There's a new tech start-up called Robinhood that let's you buy and sell stocks commission free. It's on an invite-only system for now. Click here to sign up using my invite. All it requires in your email address for now.
What's the turnaround and charge for transfers in and out of the trading account? Do they have any restrictions on specific funds or equities, or categories thereof, a customer may trade on the site.
Bank transfers (deposits and withdrawals) occur via Automated Clearing House (ACH) and usually take three business days to be transferred. You can use Robinhood to invest in publicly-traded companies and exchange-traded funds listed on U.S. exchanges. This includes well over 5,000 securities. We plan on supporting additional financial products in the future. Over the last decade, technology has enabled building the most efficient businesses in history. Building an automated, electronic brokerage from the ground up allows Robinhood to eliminate the costly touchpoints where other brokerages require human intervention or paper receipts. Rather than relying on primetime advertisements and costly brick-and-mortar storefronts, Robinhood maintains a lean bottom-line, allowing it to attract and retain customers far more cheaply. More FAQs here.
"Robinhood charges interest for margin trading and collects interest on cash balances. Robinhood is well-funded by notable investors such as Index Ventures, Ribbit Capital, Google Ventures, Andreessen Horowitz, Social Leverage, and many others, which affords us the freedom to focus on building a wonderful brokerage experience rather than short-term profits."
Zecco had this nearly ten years ago, but then they were bought out by Trade King and started charging 4.95 USD per trade.
I just signed up with a Beta invite I got. It doesn't seem like it's web-based or supports Android, but I told them I had an iPad and was able to open an account. I'll grab my parents' iPad tonight and DL the app and see how this works. It'll take 3 days to transfer my initial deposit, but it sure beats paying $7.95 that Fidelity currently charges me per trade.
:grin::grin::grin: man i loved me some Zecco and yep I use trade king but while Trade King has been nice, it would be cool to use Robin Hood. With that said, Im 200k in line.
