The Robinhood app has revolutionized the world of stock trading. Never has it been easier and more affordable to test out the stock market. Not only that, but new users of the app are eligible for a free stock if they use a Robinhood promo code. But how exactly do you redeem your free stock? And how can you use Robinhood to make the most out of your stock trading?
Click here to redeem your free Robinhood stock. With Robinhood, you get a 1 in 250 chance of redeeming a stock from Apple or Facebook, and a 1 in 150 chance of unlocking a Ford or GE stock.
The nice thing about this Robinhood free stock is that you don’t have to hang on to it if you don’t want to. You can turn around and sell the stock, and get the redeeming amount.
It should be noted, however, that the amount that each stock is worth varies. This means you might get lucky and score a stock worth $20, or stock worth $2.
How to Use Robinhood?
If you’ve never used Robinhood, don’t fret. The app does an incredible job of guiding you on how to add funds and invest. For starters, you must be located in the United States or Australia to use the platform. After downloading, Robinhood requires the following tidbits of info for you to sign up:
- Email Address
- Physical Address
- Social Security Number
- Employment information
- Bank Account
You might be surprised at the social security number, but you need to remember the stock market is regulated under the U.S. Securities and Exchange Commission, who has strict guidelines. Your bank account is also needed and will only be used to withdraw and deposit money from your trades.
Once your signup is complete, you’ll see a screen slightly similiar to this one.
The search button towards the bottom allows you to search for companies to invest in, and the stock market tab is where your current investments show. On my tab, I have $20 invested in Bitcoin, and you can see that the price of it rose by close to 2% on this day.
Robinhood and Stock Nomenclature
To help you navigate the world of stock trading, there are a couple of terms that are used on the Robinhood app that you’d want to get familiar with. They are:
Stop-loss: Stop-loss allows the owner of the stock to sell it at a specific value, to stop the loss of additional value. For example, if you bought $10 worth of stock from Company X, the price of the stock jumped to $20, you can create a stop-loss of $15 to make sure you sell your shares if the company drops
What Stocks Should I Invest In?
I’m not a licensed stock broker, so I can’t say what stocks are the best to invest in. However, US News has a great stock market guide with information on what stocks to invest in.
The Robinhood app also has tons of information on the companies you can invest in. They also offer a premium version that gives you a more detailed look into trends (we talk more about this premium feature in the next section. ????)
Is Robinhood Gold Worth it?
I’m a Robinhood Gold user, and I think it’s a great investment – the added trend data and information about companies makes the extra $5/month a no-brainer. However, the premium version isn’t needed and it doesn’t guarantee you’ll make more money. Here’s a breakdown of all the Robinhood Gold features so you can judge for yourself it’s worth it:
- The Ability to a Larger Instant Deposit
- Investment Margins
- Professional Stock Research
- Nasdaq Research Data
Is there an additional Robinhood Promo Code I can use?
Unfortunately, you can only redeem one free stock using the Robinhood promo code we listed above. However, once you sign up for the app, you then have the ability to invite your friends and will earn one free stock when they sign up. You can invite as many friends as you like, and earn up to $500 in stocks.