 Think Tech Hawaii, civil engagement lives here. Welcome back to The Prince of Investing, right here with your host, The Prince of Investing, Prince Dyke, coming all the way live from the beautiful state of Denver, Colorado, via Haluulu, Hawaii. But as always, I don't have a lot of time, and I definitely know you guys and girls don't have a lot of time, so we're definitely going to jump straight into it. So this is a topic that I picked. We're going to talk about the Robin Hood app. If you don't know what the Robin Hood app is, the Robin Hood app is a app, essentially it is an app that you can trade by and sell, stop, right? I get a lot of reviews about it, people asking about it, and other things like that, right? Prince, what do you think about the Robin Hood app? What's the good? What's the bad? It's things like that. So what I'm going to do in this video, and what I'm going to do, and the people that catch the audio version of podcasts across the globe, what we're going to talk about today, we're going to talk about the pros of the Robin Hood app, the kinds of Robin Hood app, and that's pretty much it. We're going to keep it short, sweet, and simple, and to the point, and we're also going to talk about, of course, what it is. So first, let's talk about what is the app. The app itself is the app you can download to your phone, and you can use it to purchase stops. So people who are just starting to buy stocks, people who want to get into stocks, the first thing you must do, if you want individual stocks, the old school days, you can call a broker, and I'm pretty sure there are brokers out there now that you can call and buy stocks. But most people, most of the millennials, people that are, you know, in my age range of 33 or whatnot, is mostly be used on online brokers, someone like the E-Trade, a T-Emeritrade, a Scottrade, a place where you go, set up an account, fund it, put money into it, and buy a particular stock. So Robin Hood is one of those, and it has the app. Just about every desktop form of an online broker, there is an app version. So Robin Hood mostly focuses on the app. You can just pick up your handy-dandy phone, download the app, and boom, start purchasing stocks. But before you purchase the stock, you must fund the account, just like everything else, fill out an application, fund the account, and you can go off and buy stocks. Now we're going to talk about one of the, I want to say about three good things about the Robin Hood app. The first thing is an easy convenient, you can download it right now while we're talking, and by the time I finish this video, you can probably already have requested an account, right? So that's a good thing, the convenience is right there on your phone. One of the second things is it's great for people that are just starting to invest in because it has no account minimum, no minimum account. You don't have to start with $500 or $300 or whatever the case may be, or whatever the case may be, and you can just start right away. You can start funding it with $10, $20, $30, and now you have an account. Once you have enough money in your account, you can go off and buy a particular stock. Now the third thing is, commissioners, think about it. How do stock brokers make money? That's a question you should ask anybody in the financial industry because you might discover some things. How do you make money? When we say a broker, for example, how does a broker make money? When you call up a broker, you want to buy 10 shares of Amazon stock. When it goes in and processes it, it adds a little fee on it. When you buy insurance policy, there's a commission for an insurance agent. When you buy a car from a car dealer, there's an insurance. There's a commission. Just like when you buy a house from a real estate agent, and so on and so on, right? So robber hood, it doesn't have any commissioners. Don't ask me how they do this. I don't know. I don't know if they make their money through advertising or whatever the case may be, but they have no commission. Right now, we live in a very, very low-fee market with like TD Ameritrade. TD Ameritrade only costs us about $5 or $6, so does E-Trade. Or the lowest one, I think, on the Marks, Charles Swab at $4 or $5. But anyway, robber hood lets you do it for free. When you go to buy four stocks, you can buy it particularly for free. So look at the top three things, right? Easy to start, easy to buy, easy to start, no account minimum. And you have no commissions. You don't have to pay any fees. So that's the biggest thing, the no commission, because they started with no commission. Everybody else was charging about $10. So that's definitely a big plus, because we know those fees, they add up over time. Now, but with everything that's good, there also are some bad things. Some of the bad things about robbing hood. One of the bad things is that the limits that it has. You know, you can't buy everything on. It doesn't have every mutual fund. It doesn't have every ETF. It doesn't allow you to do everything. Now, I know at one time, they have upgraded to options. That was very cool. But you can't do futures. You also don't have access to certain mutual funds, for example, right? And also with that, it brought in cryptocurrencies, not too long ago. But when it brought in the cryptocurrencies, you can monitor Bitcoin and cryptocurrencies. But it only will let you buy them if you were like in certain states or something like that. So it has a little bit limit. It has some limits on what you can buy and what's open to the market. But it has all the basic stuff. You could go in and buy the majority of your stocks, majority ETFs, stuff like that. But there are limits. You don't get every single thing, right? Now, another thing is when you look at the, another downside to it is the platform itself. You know, there's only so much analytical tools I can do with my particular phone. Yes, I can look at the price. I can look at the highs. I can look at the lows. I can look at a simple chart. But if I want to do some comparisons and things like that, I want to use these tools to compare fees and to compare performance and to compare things on charts, Robinhood is just not there from what I've seen on the app. That's when things like E-Trade and TD Ameritrade and other charge swap platforms start to shine because I can pull up on my nice little laptop or iPad or whatnot, compare, contrast, add a fee, see how things perform, look at nice little pie charts. Because I like nice little pie charts and bar charts because it makes it smart for me. But with Robinhood, you just don't have that, right? So you don't have the analytical tools and things like that. You kind of go to that notion, you kind of get what you're paid for. But TD Ameritrade and E-Trade and you, all these other brokers, they have an app version as well. They have an app version and you have more news and things like that. But the gist of it, the apps are about the same. But when you look at doing those deep down analyticals and like a lot of tutorials you see here on the show, and on the YouTube channel, you don't have those with Robinhood. So those are the pros and cons of the Robinhood app. It's very popular right now. Now, granted, you have other apps out there like Stash, you have other apps out there like Acorn, where they're great. If you are investing, you're doing good, right? But can you do better? And can you do, you know, it's always good, better investing, good, better and best in investing. So when you are investing, that's great. I mean, that's good, but could it be better? Yes, could it be the best? Of course. But when I looked at the Stash app, what I did like about it is some of the mutual funds that it was throwing PBNs that was riddled with high fees that they, you know, I didn't see them offering a broad-based index. I think that a lot of people, a lot of amateur and new investors should put the bulk of their funds until they learn more and things like that. So that's the cool, that's the great part about it. So, you know, we went over the good parts about the Robin Hood app and went over the bad part. Me personally, I don't use the Robin Hood app. Why I don't use the Robin Hood app? Because I can get all of that same information with E-Trader TD Ameritrade. And the bulk of the stuff that I buy are no commission ETFs. And what I mean by no commission ETF? No commission. So if it has no commission, one of the biggest things that drew me to Robin Hood was trading without no commissions. Whoa, that stuck out. But if I can get no commissions over at TD Ameritrade with some of the index funds that I purchased? Huh? Or what not? But is it a good app? Of course it is. It's a great app because it's charging you no commission. That's the biggest thing. That's the biggest plus. One of the biggest downfalls, the analytics, right? But if you're someone that are new, that just want to buy some Nike stock or you just want to buy some Amazon stock or whatever the case may be, you can download the app, fill out an application. Once you have your application, you fund it from your check-in bank and have you want to fund your account. You put the money in your account and boom, you can start investing the day. So that's my review of the Robin Hood app. People ask me if it's a good thing or a bad thing. I don't personally use it, but it is a good app. And I hope they help you guys out. But as always, my name is Prince Dax. That's your review of the Robin Hood app. Don't forget to hit the like, subscribe, comment, share button and follow us and also check out us out and check out some of our cool stuff in the description box. Until the next video, podcast, cartoon on the next episode of Silver on the Globe, peace, be safe, I'm out and thank you.