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The WikiFX Score of this broker is reduced because of too many complaints!


United States|5-10 years|
Global Business|High potential risk|


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Influence index NO.1

United States 9.91

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The WikiFX Score of this broker is reduced because of too many complaints!


No valid regulatory information, please be aware of the risk!

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Broker Information


Company Name

Robinhood Markets, Inc



Platform registered country and region

United States

Company website

Pyramid scheme complaint


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Warning: Low score, please stay away! 3
Previous Detection : 2024-07-24
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 6 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The current information shows that this broker does not have a trading software. Please be aware!

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Robinhood · WikiFX Survey

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Robinhood · Company Summary

Information Details
Company Name Robinhood
Registered Country/Region United States
Founded in 2013
Regulation Not regulated
Tradable Instruments Stocks, ETFs, Options, and Cryptocurrency. (Not available in IRAs.) American Depositary Receipts for over 650 global companies.
Trading Platforms Web platform and mobile trading platform
Minimum Deposit $0
Account Types Individual accounts and retirement accounts
Commissions No commission fees
Education The “Learn” section including Investing 101, Options trading essentials, and Library
Customer Support Email, social media, online chat 24/7
FAQs Yes

Overview of Robinhood

Founded in 2013, Robinhood is an online Forex broker based in the United States, which offers a range of tradable instruments including stocks, ETFs, options, and cryptocurrency (excluding IRAs). Additionally, Robinhood provides access to American Depositary Receipts for over 650 global companies and the ability to trade fractional shares.

The broker supports both web and mobile trading, allowing users to access their accounts and trade on-the-go with no minimum deposit requirement, making it accessible to investors with various budget levels. The platform offers individual accounts as well as retirement accountswithout any commission fees.

For users seeking to expand their knowledge, Robinhood offers educational resources through its “Learn” section. This includes Investing 101, options trading essentials, and a library of educational content to help users make informed investment decisions.

Regarding customer support, Robinhood provides several avenues for assistance, including email, social media channels, and online chat, all available 24/7.

It is important to note that Robinhood operates without regulation, which may be a consideration for some investors seeking a regulated brokerage.


Is Robinhood legit or a scam?

To assess the credibility of a broker, it is crucial to verify their regulatory status through reputable regulatory agencies such as the FCA or CySEC. In the case of Robinhood, it is important to note that they lack authorization or regulation from any regulatory authorities. As a result, it is strongly advised to avoid trading with this broker due to their anonymity and the risk of sudden disappearance without any notice.

In order to safeguard your funds and protect your interests, it is paramount to exercise increased caution when dealing with unregulated brokers. Conducting comprehensive due diligence and research before investing your funds is essential to ensure the safety and security of your investments.

Pros and Cons

Robinhood offers both advantages and disadvantages to its users. On the positive side, Robinhood provides a very simple and intuitive trading experience. Its streamlined interface makes it easy for users to navigate and execute trades efficiently. Additionally, one of the standout features of Robinhood is its no trading fees or commissions policy. This allows users to trade without incurring additional costs. Furthermore, Robinhood offers fractional share trading and direct access to cryptocurrencies, giving users the opportunity to invest in smaller portions of shares and participate in the cryptocurrency market.

However, there are also some drawbacks to consider when using Robinhood. Firstly, Robinhood is not specifically regulated. While Robinhood provides a user-friendly interface, it lacks comprehensive educational content. This could be a drawback for users who are new to trading and would benefit from educational resources to enhance their understanding of the markets and trading strategies. Furthermore, Robinhood does not support popular trading platforms like MT4 or MT5, limiting options for traders who prefer those platforms. The broker also does not specify different types of accounts available, which may limit customization options for individual users.

