Not every user gets their Robinhood application reviewed in a short period. Some take longer than others depending on the situation. Some users get approved within minutes while others take a few weeks. However, if your application is in order, you’ll eventually get approved.
Robinhood is an online brokerage known for offering commission-free trading opportunities. To be able to become a part of the Robinhood community, you have to apply.
There are tons of terms you’ll encounter throughout the application process. This article will tackle one as well as give you a little bit of insight into what Robinhood is. One of the main reasons why it became so popular is because it offered a more affordable way to trade and invest in stocks. Not to mention this is all done online. Imagine the ease that setup offers!
A lot of people love to invest. It isn’t such a mystery because if you do it right, you can earn a lot of passive income. For those who do not know, passive income is essentially money you earn even while you sleep.
One great place to trade and invest in Robinhood. To join Robinhood, you’ll have to apply. However, when applying, you might have gotten the “application under review” notice. Through this guide, we’ll show you exactly what that means. Don’t worry yourself too much. This is not a bad notification.
We’ll tackle what Robinhood is, how you apply for it, and most importantly, what it means to receive an “application under review” notification when applying to Robinhood.
What is Robinhood?
Let’s start with the basics. What is Robinhood? As mentioned above, Robinhood is an online brokerage. To clear things up, an online broker is an online hotspot for those who would like to trade and invest in a variety of companies in hopes of getting some money out of it.
Robinhood is an online service platform that provides a commission-free stock trading and investing experience. Through Robinhood, you can also invest in cryptocurrencies although that depends on the geographic location.
Why join Robinhood?
Robinhood is quite popular mainly because of its free stock, option, ETF, and cryptocurrency trades. Since when do you find something you can earn passive income from mostly for free? That’s a rare opportunity.
IPO investing is also available with the help of Robinhood. Easily manage your accounts through the cash management accounts feature Robinhood provides. Aside from that, Robinhood also features a website that is easy to navigate. Robinhood offers a ton of great opportunities for passive income through easy means. As you can see, there are a lot of reasons to join Robinhood. What are you waiting for? Make your account and become financially secure.
How do you apply for Robinhood?
To apply for Robinhood, there are a few things you need to prepare. The most obvious one would be a gadget you’ll use to open your Robinhood account. Other than that though, you’ll need your banking information because you do need to fund your account.
How do you invest without money? Answer: you can’t. Lastly, prepare your Social Security number. Make sure you have these 3 things when you set up your Robinhood account and apply.
Once you’re prepared, we can proceed. Follow these 5 easy steps to get your Robinhood journey started.
- Sign up for Robinhood.
The first thing you should do is to, obviously, sign up for Robinhood. Visit Robinhood. Navigate to Robinhood’s sign-up page where you’ll need to answer some basic questions such as what your name is or what you want your username and password for your account to be. You’ll also need to answer a question asking about the mobile devices you have available for use. Please remember that if you want to trade through Robinhood, it can only be done on a mobile device.
- Give the necessary information and verify your identity.
Aside from the questions mentioned above, when you sign up, you’ll be asked for your contact information and some personal information such as whether you or your family are employed by a member firm of a stock exchange, etc. Answer these questions.
Once you’ve done that, go ahead and verify your identity. Robinhood will ask for your Social Security number. This is nothing to worry about. The law states that broker-dealers must collect said numbers. There are comprehensive instructions given on the site so just follow them and you’ll be just fine.
- Fund your account.
As mentioned before, you’ll need to prepare your banking information because you need to fund your account. Funding your account is very straightforward. You just need to choose from a list of banking institutions. If you don’t see your bank, don’t worry. Click on the option called “what if I don’t see my bank on this list” and then select “click here”. Once you do that, you can fund your account through the Robinhood app later you submit your application.
- Submit your application.
You’re nearly there. After that, you can read through the terms and conditions, customer agreements, and the like and then, submit your application.
- Download the app and log in.
Once you’ve submitted your application, you’ll be redirected to a page where you can download the Robinhood app. This is required because it is through this app that you can start investing.
This does not mean your application has automatically been accepted. Your application is under review until the company notifies you through email of your application’s status.
Once you’ve been approved, congrats! You can now log in to your account through the app and enjoy the benefits Robinhood has to offer.
What does “Robinhood Application Under Review” mean?
This is an incredibly normal part of the application process. Once you submit your Robinhood application, someone from the Robinhood staff will review your application. While it is being reviewed, the status of your application will be “Robinhood Application under review”. Give them around 2 days to review and wait for their update indicating whether your application was accepted or rejected.
What can I do if my Robinhood application is under review?
When your Robinhood application is under review, the only thing you can really do is wait. As much as we’d like it, our application will remain under review until someone updates the status of your application. You’ll need to be patient.
Don’t worry though. Your application result should be released within 1 to 2 days. Not too long, right? You’ve got this. You can wait a few days. It’s just a measly 1 to 2 days in exchange for great passive income opportunities.
If your application is under review for too long though, contact customer service at email@example.com. They should help you out and check your account for you to see what’s gone wrong.
How long does it take for Robinhood application to be approved?
This widely varies depending on your unique situation. Some applications get approved within a few hours while others take up to seven days. If Robinhood requests additional information or identification, it could take weeks to get approved.
Everyone loves passive income. Who wouldn’t want to earn money while they sleep? However, getting to the point where you can earn money without actively doing anything is a risky one.
You’ll have to invest and trade on stocks that could potentially fail and result in a large loss on your part. Not to mention a lot of online trading opportunities are made more expensive because of commission. Thus, what makes Robinhood appealing is it offers commission-free trading. It’s a great opportunity lots of people don’t want to miss.
If you’re one of those who took the opportunity and you have questions regarding the application process specifically when your application is under review, we hope this guide helped you out as well as learned a bit more about Robinhood. Start your investment journey and earn some money!