IS ROBINHOOD AVAILABLE IN AUSTRALIA?
Unfortunately, Robinhood is not available to Aussie traders, as of January 2022, they only open accounts to Americans residing in the US.
However, don't feel bad. Robinhood's claim that they do not charge commissions for stock, options, or cryptocurrency trading. Yet, they're no longer the only broker with 0% commission on stock trading.
Robinhood's customer base is youngsters who are new to investing, who are drawn to the app by advertising "free" and "democratization." Robinhood offers low research capabilities and experiences outages during market surges, so, the option presented here (eToro) is more robust, with way more competitive features.
Who are Robinhood's clients?
Robinhood is best suited for 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 to charge zero commissions appeals to extremely cost-conscious investors who trade ultra-low quantities. That said, the offerings are very low on research and analysis, and there are serious questions about the quality of the trade executions.
And what is eToro?
eToro is an online broker that offers one of the top trading platforms worldwide, called "Social Trading platform": It allows investors to research other users' investment strategies. When saying investment strategies, we are not only referring to general parameters but practically all trader's investment history, orders, traded financial assets, and track record (Earnings or historical losses). With all this available info, eToro then allows users to "Copy" other users' portfolios and, in turn, will enable one to be copied by other users (as long as you've set up the profile as public). So, it means that you may attract traders to invest in your trading strategies, which in turn generates money in the form of commissions.