Pros Cons
Very simple, intuitive trading experience No specific regulation
No trading fees or commissions Limited educational content
Fractional share trading and direct cryptocurrency access No MT4/MT5 trading platforms
Solid cash management features and recurring investment functionality Account types not specified
Streamlined interface Non-trading fees
No minimum deposit requirement

Market Instruments

Robinhood provides investors with various financial products, including stocks, funds, options, gold, cryptocurrencies, and cash management. However, it is worth noting that the platform has limitations that may pose challenges for advanced traders. For instance, it does not offer fixed income, mutual funds, foreign exchange, or futures trading, restricting the trading strategies that require a diverse range of asset classes. Additionally, Robinhood lacks tools, calculators, and advanced charting features, making it difficult to execute complex trading strategies. Fractional share orders are available for stocks with a market capitalization of over $25,000,000 and worth over $1 per share.

It is important to note that Robinhood is currently developing a non-custodial web3 wallet that will allow customers to control their cryptocurrencies in a decentralized web experience. However, this feature is currently only available through a waitlist. Additionally, Robinhood introduced stock lending in May 2022, enabling users to lend out fully paid stocks from their portfolios.

Please be aware that due to the lack of regulation, it is essential to carefully consider the associated risks before engaging in any trading activities on Robinhood.

Account Types

Robinhood only offers brokerage account options as either margin or cash accounts. They also made IRA and Roth IRA accounts available to eligible customers on January 12, 2023, but the still limited options continue to restrict the ability of traders with more robust financial goals from using the platform.

Robinhood offers 2 different types of retirement accounts: traditional IRA and Roth IRA. You can open 1 of each type of IRA account at Robinhood, even if you already have an IRA at another financial institution or a workplace retirement plan, like a 401(k).

How to Open an Account?

To open an account with Robinhood, please follow these steps:

1. Visit the Robinhood website: Go to

2. Click on the“Sign Up” button, typically located in the top-right corner of the website.


3. Provide personal information: Once your email is verified, Robinhood will ask you to provide personal information, including your name, address, date of birth, and social security number (for U.S. residents). This information is necessary to comply with regulatory requirements.


4.Complete the application: Fill in the required information accurately and review the terms and conditions. You may need to answer additional questions about your investment experience, financial goals, and risk tolerance.

5. Set up funding: Once your account application is approved, you will need to link a bank account to fund your Robinhood account. Follow the instructions provided in the app to securely link your bank account.

6. Review and agree to disclosures: Robinhood will present you with various disclosures and agreements, including the customer agreement and privacy policy. Read these documents carefully and agree to the terms.

7. Fund your account: Transfer funds from your linked bank account to your Robinhood account to start investing. Once your account is funded, you can start trading stocks, ETFs, options, and cryptocurrencies directly.


RobinHood eliminated transaction fees. Such a move is now a general trend, with many other brokers either lowering fees or eliminating them altogether to stay competitive.


Non-trading Fees

Robinhood offers commission-free trading for stocks and ETFs, similar to its competitors. Options trades also have no fees. The standard margin interest rate is 11.75% as of April 21st, 2023. Robinhood Gold members receive $1,000 in free margin trading and a discounted rate of 7.75% for borrowing above that, with a subscription fee of $5 per month. A $100 account transfer out fee is applicable. There are no fees for domestic or international wire transfers, account opening, account maintenance, or account inactivity. However, there is a $20 fee for sending a domestic check overnight.

Trading Platform

Robinhood does not offer popular trading platforms such as MT4 and MT5. Instead, it offers two proprietary platforms, web and mobile, which may have limitations.

Trade Experience

Robinhood‘s trading experience is fast and easy to use, appealing to new investors in particular as it allows them to get up and running quickly. Robinhood users get access to basic watch lists and stock quotes paired with charts, analyst ratings, and news. The improved chart overlays give investors a more comprehensive look into stocks and their positions. Beyond this, there’s not much in the way of in-depth insights and customization ability.

Mobile Trade Experience

Robinhood is a mobile-first brokerage that aims to make trading simple without complicating the experience with more in-depth features. It makes sense then that more complex trading tools and research options are largely absent from the mobile trade experience. For instance, no chart drawing tools are available on mobile and trades cant be executed directly from charts. Order staging and simultaneous order entry options are also not available.

