Robinhood is a new stock brokerage platform.
It offers its services with
$0 commission for US Stocks and ETFs and also has a $0 minimum deposit. Currently
only US residents can use it and
must therefore download the App from the App store. They plan on releasing it for Android in the near future.
They do have ways to make money, specifically:
For customers who choose to upgrade to a margin account, Robinhood will collect interest from margin lending.
In addition, Robinhood will earn a portion of the interest generated by
uninvested customer cash deposits. The total interest earned is variable and based on the Federal Funds rate.
How your money links up with Robinhood:You can link your personal bank account to your Robinhood account. You may transfer funds between your accounts using ACH transfers, and then use those funds to buy and sell stocks.
Most of this is taken from their website which can be found here >> https://www.robinhood.com/