For those who have been using Robinhood to manage their stock sales, the app has now gotten considerably faster. Announced today, the app now offers ‘Instant’ to make trading stock more efficient.
Instant covers both ‘Instant Deposits’ and ‘Instant Access to Funds.’ Although both features seem unique, each is based on the same core principle: now instead of waiting for a few days for cash to be utilized in a Robinhood account, everything happens instantly.
New York, meet the world’s tech scene
5,000 Tech leaders are coming to NYC this November to learn and do business. This is your chance to join them.
For the deposit side, users can immediately invest with up to $1000 per transaction, as a sort of “good faith” credit extension to users. Previously, it would take a few days for the money showing up in the account, making it difficult to get stock purchases off the ground quickly.
Robinhood Instant is coming soon. Stop waiting 3 days. pic.twitter.com/iCIbqADqf1
— Robinhood (@RobinhoodApp) January 6, 2016
The selling side works much the same way: once users sell stock, that cash can be immediately re-invested in new areas. This means you can easily re-allocate dividends from stock in real-time, rather than waiting three days for the account to settle.
“Robinhood Instant eliminates the friction from settlement periods or bank transfers, marking another major step in our efforts to create,” the company said in a blog post.
Instant is available today, but only if you successfully refer someone to the app