The Answer: No! Robinhood is not a fraud. Furthermore, while Robinhood does not provide mutual funds and focuses on high-flying individual equities and cryptocurrencies, you still have the opportunity to choose what you buy! You can diversify your assets by investing in large corporations.
Is it safe to create an account with Robinhood? Yes, it is as secure as any of its rivals. You will, however, need to give your Social Security Number and link a bank account. This is a required stage in the creation of any brokerage account, regardless of who you choose to work with.
So, what’s the deal with Robinhood and the SSN? Do you put your SSN into Robinhood on purpose or by accident? Is it legal to use this service with your SSN? Is it safe to use your SSN in this app?
Tap the Account symbol in the bottom right corner. Tap Transfers. Nap Transfer to Your Bank. Select the bank account you’d want to send money to. Input how much money you’d like to transfer to your bank account. Tap Submit when finished.
Robinhood is a very secure broker. Because Robinhood is a member of the SIPC, your money on Robinhood is protected up to $500,000 for securities and $250,000 for cash claims. In addition, as a securities brokerage, Robinhood is regulated by the Securities and Exchange Commission.
