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Robinhood Crypto offers seven cryptocurrencies on its platform, which is not a huge range but would work well for new crypto investors who want some exposure to digital assets. Crypto clients can place market or limit orders with zero commissions, and Robinhood's crypto security features are in line with other major cryptocurrency exchanges.

Learn more: How to invest in cryptocurrency

Fees you should know about

To be perfectly clear, Robinhood doesn't charge commissions for stock, ETF, and options trades placed through its online and mobile platforms. However, that doesn't mean that Robinhood is completely fee-free; there are some things you might still have to pay for. Here are a few of the more common charges you might face:

• Returned check or ACH fee: $0

• Domestic/International wire transfers: $0/$0

• Domestic overnight check delivery: $20

• Paper statements: $5

• Paper trade confirmations: $2

Trading platform

For much of its history, Robinhood was a trading app, and a leading one at that. Customers who value simplicity love Robinhood's trading platform. But beyond the app previously, there wasn't much of a functional web portal.

That's changed, as Robinhood has rolled out expanded capabilities through the web version of its platform. Both the web portal and mobile app versions are simple in design and are intended to be easy to learn and use.

Related: Best Free Stock Trading Apps

Robinhood margin rates

If you pay $5 per month for the Robinhood Gold premium version of the platform, one of the perks you get is the ability to invest with margin (aka borrowed money).

Not only that, but the first $1,000 of margin balances are free, meaning you won't pay any interest on smaller margin trades. Plus, Robinhood charges a flat margin interest rate on the portion of your balance in excess of $1,000, and it's quite a competitive rate. Robinhood's margin rate is 7.25% with Robinhood Gold, which is lower than some competitors, and 11.25% for standard Robinhood accounts.

It's also worth mentioning that you'll need $2,000 in your account to use margin. This is a regulatory requirement that applies to all brokerages, not just to Robinhood.

Research offerings

The standard (free) Robinhood platform is light on features, and research is one of them. In fact, the only research offered on the Robinhood app is available only to its premium Robinhood Gold customers who have access to stock research reports from Morningstar. If you want access to stock research from several different firms, Robinhood likely isn't the best choice for you. Similarly, if you're looking for extensive cryptocurrency research or resources for beginners, you'll need to look elsewhere.

RELATED: Want a trading platform with training for kids? Check out Stockpile, and also see The Ascent's Stockpile vs Robinhood comparison.

Customer support and service

Robinhood has significantly improved its customer service since we first reviewed it. You can email customer service or get help via 24/7 live phone or chat support.

Robinhood is right for you if:

In any combination of the below scenarios or for individual needs, Robinhood is a solid pick.

• You want a broker with fewer fees: Robinhood not only offers free web- and app-based stock trading, but it also offers free options and cryptocurrency trading.

• You like simplicity: Robinhood's trading platform was designed with simplicity in mind. It's not packed with features, but what it lacks in features, it makes up for in user-friendliness.

• You want to trade cryptocurrencies or invest in fractional shares: Few brokerages allow investors to trade in both fractional shares and cryptocurrencies, but Robinhood allows clients to invest in both.

• You're a newer investor with limited capital: With the ability to buy fractional shares of stock with as little as $1, Robinhood is a good choice for investors who are just getting started.

• You want a savings and brokerage account in one: Robinhood essentially treats clients' uninvested cash as a high-yield savings account, with an APY that rivals even the best online savings banks.

• You don't want to invest in mutual funds or bonds: Robinhood may be a good option for those interested in stocks, ETFs, options, and even cryptocurrencies, but if you want to hold mutual funds or individual bonds in your brokerage account, you're out of luck.

• You just want a standard brokerage account: Robinhood does offer IRA accounts for retirement. But in addition to not offering mutual fund investing, you can't open a trust, partnership, Coverdell, 529, custodial, or any other type of brokerage account through Robinhood.