Customer Support

Robinhood provides customer service primarily through its website and app. Users can access 24/7 live chat support for immediate assistance. Additionally, the company offers a comprehensive library of support articles to address common queries and concerns. Robinhood maintains active social media channels, further enhancing communication and engagement with its user base.

In terms of trading hours, Robinhood offers extended hours trading from 7 a.m. to 8 p.m. Eastern Time, providing users with additional flexibility beyond regular market hours. The company is also working towards implementing 24/7 trading, aiming to further expand accessibility for its users.


Educational Resources

In terms of educational resources, Robinhood provides the “Learn” section including Investing 101, Options trading essentials, and Library. Educational content, while improving, still isn‘t up to par with many of Robinhood’s competitors offerings. An intentional focus on enhancing this area is apparent, though. Robinhood continues to expand its Learn section with more material and has enhanced the onboarding questionnaire to help users understand investing basics.



In conclusion, Robinhood offers a diverse range of tradable instruments, such as stocks, ETFs, options, and cryptocurrency. Robinhood supports both web and mobile trading, enabling users to conveniently access their accounts and trade on-the-go. With no minimum deposit requirement, the platform caters to investors with varying budget levels. Moreover, individual and retirement accounts can be opened without incurring any commission fees.

To support users in expanding their knowledge, Robinhood offers a “Learn” section and multiple avenues for customer support. However, it is essential to consider that Robinhood operates without regulation, which may be a factor to consider for investors seeking a regulated brokerage.


Q: What is Robinhood?

A: Robinhood is an online brokerage platform that allows individuals to trade a variety of financial instruments such as stocks, ETFs, options, and cryptocurrencies.

Q: Can you make money using Robinhood?

A: Things like fees and expenses can quickly eat into your investment returns, and those are low at Robinhood, which is a benefit of using the service.

Q: Does Robinhood charge fees for trading?

A: Robinhood offers commission-free trading for stocks, ETFs, options, and cryptocurrencies. However, there may be other fees associated with certain services, such as margin trading and account transfers.

Q: Does Robinhood offer any educational resources?

A: Yes, Robinhood provides educational resources through its “Learn” section.

Q: How can I contact Robinhood's customer support?

A: Robinhood offers customer support through various channels, including email, online chat, and social media.


Robinhood to Fight SEC Over Crypto Business in Court

ExposureRobinhood to Fight SEC Over Crypto Business in Court

2024-05-08 12:29

Robinhood Markets challenges an SEC Wells notice to defend its crypto operations and push for regulatory clarity.

2024-05-08 12:29
Robinhood to Fight SEC Over Crypto Business in Court
Robinhood launched its brokerage services in the UK

NewsRobinhood launched its brokerage services in the UK

2024-03-26 18:14

Robinhood has launched its trading app in the United Kingdom, allowing all consumers to trade commission-free. Customers in the United Kingdom can now use the Robinhood app to access more than 6,000 worldwide companies listed on US stock exchanges.

2024-03-26 18:14
Robinhood launched its brokerage services in the UK
Massachusetts Court Sides with Robinhood in Fiduciary Duty Case: A Win Amid Regulatory Scrutiny

ExposureMassachusetts Court Sides with Robinhood in Fiduciary Duty Case: A Win Amid Regulatory Scrutiny

2023-05-04 12:40

A Massachusetts court sided with Robinhood in a fiduciary duty regulation case, ruling that the SEC should handle the investigation. The trading platform has faced allegations of aggressive marketing and exposing inexperienced investors to risk. Despite the win, Robinhood remains under regulatory scrutiny.

2023-05-04 12:40
Massachusetts Court Sides with Robinhood in Fiduciary Duty Case: A Win Amid Regulatory Scrutiny
Robinhood pays $10.2 million in penalties for its operational failures.

ExposureRobinhood pays $10.2 million in penalties for its operational failures.

2023-04-10 18:07

Robinhood Financial LLC will pay up to $10.2 million in penalties for operational and technical failures that harmed main street investors. It enters a settlement with many states in the US over technological and operational failures.

2023-04-10 18:07
Robinhood pays $10.2 million in penalties for its operational failures.

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