Online investing app Robinhood (NASDAQ:HOOD), which recently became a publicly traded company, has been a particularly popular platform for retail investors to get involved in the stock market. Since the end of 2019, Robinhood has added approximately 8 million new users, an 80% increase.
Why Robinhood? For one, it's a commission-free platform for stock trades executed on major U.S. exchanges. For someone trying to put $100 or $500 to work in the market, it's no fun seeing commission fees eat up 2% to 10% of your cash. With Robinhood, that's not a concern.
Robinhood also gifts free shares of stock to new members, and it allows fractional-share investing for certain securities. That means you don't have to save up more than $1,900 to just buy a single share of Chipotle Mexican Grill. Instead, Robinhood's platform will allow you to put a much smaller amount to work, and you'll own a fraction of a full share.
You can begin investing in Robinhood and its stock when you go here.
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