
· You can only invest in Robinhood through a mobile device, such as a smartphone or tablet.
According to the company's website, it takes less that four minutes to create an account. I found this to be quite accurate.
Robinhood charges no fees to open an account, maintain one, or charge for trades. Although it sounds too good to true, Robinhood claims that it makes its money by "accumulating interest from customers' uninvested capital balances", just like other online brokerages. Robinhood Gold, which costs $10 per month, offers customers additional features such as after-hours trading and a line credit to trade on margin. Customers can also instantly invest larger amounts with Robinhood Gold.
Step 1 - Create an account
Navigate to Robinhood sign up page. You will need to provide basic information such as your name and email address. For your account, you will also need to create a username or password. Robinhood will ask you if your mobile device runs iOS or Android.
Because all trading on Robinhood takes place on mobile devices, the company will ask you this question. If you don't want to use your desktop or laptop to invest on Robinhood, you shouldn't sign up.
However, you can set up your account first on your computer and then log in to the Robinhood app from your phone to start investing. This tutorial will show you how to access your Robinhood account from your smartphone.
Step 2 - Enter your contact information
You will be asked for your address and telephone number in this section. The section also asks you if you are employed by a member company of a stock exchange, the Financial Industry Regulatory Authority, (FINRA) or if you, a relative, are a director, 10% shareholder or senior officer of a publicly traded firm. These two questions will likely be answered "no".
You'll find answers to any questions that you may have regarding the application. For example, why Robinhood requires a customer's street address. (Answer: Uncle Sam requires brokerages to collect addresses in order to verify identity).
Step 3: Verify your identify
This section will first explain why Robinhood is asking for your Social Security Number. Robinhood states that all broker dealers must collect Social Security numbers. This information is to stop known money launderers or terrorists from accessing the stock market. If you are not one of these, click the "continue” button to move to the next page. And if your name is in any of the above categories, please turn yourself in to save us all a lot of hassle. ).
Next, you will be asked to provide your Social Security number and citizenship status. Simply answer these questions quickly, and you can move on to the next step.
Step 4: Fund your account
This page states that there are no fees to deposit money or withdraw money from your account. You don't need to deposit a minimum amount.
You have the option to fund your account through a variety of financial institutions. You can click on the "What if my bank isn't on this page" link to the right-hand side and then choose the "click here". You can now proceed to the next step and fund your account through the Robinhood app.
Step 5 - Submit your application
After reviewing the account agreement, grab a coffee and click "Submit Application".
Step 6 - Download the app
After you have submitted the application, you will be taken to a page telling you to download Robinhood App so that you can begin investing.
If your application is approved, the company will inform you by email. However, if it needs additional information from you, then you will still be notified. You can also save your application by clicking this link.
Step 7 - Log in to the app
After you have downloaded the app to your device, log in with the account information that you created in Step 1. After you have done that, you will see a screen displaying that your account was approved. A message will appear at the bottom telling you how to fund it.
To start investing with Robinhood, click on the "Add Funds” link. Enter your bank account information. Side note: Click on the icon at the top-left corner to access all information about your account, settings and investing history.
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