Robinhood financial services company has been in the industry for almost a decade. It is one of the brokerage companies offering its services at a low cost, thus attracting investors willing to be part of the company. We have prepared this guide for you if you are among the investors willing to buy Robinhood stock. Besides understanding the simple procedures for purchasing this stock, you will also meet the top three brokers we believe are the best for your investment.
In this guide
Top 3 Brokers for Buying Robinhood (HOOD) Shares
Robinhood shares are listed on the NASDAQ exchange under the symbol HOOD. To buy these shares, you need a broker with access to the NASDAQ exchange. The broker must be suitable for your trading needs and allow you to purchase the stock or trade them as CFDs or indices.
Note that finding a suitable stock broker for buying Robinhood is daunting, and you may end up with the wrong one if you are not keen. We did the research on your behalf so that you do not have to. All you have to do is compare our recommended stock brokers below and select the most suitable for your investment needs.
1. eToro
eToro is one of the most popular stock brokers accepting UK clients and investors from other regions globally. It is also the best stock broker for social and copy trading, thus maximizing users’ experience. Moreover, eToro is user-friendly, and new investors will find it easy to set up an investment account and maneuver its platform. If you want to diversify your portfolio with additional assets, eToro lists plenty to choose from, including commodities, forex, cryptocurrencies, etc.
You need a minimum deposit of $100 to access eToro’s stock collection and purchase HOOD shares. Plus, the broker allows you to trade the shares as CFD if you do not want to take long-term positions. Although eToro is a commission-free stock trading broker, you will incur high spreads and withdrawal charges. Accessing social and copy trading platforms might also seem costly for budget-conscious traders.
Disclaimer: eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. {etoroCFDrisk}% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Zero commission means that no broker fee will be charged when opening or closing the position and does not apply to short or leveraged positions. Other fees apply including FX fees on non-USD deposits and withdrawals. Your capital is at risk. For more information, click here.
✔Low minimum to fund an account and begin investing
- Over 3,000 additional trading securities to choose from
- Excellent collection of learning resources for newbies to improve their skills with
- A user-friendly platform that is highly customisable for long-term usage
- Professional investors may find eToro’s features limited for their skill levels
- Social and copy trading platforms have high minimum deposit requirements
2. CMC Markets
We highly recommend CMC Markets for expert traders willing to put up their money into Robinhood stocks. This is because the broker has a wide selection of assets and trading resources to maximize users’ experience. HOOD shares traders will also get an opportunity to explore various advanced platforms, including the Next Generation and MT4.
Unfortunately, you cannot purchase HOOD shares with this broker but trade them as CFDs. The best element about trading Robinhood stocks on CMC Markets is that you will enjoy commission-free stock trading services. Plus, CMC Markets doesn’t have a specific minimum deposit requirement for its users.
Besides CFD trading, you can also spread bet on HOOD shares using CMC Markets. Learning resources are available in plenty for you to boost your skill level and become more independent. Regarding CMC Markets’ support service, rest assured it is reliable and offers relevant solutions to users’ challenges.
✔ Great selection of assets
- Its no minimum deposit requirement and low fees make it suitable for active and low-budget traders
- Wide selection of research and market analysis tools for professional traders
- High-regulated stock broker with excellent testimonials from users on Google Play, the App Store, and Trustpilot
- You will incur additional charges for positions left overnight
- Most users claim that its support service’s response rate is low
3. AvaTrade
We like AvaTrade and list it as one of our top three brokers for buying Robinhood shares because it is user-friendly and has numerous positive reviews from users globally. You can only trade HOOD stocks as CFDs using this broker after making a minimum deposit of £100. Like eToro, AvaTrade features a social trading platform for connecting with other traders and boosting your potential in the stock market.
AvaTrade is suitable for all types of traders, whether newbies or experts. You will explore HOOD shares on its standard, MT4 and MT5 platforms loaded with quality research resources. Plus, the broker has a highly rated trading App known as AvaTradeGO that you can install on your mobile device and trade Robinhood shares on the go.
