This post will cover the ins and outs of using the Robinhood app as an investment platform. For this tutorial, I will be using Robinhood on the IOS platform and will cover some basic functions of the application.
Get the Bank Linked
The first thing to do once you have signed up with Robinhood would be to add funds to the account. This is a very easy process and can be done by linking an existing bank account to the application. If you tap on the profile picture on the left side of the app, another menu will open with the option that says banking. At this point, if you select “Transfer to Robinhood”, the application will appear with options to set up your bank account. Now this process can take a couple of days as it proves the account is viable by depositing two small amounts and asking you to confirm them. Once you get the account confirmed, you will transfer an amount to the application.
Find a stock to invest
Everything is ready to invest! IF you open the app again and go to the top right and find the bottom search if you have stocks that you already know you want to invest in, you can. Otherwise, the main menu has preset favorites that you can invest in. If you click on the action, you will get tons of information. This contains things like current selling prices and all-time highs and lows. Below the initial chart of the stock, there will also be favorites in which, depending on the stock you have selected, the app offers suggestions for other categories in which you can invest.
Buy or sell a share
Once you’ve found a stock that works for you, in the lower right corner, depending on the setting you choose, it will say Buy / Sell or Trade. If it says Buy or Sell, select the option you want and the following window will open. If it says Trade, then press trade and those other options should open. At this point, it will ask you how much you want to buy or sell of the stock. It will also show you how much you will buy or sell for and how much money you have in your account at the moment. When you are selling, one thing to keep in mind is that sometimes the stock takes a couple of minutes to process and sell. This can change the sale price.
Hopefully by following these steps, you will be able to navigate Robinhood a little better and make your first investment.