How much does it cost to open brokerage or IRA account at Robinhood? Sign up minimum initial deposit requirements.

How to Open a Robinhood Account

Robinhood Financial has been one of the fastest growing mobile-based brokers over the past couple years, gaining traction because of its leadership position among low/no-cost brokers. If you are interested in a Robinhood account you don’t want to skip this article, which will show you what you’ll need to open an account and any costs involved. Opening an account is free and if you use their promo link you'll also get a free random stock!

To get started just click on their promotion link Open account and get one free $3-$6 value stock. and it should take you to their account opening page below.

How to Open a Robinhood Account

All you’ll need is basic personal information, such as your name, address, phone number, and social security number. They will also ask you if you or a direct family member are a director, 10% shareholder, senior officer of a publicly traded company, or employed by or associated with a member firm of a stock exchange or FINRA. Most people are not, and if any of these do apply to you, you should know it.

Robinhood Account Opening, Maintenance, and Transfer Fees

If you’ve heard about and are interested in Robinhood, chances are you are already aware of the fact that they don’t charge any commissions – that’s right, trading is completely commission-free. Their whole competitive positioning in the market is based around offering a basic brokerage account to investors that is entirely free, and they do a very good job of this. They don’t charge any account opening, maintenance, or incoming transfer fees (outgoing account transfers incur a $75 fee).

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Robinhood Minimum Deposit

Robinhood doesn’t require any account minimums for their basic brokerage account, but if you enroll in Robinhood Gold (their margin-enabled account) there is a $2,000 account minimum you must meet and maintain. This is standard across the industry for any broker that offers margin. Robinhood also charges a monthly fee for their Gold accounts, with higher fee levels corresponding to higher margin limits.

Fees for Retirement Accounts

Some brokers charge fees for certain types of accounts, like an IRA or 401K, however Robinhood doesn’t offer retirement accounts. Part of the reason they can offer free trading is because Robinhood only offers standard, taxable investor accounts.

Robinhood New Account Promotions

If you are going to open an account with Robinhood Financial, now is a great time because they currently have a promotion for new accounts where you will get one free share from a random company. The value of the share could be between $2.50 and $200 depending on which one they randomly select for you. As you may have guessed, there’s only a very small probability that you would get a share closer to the $200 range. We have another article that gets into more of the promotion details if you are interested.

How to Open a Robinhood Account Summary

Opening an account with Robinhood Financial is a very easy process that shouldn’t take more than ten minutes. And as long as you do not care about upgrading to a margin account, it is completely free to trade as much or as little as you want with Robinhood. And with their current free stock promotion, there’s isn’t a better time to try a Robinhood account, all with no strings attached.

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