This post will be about the ins and outs of using the Robinhood app as an investment platform. For this tutorial, I’ll be using Robinhood on the IOS platform and covering some basic features of the app.
Get the Bank linked
The first thing to do once you’ve 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 app. 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 app will pop up 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 confirmed account, you will transfer an amount to the app.
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 do that. Otherwise, the main menu has preset favorites that you can invest in. If you click on the action, you’ll get tons of information. This contains things like current selling prices and all-time highs and lows. Below the stock’s initial chart, there will also be bookmarks where, depending on the stock you’ve selected, the app offers suggestions on other categories you can invest in.
Buy or sell a stock
Once you’ve found a stock that works for you, in the bottom right corner, depending on the settings 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 up. At this point, it will ask you how much of the stock you want to buy or sell. It will also show you how much you will buy or sell for and how much money you have in your account right now. When you’re selling, one thing to keep in mind is that sometimes it takes a couple of minutes for shares to be processed and sold. This can change the sale price.
Hopefully, by following these steps, you’ll be able to navigate Robinhood a little better and make your first investment.