Robinhood is a modern and user-friendly investment app from the US, founded in 2013. It has introduced the concept of commission-free trading in financial products such as stocks and ETFs, competing with its major rivals like Webull, E*TRADE, and TD Ameritrade.
Its 10+ million monthly active users can choose between investing in stocks, options, ETFs, and cryptocurrencies, all without trading fees. One drawback of Robinhood is the limited availability of investment options compared to its competitors, E*TRADE and TD Ameritrade.
Want to know if you can trade Forex on Robinhood? Wondering about alternative investment platforms to invest in Forex? We’ve got you covered!
Can you trade Forex on Robinhood?
Unfortunately, you are not able to trade Forex on Robinhood! As of this writing, Robinhood doesn’t offer Forex trading.
When contacted, the support team was unable to provide relevant information regarding why Robinhood does not offer Forex. However, there is a potential for Robinhood to expand its offerings further, driven by ongoing market demand and the necessity to adapt to changing consumer needs.
Robinhood has a restricted product range, featuring only stocks, ETFs, options, and cryptocurrencies, primarily focusing on US markets.
Best Robinhood alternatives for investing in Forex
75% of retail CFD accounts lose money.
Brokers’ comparison table
|Broker||Minimum Deposit||Products Available||Number of currency pairs||Spreads starting at
|Interactive Brokers||$0||Forex, Stocks, ETFs, bonds, mutual funds, options, futures, leverage products, crypto, and commodities||100+||0.1 (subject to commission)||FINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB|
|TD Ameritrade||$50 (electronic transfers); no account minimum||Forex, Stocks, ETFs, mutual funds, futures, options, fixed income (including bonds)||80+||$0, but spreads starting 1.1 pip apply||SEC, FINRA, CFTC|
|IG||$0 (only for bank transfers)||Forex||80+||0.6||ASIC, FCA, NFA, MAS, FSCA, FINMA, FMA|
|Oanda||$0||Forex, and Stocks||75+||0.6||FCA, PFSA, ASIC|
What is Robinhood?
Robinhood Markets, Inc. is a well-known fintech firm that provides an online discount brokerage platform. It was launched in 2013 with a focus on democratizing access to financial markets which has largely contributed to the company’s rapid growth and influence in the investment industry.
Robinhood has become well-known for introducing trading with its commission-free model and easy-to-use app. The platform’s sleek design attracts both beginners and retail investors, making it a standout choice in the financial market.
Does Robinhood work Internationally?
No, Robinhood doesn’t work internationally. To use Robinhood, you must be a US citizen, a permanent resident, and have a valid US visa. You can find Robinhood alternatives for international users here.
Can you access Robinhood outside the US with a VPN?
No, outside US investors cannot use a VPN to open a Robinhood account. Upon account opening, Robinhood requires specific documentation to prove you are a US citizen. However, if you are a US citizen with a Robinhood account and outside the US, you can still access your account (exceptions may apply).