Robinhood is a well-known American financial services company headquartered in Menlo Park, California. It is known for its ‘commission-free trades’ of stocks and ETFs through a mobile app that was founded in March 2015. Regulated by FINRA, Robinhood is registered with the ‘U.S. Securities and Exchange Commission’. You can have two kinds of accounts on Robinhood. One is the Robinhood account and the other is the Robinhood Gold account. This is also called Robinhood Level 2.
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What Does Level 2 Robinhood Mean?
Robinhood is a financial services company that ‘democratizes finance for all’ by offering free commissioned trading to individual companies, ETFs, and options. They offer a variety of cash management accounts and access to cryptocurrency trading as well.
The aim of Robinhood is to facilitate ease in a widely diversified financial world through different outstanding features. Robinhood Level 2, on the other hand, is a little more advanced.
It helps you make profits in a big financial world. It offers quotes, which are one of its biggest value propositions. These quotes show the depth of the ‘ask and bid price and offers’ for the stocks. Robinhood Level 2 is well spread.
Whereas Level 1 is basic and simple. Furthermore, Level 2 offers market data. This helps traders make excellent and wise trading decisions.
Level 1 and Level 2 are different in more than one way and Level 2 has higher and advanced benefits to offer.
In Level 1, a ‘Level 1 quote’ will tell you the last trading price. On the other hand, Level 2 will not just display that but it will also show the open orders at all prices for you to make instant and wise trading decisions. It will also tell you the current best and ask price to help you decide which trading decision to make.
Is Robinhood Level 2 Worth It?
Call it Robinhood Level 2 or Robinhood Gold, it allows users to see live ask and bid prices via the Nasdaq Level II market data. Level 2 is very helpful for users who are placing big orders in situations where trading volume is low.
Many new traders wonder if it’s a good idea to go for it. Well, the answer for that is simple, yes they should. Robinhood is a technology-driven company.
Therefore, it’s up to date with the current market happenings. Their Level 2 also eliminates storefront location costs and full feature services.
It also only costs $5 a month. And it gives you full access to services that aren’t available to normal traders that use other major financial platforms for trading today.
To further answer the question of whether it’s worth signing up for, the answer is yes. This is because Robinhood Level 2 presents all bid/ask prices to you. As a result, you can automatically make more profitable trading decisions.
Furthermore, Robinhood Gold also allows margin trading, which is again more beneficial than normal trading.
Another reason why Robinhood Level 2 is worth going for is that it involves a lot of ‘professional research’. It’s presented to individuals who sign up for its access. Most of the professional research on Level 2 allows a trader to make acute trading decisions. With all these benefits, Robinhood Gold lets you sit at the top of the market by providing you with the latest professional research and market data.
An example of this is the well-researched ask and bid prices data in front of you, on the interface, which lets you access market data easily.
Robinhood Level 2 has many excellent features to boast such as the ‘ability to view graphs and see how they are performing in real-time. The platform also helps users to place big orders in situations where trading volume is low.
Eventually, all these decisions are made by traders to make higher profits and Robinhood Level 2 helps you do just that. Robinhood 2 is very profitable and given that it requires just $5 for you to get started, it literally is a breeze in the trading world.
Does Robinhood Charge for Level 2?
The best part about Robinhood Level 2 is its price. Robinhood Level 2 only costs $5 a month. The fee is recurring but it stays at $5. In order to enable or use ‘Robinhood Level 2′, visit ‘www.robinhood.com‘, sign up for an account, and then go for the ‘gold membership’.
The Bottom Line
Robinhood Level 2 is a delight for traders these days. If you’re a fan of trading and want simplicity yet authenticity while trading and in market data, Robinhood Gold is a great option. Not every trader is going to want to use Level 2 to trade. It’s all depends on your trading style. Therefore, don’t feel like you have to sign up for Robinhood Gold if you want to stay with the free option.