This guide will show you how to open a Robinhood account. Robinhood is a trading app that allows you to trade ETF’s and stocks without paying a commission. Starting in February 2018 it will allow you to trade cryptocurrency with no commission as well. This is huge considering the high commissions that you pay for trades at other exchanges.
Initially there will be 16 cryptocurrencies available to trade:
Bitcoin
Ethereum
Bitcoin Cash
Litecoin
Ripple
Ethereum Classic
Zcash
Monero
Dash
Stellar
Qtum
Bitcoin Gold
OmiseGo
NEO
Lisk
Dogecoin.
The service will initially be available in the following states:
California
Massachusetts
Missouri
Montana
New Hampshire
What You Will Need
You will need the following items available before you proceed.
Computer with Internet access
Email address
Mobile Phone
Online bank account (Bank of America, Wells Fargo, etc.)
Open a Robinhood Account
Opening a Robinhood account will allow you to be able to use fiat (such as US dollars) to purchase one of the 16 different types of cryptocurrency listed above. Follow the steps below to open a Robinhood account.
Tick one or both of the boxes at the bottom if they apply.
Click Continue.
Click Continue on the Verify your identity page.
Enter your Date of Birth.
Enter your Social Security Number.
Select your Citizenship.
Select your Marital Status.
Enter your Number of Dependents.
Select your Investment Experience.
Select your Employment Status.
Enter your Employer Name (if applicable).
Enter your Occupation (if applicable).
Click Continue.
Click Continue on the Fund your account page.
Select your bank on the Fund your account page (you may also choose to skip this step if you do not wish to make an initial deposit).
Enter you online banking ID (the ID that you use to log in to your bank account).
Enter you online banking password.
Click Next.
Select the account you wish to use.
Select the account type.
Select how much you would like to initially deposit.
Click Submit.
Click Continue on the initial deposit summary screen.
Scroll all the way to the bottom of the terms and conditions and then click Submit Application.
Your application will be submitted for review. Once it is reviewed you will receive three emails from Robinhood.
a. Robinhood Account Setup – You will need to click on the link in the email to confirm your email address.
b. Robinhood Account Approved! – This email is to let you know your account has been approved.
c. Congrats! Your free stock is ready – Click on the Claim Free Stock link in this email to claim your free stock.
I will post a follow up tutorial on how to purchase cryptocurrency with Robinhood once the service becomes available. Stay tuned!
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Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
