If you are looking for a step by step guide on how to day trade on Robinhood and get rich overnight, then this is the wrong article for you. On the other hand, if you are looking to understand the app and how you can make money from it on the side than you are in the correct place.
What Type of Account is Robinhood
First you need to understand that Robinhood is a brokerage company. In simple terms this means that you can deposit money with them and use it to trade for stocks and bonds, and even cryptocurrency. The great thing about this application is that you can make trades with no fees and the minimum investment is little to nothing.
Can you make money with Robinhood?
The usual question I get is can you make money with Robinhood. Of course, with any stock trading platform you can make money. You invest in the right companies and then cash in when the stock goes up or when they pay dividends. On the other hand, just like any investment there is risk. The second way you can make money with Robinhood as a side hustle is through their affiliate program. It is not a standard program, but it works very similarly. The difference is instead of paying you commissions they give you free stocks.
How to Claim Free Stock on Robinhood
The way their referral system work is you sign up for an account and if you do not already have an account please sign up under my link HERE. Once you are a member on the main screen you will see a fee stock gift symbol on the top right of the screen. Once you click it you can get your own referral link. Share this link like I did in this blog post and when a person signs up you gain a free stock and so do, they. This stock can be worth between $2.50 and $250. Its not a substantial amount of money but depending on the stock you get it can turn into a large sum. I have gotten stocks I knew like GE that went from $5.50 to $14.00 and I have gotten stocks I have never heard of before. Either way it is free money and you can leave It to grow your investment portfolio or withdraw the money.
How much can you make on Robinhood?
If you are investing you can make as much money as possible but Robinhood does put limits on the amount you can earn from their affiliate program. For their affiliate program you can get up to $500 in free stocks per year. Doesn’t seem like a large sum of money but if you do the math it can become a nice bonus to the retirement nest egg. Based on the average return on investment you will be making a 10% return each year and then you would add 500 each year. So, depending on your age you could be looking at an extra $250,000 in an account which you made by just sharing the platform. Chances are they won’t offer this program forever but either way they are giving away free money so go grab your share…. or should I say shares.