Robinhood Instant is coming soon. Stop waiting 3 days. pic.twitter.com/iCIbqADqf1— Robinhood (@RobinhoodApp) January 6, 2016
Above is a tease from Robinhood about "Robinhood Instant". From reading the Robinhood subreddit, this update will bring a few things.
- My weekly transfers of $25 from "Money in my pocket" into my Robinhood account will be ready to trade on Monday mornings, instead of just initiating on Mondays.
- If I sell a stock, I won't have to wait 3 days to use that money from the sale to buy another stock.
- Monitoring by Robinhood to prevent getting your account suspended for "Pattern Day Trading".
I have a lot of thoughts about this, but since I don't personally have Robinhood Instant, I can only talk about from what I've seen other people post about.
I think Robinhood Instant is in beta testing, so at least it's somewhat developed. Their tweet on January 6th said "coming soon", so we'll see when it actually launches.
This is going to be a huge update for Robinhood and could potentially bring a lot of people over from traditional brokerages that charge $9.99/trade. Competition is good!