Overall, AvaTrade lists numerous shares and other asset classes for portfolio diversification. You can test it out via its demo account before investing using real money.
✔ Quick deposits and withdrawals
- A user-friendly platform with a low minimum deposit requirement
- Has a highly rated AvaTradeGo app to help stock traders manage their activities on the go
- Features DupliTrade and ZuluTrade platforms where traders can mirror positions with increased profitability
- Limited asset offerings compared to other brokers
- High minimum deposit requirement to access the copy trading feature
How to Buy Robinhood Shares With eToro
The brokers listed above have similar procedures for buying Robinhood shares. As an investor, it is crucial to compare the brokers’ features and select the most suitable one for you. We will guide you through the things to consider when choosing a suitable stock broker, but first, let’s understand how to buy HOOD stock using eToro as an example.
The first thing you must do is go to eToro’s website to begin the account registration process. We share links on this page to give you quick access, so feel free to click on any. Once on the website, consider understanding eToro’s terms and conditions to ensure you are on the same page. If you are an investor with other activities that keep you on the road, install eToro’s app from Google Play or the App Store so you can easily manage your investments on the go.
Once you complete the first procedure above, you should register for an account with eToro using your name, email, phone number, date of birth, physical address, source of income, etc. Additionally, eToro will require you to secure your account with a username and strong password, which you must not share with anyone.
As mentioned earlier in our eToro’s mini-review, the broker allows you to purchase Robinhood shares and trade them as CFDs. CFD trading comes with the application of leverage, known as margin trading. Since every trader will be allocated a leverage limit based on their skill level, the broker will require you to participate in a basic knowledge test. There is also a questionnaire to fill out that will determine the best trading package for you.
Account verification procedure is paramount in every FCA-regulated broker as this ensures the trading platform remains safe from imposters. Therefore, eToro will require you to verify your identity and location by sharing a copy of your ID card and a utility bill or bank statement. Your details will be under review, after which your account will be fully activated.
eToro has a $100 minimum deposit requirement that you must make to access Robinhood shares. You can deposit these funds using various payment methods supported by the broker, including bank transfer, e-wallet, or debit cards. Once the broker confirms your deposit, you will have access to the NASDAQ exchange, where Robinhood stock is listed under the symbol “HOOD,” to complete your purchase.
If you are a newbie, select the number of shares you can afford before clicking the purchase order. Remember, you can also trade these shares as CFDs. Therefore, trade with amounts you are comfortable losing and limit leverage usage to avoid massive losses. Overall, whether you buy HOOD shares or trade them as CFDs or indices, you must have a solid plan and strategize accordingly to maximize your potential.
Tips on How to Choose the Best Stock Broker to Buy Robinhood Stock
The best stock broker to buy Robinhood stock must be suitable for your needs. Although we recommend the best three stock brokers above, choosing the right one will maximise your potential whether you are investing or trading the asset. If you do not find a suitable broker from our list above, consider researching the market by considering the elements below.
The best stock broker for buying Robinhood shares must be regulated and licensed to guarantee your funds’ safety. You also want to trade in a conducive environment so you can focus more on strategy development using the provided resources. Our top three stock brokers above for buying HOOD shares are regulated by the Financial Conduct Authority (FCA). Remember, many unscrupulous brokers are out there waiting to scam you off your hard-earned money.
It is crucial to ensure that the stock broker you choose has access to the NASDAQ exchange where Robinhood shares are listed. The broker should also allow you to purchase these shares as fractions, especially if you are sceptical of spending a lot of money. For traders looking to take short-term positions, ensure the broker you choose allows derivatives trading, such as CFDs and indices.
Confirming the charges or fees in a stock broker is paramount since you need a broker that first your budget. Remember, brokers’ trading costs vary, so only choose the one you can afford. Compare brokers’ minimum deposit requirement, commissions/spreads, transaction fees, etc.
