Robinhood, the free investment app that allows you to tinker with the stock market using small sums of cash, is rolling out its first paid features. Today the company is announcing Gold, a new $10-per-month membership that will give users more opportunity to invest.
● Members can start trading 30 minutes before the market opens and can continue trading two hours after its closes daily.
● Investment loans: Robinhood will lend Gold members money to invest. The amounts vary, but the program effectively allows members to double what they have in their account. If you have $2,000, Robinhood will loan you an additional $2,000.
● Instant cash-outs: Once you sell stock, you can immediately reinvest or pull money instantly from your connected bank account.
Since launching in 2014, Robinhood has amassed one million users who have made $12 billion in transactions. The company’s offerings have largely been free and some have questioned how it will ultimately make money. This rollout is the first real step toward monetization.