commonsensemedia

Published 02.08.2021 18:08

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Robinhood: Investing for All

A lot or a little?

Parents need to know that Robinhood: Investing for All is a free finance app that allows users to easily invest in the stock market. The app has gained enormous popularity among young, novice investors, as its interface is easy to use, it requires no minimum investment, and it offers commission-free trades. You must be at least 18 years of age to open a Robinhood account (date of birth, social security number, and other sensitive verification info is collected prior to account activation,) and custodial accounts -- for minors, but opened and supervised by an adult -- aren't currently available. That said, teens have found ways to use it. The app's streamlined design makes it easy for anyone to jump in and begin investing, but it's not a teaching tool. Through regular use of the app, users might gain some general knowledge of the stock market and how it works, but, despite its accessibility and intuitiveness, it should not be mistaken for a platform that teaches young users the ins-and-outs of investing. The same risks and rewards that come with trading on Wall Street are present in Robinhood. Read the developer's privacy policy for details on how your (or your kids') information is collected, used, and shared and any choices you may have in the matter, and note that privacy policies and terms of service frequently change.