The platform of a stock broker for buying Robinhood shares must make you feel comfortable to ease your experience. For instance, it must be user-friendly with an intuitive design. Additionally, you should fully benefit from the trading and learning resources. If you are a newbie, consider one with a demo account so you can test it out and gauge your skill level before investing in the live market.
Any trader, whether investing in stocks or other asset classes, is bound to encounter challenges. Therefore, choose a stock broker with a reliable support service to help you during tough times. Note that some brokers’ support services operate 24/7 while others are only available five days a week. In this regard, ensure the availability of a broker’s support service aligns with your trading schedule.
After considering the above elements when choosing a stock broker to buy HOOD shares, it is crucial to clear all doubts by analysing what other users say. Therefore, visit Google Play, the App Store or Trustpilot and analyse users’ reviews and comments regarding their experiences with the broker you want to trade with. This way, you will understand the areas a broker excels and falls short, thus making the best decision.
Robinhood Shares Price Today
Determining Robinhood’s share price today can be challenging, considering that the asset’s value keeps fluctuating with the stock market conditions. Below, we share a live chart to help you identify Robinhood’s current value. You can also use it to analyse the asset’s historical prices and get other data that may benefit your analysis.
About Robinhood
Founded in 2013 by Vladimir Tenev and Baiju Bhatt, Robinhood is a financial services company headquartered in California, the United States. The founders created Robinhood to ensure every trader gets an opportunity to explore the stock market without incurring commissions. Besides stocks, you can also use Robinhood to trade ETFs and cryptocurrencies. Robinhood is a brokerage firm fit for both newbies and experts in the financial space.
Note that the company went public in 2021, with its stocks trading on the NASDAQ exchange under the HOOD ticker. Although its value from its IPO declined tremendously as of May 2022, thus shunning away investors, Robinhood keeps innovating itself to ensure it bounces back. So far, the company has included pension and retirement accounts, thus opening up new investment opportunities.
Additionally, Robinhood considers demographics as this significantly affects the company’s growth. This has attracted traders and investors of all types, including millennials and generation Z. With the measures Robinhood takes to increase its popularity in the financial space, it has growth potential, and we witness this from its rising share price.
Learn how to buy Tesco shares, Astra Zeneca shares or Spotify shares in our other guide!
FAQs
Yes. The online financial marketplace is booming, and since Robinhood is one of the service providers in this space, it has growth potential. However, ensure you conduct thorough market research and analysis before investing in the HOOD stock. Plus, have a budget, and select the best broker like the ones referenced in our mini reviews above.
A good price for HOOD stock is when its value is still low. Currently (September 2022), Robinhood stock is valued at around £10 per share. Since the financial market is digitally transforming, this asset’s value might increase in the coming years. So, investing in it now could be one of the best decisions.
Robinhood stock is listed on the NASDAQ exchange under the ticker symbol “HOOD.” To access these shares and buy them, you need a stock broker with access to this exchange. We list above the best three brokers you can choose from based on your skill level and trading preference. You can also find one by conducting thorough market research while considering the elements we listed above.
Yes. Although HOOD stock is listed on the NASDAQ exchange, you can buy them in the UK via a stock broker with access to this exchange. However, the broker you choose must be regulated by the FCA to guarantee your funds’ safety. It should also be affordable and offer the best resources to maximize your experience.
Conclusion
Robinhood is one of the companies in the financial market with growth potential. Its wide range of offerings and excellent services for investors make it stand out; thus, investing in its stock may pay off in the long run. Before you purchase HOOD stock, ensure you make additional analysis to be confident in your investment decisions. Most importantly, practice stock investing and test your skill level using a broker’s demo account to ensure you are fully prepared for the live market. You should also have a budget and only invest with money you can afford to lose.
25,000 hours of testing 70+ brokers. Our recommended broker is Plus500.
Our recommended broker is Plus500.