Robinhood doesn't accept clients in NZ
Unfortunately, Robinhood is not available to local traders; as of April 2023, they only open trading accounts to Americans residing in the US.
However, if you need a discount broker, don't feel bad. Robinhood claims they do not charge commissions for stock, options, or cryptocurrency trading. Yet, they're no longer the only broker with a 0% commission on stock trading.
Robinhood's customer base is youngsters new to investing, drawn to the app by advertising "free" and "democratization." Robinhood offers low research capabilities and experiences outages during market surges.
In the following section, we present an alternative to Robinhood, which is more robust and has significantly more competitive features.
BlackBull Markets: Your Alternative to Robinhood in New Zealand
BlackBull Markets, founded in 2014 in Auckland, New Zealand, by Michael Walker and Selwyn Loekman, has established itself as a trusted and regulated ECN broker. Over the years, BlackBull Markets has served traders from more than 180 countries, offering various financial services and access to over 26,000 tradable instruments, including Forex, Energy Assets, Indices, Crypto, Equities and Metals.
BlackBull Markets also offers a range of trading platforms to cater to the diverse needs of its clients. Traders can choose from the following alternatives:
TradingView: Clients can trade directly in TradingView, the world's leading charting and social trading platform. This allows for advanced analysis and the ability to interact with other traders.
MT4 (MetaTrader 4): BlackBull Markets offers the option to trade with MT4, renowned for its user-friendly interface, comprehensive technical analysis tools, and the ability to automate trading strategies through Expert Advisors.
MT5 (MetaTrader 5): Users can also trade with MT5, an excellent trading platform offering enhanced features and advanced trading capabilities, including additional order types and improved performance.
BlackBull Trade: Through the MT WebTerminal, traders can access their BlackBull Markets MetaTrader 5 account using any web browser and operating system (Windows, Linux, Mac), providing convenience and flexibility.
Additionally, BlackBull Markets offers BlackBull Shares, a mobile-native app designed specifically for investors. This app grants access to a vast range of shares across over 80 global markets, empowering traders to seize opportunities while on the go.
Who are Robinhood's clients?
The Robinhood trading app best suits rookies who want to trade small quantities, including fractional shares and cryptos.
Robinhood's overall simplicity makes the app and website very easy to use, and charging zero commissions appeals to extremely cost-conscious investors who trade ultra-low quantities. That said, their product offering is flawed in research and analysis, and there are serious questions about the quality of the trade executions.
Robinhood is one of the most well-known US discount brokers. It gained traction in 2020 during the GameStop Stock saga.
While checking out a trading blog, we found that a trader from Wellington wanted to open an account with Robinhood, but he couldn't succeed. So we decided to shed light on this. Is Robinhood available to New Zealander traders?