How to Open a Robinhood Account

How to Open a Robinhood Account

As a leader in digital trading platforms. And the creator of zero-commission stock dealing. Robinhood provides brokerage accounts without any fees or large deposit needs. It generally takes less time to open a Robinhood profile than it does to microwave a TV supper. To get started trading mutual funds and stocks on this famous platform. Follow these steps to create a Robinhood account. The requirements for opening a Robinhood account.

The following are essentials to setup your Robinhood account:

  • Your SSN To put money into the account.
  • Provide your bank details.
  • A cell phone (only smartphones and tablets can used to invest with Robinhood).

According to the company’s website, creating an account takes four minutes or less. Which is a accurate statement. Also to not charging you fees if you make deals. Robinhood doesn’t charge any fees for creating or keeping an account. For an extra $5 per month, the company provides users with access to a path of financing. Higher interest rates on money that remains uninvested. Greater deposit sums that are right away investable and expert analysis from Morningstar.

Step 1: Create a profile To get started.

Go to the Robinhood register page and select “opening a profile.” After your official name as it shows on this page. You will enter your password and email address.

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 You will proceed to provide further fundamental details. Including your contact number, birthdate, house address, and country of citizenship. You will direct to the next phase after completing this.

Step 2: Confirm who you are.

Robinhood will want your social security number to verify what you are. Know that the application has secured and that your SSN will deliver over an unbreakable link. If you choose not to provide it.

In basic terms, the rule requires all broker sellers to get your Social Security Number. To make that you are not a recognized terrorist or bank launderer. Click “keep going” to move on to the next page if you are neither of those.

Step 3: Previous experience with investing.

You will question on your involvement with investing in this part. When you have no knowledge. A little expertise, more than a typical basis, or investment ability. You will inform Robinhood of this. The app will ask on whether you want to allow free of commissions options trading. Buying and selling contracts for options known as options trading. If you are a new investor, this can be confusing.

But if you are an expert, it might be interesting. In any case, if you have an interest in options trading. You may find out if you allowed by activating this and answering some more questions. Following your response to the options trading query. Robinhood will request your job details.

Next, it will inquire on if you or any member of your extended family works for a company. An exchange for stocks. If you or someone in your family is a senior executive, a director, or owner of a traded business. You need to click “continue” to move on to the next stage after finishing this page!

Step 4: Examine the contracts.

Robinhood will need you to assess two separate commitments:

The brokerage contract and the Tax Inspection. That ask you to confirm as well as double-check the correctness of the data you provide. After reading them, select “approve” at the bottom to go to the following step.

Step 5: Add money to your account.

You only need $1 to fund your Robinhood account. It’s easy to add money to your account by using Plaid to connect with a bank. There is a choice of banks from which you can select to fund the account.

You may select the “What occur if unable get the bank I use on this paper?” option on the far right of the screen and then choose the “go ahead and click here” option. If your bank is not listed here or if you wish to add money to the account later.

Read Also: How to Transfer Crypto from Robinhood

This will enable you to add money to the account later using the Robinhood app. And proceed on to the following application process.

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