Cryptocurrency at Transamerica
You cannot invest in Dogecoin, Ethereum (ETH), Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) or
any other cryptocurrencies on Transamerica at this time.
As an alternative, you can use a
$0 commission broker called Robinhood
that does offer cryptocurrencies investing.
Robinhood Promotion
Open Robinhood Account
Trading Platforms
Trading on Robinhood happens through their app and website. They don’t support trading via stand-alone desktop software.
Stock Information
As with most brokers, Robinhood’s app provides the basic company and stock information that you’d
expect and need to make an informed investment decision. Robinhood’s platform includes company news
headlines and financial filings, some analyst ratings, and basic charting options. Your Robinhood
account includes access to real-time U.S. market data.
Stock Alerts and Calendars
A nice feature of Robinhood that sets them apart from some of the competition in a good way is the ability to set custom alerts triggered by price and volume activity for the stocks you’re watching. These are helpful in the event you’re watching a stock you like for a possible entry but want to wait for the price or volume to reach a certain level first as a sign of positive momentum. With these alerts, Robinhood can automatically notify you when these conditions are triggered so you don’t have to worry about missing an opportunity.
Robinhood also lets you keep a customized financial calendar that displays important upcoming dates for the stocks in your watch list, such as earnings announcements or dividend ex-dates.
Virtual Trading Feature
Another nice feature that comes with your Robinhood accounts is their free virtual trading tool, which is essentially a practice account using fake money. Practice accounts are a great tool for new investors and experienced ones alike. They can give investors the closest possible experience to what trading is actually like without risking their money. For experienced traders, Robinhood’s virtual trading platform could be used to test out new strategies before using real capital.
Customer Service
Robinhood’s website, although not useful for trading, has a helpful Q&A section that has answers to most questions that investors have. For more complex inquiries that cannot be answered on their website, Robinhood has an in-app messaging service. On the downside, Robinhood doesn’t have a customer support phone number, which is frustrating for complex inquiries, but we weren’t too surprised since trading with Robinhood is a free service.
Summary
To summarize, Robinhood is app-based broker that supports trading in U.S. stocks and ETFs, but nothing else at the moment. They’re main
selling point is free trades, but they do have some unusual fees for wire transfers. They offer some neat customized alerts that you
can setup for your watch list, including volume and price-based alerts and a financial events calendar. They also offer a nice
virtual trading account to practice on, which makes Robinhood a good broker to try if you’re okay with just trading stocks and ETFs and
doing so through their app.
Robinhood Promotion
Open Robinhood Account
Updated on 2/1/2024.
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