Is Robinhood a safe digital investment tool?

Yes. Robinhood is a member of the Securities Investor Protection Corporation (SIPC), which means your funds are protected up to $500,000 and $250,000 in cash. Sensitive information, like your Social Security number, are also encrypted by the app before it’s stored.

Is Robinhood really free?

Robinhood has no minimum balance, zero fees or commissions on stock, ETFs and options trades, and doesn’t charge to open an account. However, if you upgrade to a Robinhood Gold account, you’ll be required to maintain a $2,000 minimum balance and charges a $5/month fee.

Robin Hood stole from the rich to feed the poor? Does the investment app do that?

Unfortunately, investing with Robinhood won’t earn you the title of beloved heroic outlaw by stealing from the filthy rich and disseminating much-needed resources to the poor, as its namesake was wont to do. But investing early and regularly with Robinhood or any brokerage firm will get your one step closer to becoming the hero of your own financial future.

WealthRocket Staff

The WealthRocket editorial team is made up of experienced writers, editors, and financial experts who specialize in credit cards, investing, banking, budgeting, taxes, mortgages, insurance, and cryptocurrency. Whether we’re bringing readers our latest survey findings or reviewing financial products, our goal is the same: demystify the world of personal finance and help Canadians feel empowered to make financial decisions.

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