I have since moved from Robinhood to Merrill Edge. I still save on commissions.
Most of the Cons have turned into pros with the move and I am happy with the transition thus far.
I started using Robinhood early this year for all my stock purchases and just recently got access to Instant, since I am starting with only a little bit of money every month, Robinhood is the perfect fit.
Pros of Robinhood.
- Free Trades – allows me to buy small amount of shares without starting from a loss.
- Money Available Instantly – Up to $1000, it is credited instantly and allows me to buy the stocks. If you are invited to Instant
- Intuitive interface, easy setup, no commission fees. The UI is the best I’ve seen in awhile.
- Save Money – An investor following sound investing principles will save about ~$100-200 per year on trades which can be used towards buying more stocks. Specially if you are a starting out with limited capital.
- App-only version, wish there was a nice web client also.
- No integration with Personal Capital
- No Automatic Dividend Re-investment.
Since they are still relatively a new brokerage, features like charting and web client will be added later as they are more focused towards the millennial users.