How to Open and Fund Your Robinhood Brokerage Account
What you need to open a Robinhood account
Opening a Robinhood account takes about 10 minutes and requires a Social Security number, a valid government ID, proof of your current address, and a bank account or debit card to fund it. You do not need to be a U.S. citizen, but you must be at least 18 years old and a U.S. resident. Robinhood will verify your identity electronically during signup — you do not mail documents.
The account itself is free to open. Robinhood makes money from payment for order flow (selling information about your trades to market makers) and from its premium subscription service, Robinhood Gold, which charges a monthly fee if you choose to use it. You can trade stocks, exchange-traded funds (ETFs), options, and cryptocurrencies without paying per-trade commissions.
Key Takeaways
- You need a Social Security number, government ID, proof of address, and a bank account or debit card to open an account.
- The signup process happens entirely on the Robinhood app or website and takes about 10 minutes.
- You must fund your account before you can place your first trade, and transfers from your bank typically take one to three business days.
- Robinhood offers fractional shares, meaning you can buy a portion of a stock for less than its full share price.
- Your account is protected by the Securities Investor Protection Corporation (SIPC) up to $500,000 per account type.
Step-by-step account opening process
Start by downloading the Robinhood app from the Apple App Store or Google Play Store, or visit robinhood.com on a web browser. Tap or click "Sign Up" and enter your email address and a password. Robinhood will send you a verification code to your email — enter it to confirm.
Next, you will enter your legal name, date of birth, and Social Security number. Robinhood uses this information to verify your identity against government records. You will then upload a photo of your government-issued ID (driver's license, passport, or state ID) and take a selfie for facial recognition. The system compares your ID photo to your selfie to confirm you are the person applying.
After identity verification, you will provide your current street address and confirm your citizenship and residency status. Robinhood will ask about your employment status and whether you are a politically exposed person (a public official or family member). Answer these questions honestly — false information can result in account closure. Finally, you will agree to Robinhood's terms of service and customer agreement.
Funding your account and placing your first trade
Once your account is approved, you need to add money before you can trade. In the app or website, go to the "Account" or "Menu" section and select "Add Funds" or "Transfer Money." Robinhood will ask whether you want to link a bank account for recurring transfers or make a one-time transfer using your debit card.
If you link a bank account, Robinhood uses Plaid, a third-party service, to verify your bank login securely. You do not give Robinhood your actual bank password — you authenticate through Plaid instead. Bank transfers typically take one to three business days to arrive in your Robinhood account. Debit card transfers are usually instant, but some banks may hold the funds for a day or two.
Once your money appears in your account, you can search for a stock, ETF, or cryptocurrency by name or ticker symbol. Tap or click the security, choose how many shares or dollars you want to buy, and select "Buy." Robinhood will show you the current price and ask you to confirm. Your order executes immediately during market hours (9:30 a.m. to 4 p.m. Eastern Time on weekdays). Outside market hours, your order enters a queue and executes when the market opens.
Understanding Robinhood's account types and features
Robinhood offers a standard individual brokerage account, which is what most people open first. This account has no minimum balance and no monthly fees. You can also open a joint account with another person, an individual retirement account (IRA), or a Roth IRA if you meet income requirements. Each account type is insured separately by SIPC.
One feature unique to Robinhood is fractional shares. Instead of buying one whole share of an expensive stock, you can buy a fraction — for example, $50 worth of a $1,000 stock. This makes it easier to diversify with a small amount of money. Robinhood also offers options trading (buying and selling contracts tied to stock price movements), but you must request options access separately and meet certain account requirements.
Robinhood Gold is an optional paid subscription ($5 to $50 per month depending on your account size) that gives you access to margin (borrowing money to trade), extended-hours trading (before 9:30 a.m. and after 4 p.m.), and premium research tools. You do not need Gold to trade stocks and ETFs during regular market hours.
What happens after you open your account
Robinhood will send you a confirmation email and may ask you to verify your email address again by clicking a link. Your account is now active and ready to use. You can view your account balance, buying power (cash available to trade), and holdings in the "Account" tab.
If you plan to deposit more than $25,000 in a standard brokerage account, be aware of the pattern day trader rule. If you make four or more day trades (buying and selling the same security on the same day) within five business days, your account will be flagged as a pattern day trader and you will be required to maintain a minimum balance of $25,000. This rule applies to all brokers, not just Robinhood.
Security and account protection
Robinhood stores your money in a custodial account at a bank partner, not in Robinhood's own bank account. This means your cash is protected by SIPC insurance up to $500,000 per account type. Securities (stocks and ETFs) are protected separately from cash, so if you have $250,000 in stocks and $250,000 in cash, both are fully covered.
To protect your account from unauthorized access, enable two-factor authentication (2FA) in your account settings. Robinhood offers 2FA through an authenticator app (like Google Authenticator or Authy) or SMS text message. Using an authenticator app is more secure than SMS because text messages can be intercepted. You should also use a strong, unique password that you do not use on other websites.
Frequently Asked Questions
How long does it take for my account to be approved?
Most accounts are approved within minutes of completing the signup process. In rare cases, Robinhood may need additional information or manual review, which can take up to a few business days. You will receive an email if your account requires additional steps.
Can I open a Robinhood account if I have bad credit?
Yes. Robinhood does not run a credit check or require a credit score. The company only verifies your identity and residency. Your credit history does not affect whether you can open an account or trade.
What is the minimum amount I need to deposit?
Robinhood has no minimum deposit requirement. You can fund your account with as little as $1. However, some investments may have practical minimums — for example, buying a full share of an expensive stock might require more cash, but fractional shares let you invest smaller amounts.
Can I transfer stocks from another brokerage to Robinhood?
Yes, you can transfer stocks and ETFs from another brokerage through an Automated Customer Account Transfer Service (ACAT) transfer. Contact Robinhood's support team to start the process. Transfers typically take five to seven business days and are free.
What fees does Robinhood charge?
Robinhood charges no commission on stock, ETF, or cryptocurrency trades. The only fees are the optional Robinhood Gold subscription and any fees your bank charges for transferring money. Robinhood does not charge account maintenance fees, inactivity fees, or transfer-out fees.