Back
The War Room
Question
Post

Do You Still Trust Robinhood?

To be honest, I love their User-interface and how easy to use the app is, but I'm still frustrated by the lack of transparency following the Gamestop/AMC/Blackberry/Nokia, etc stocks debacle. I've watched some of their content following what went down in late January/ early February, but still not sure I trust Robinhood completely. Curious how other savages feel about the company?

I still trade with Robinhood
Attached poll
*Voting in this poll no longer yields commission.
๐Ÿฑ Off-Topic
โ˜๏ธ Software Tech
๐Ÿ’ต Finance
12
SA
SADNES5
Politicker
+6
Business Development
You're the product... Use a real product.
Chep
WR Officer
+10
Business Development Team Lead
I turned off Margin trading, but I do agree their business practices are sketchy
CuriousFox
WR Officer
+11
Needer of Life Alert
I still have it for the app with a small amount. Fidelity Active Trader Pro on desktop is solid.ย 
1nbatopshotfan
Politicker
+5
Senior Director, Enterprise Technology
I havenโ€™t used Robinhood, and use Fidelity. That being said, I find the Robinhood daily โ€œsnackโ€ newsletter to be highly informative. I think itโ€™s one of the better daily recaps.ย 
Chep
WR Officer
+10
Business Development Team Lead
Agreed Robinhood snacks and the UI is the only thing that has kept me around.
CaneWolf
Politicker
+12
Call me what you want, just sign the damn contract
Never trusted them.
Chep
WR Officer
+10
Business Development Team Lead
They do have some sketchy business practices for sure
SalesPharaoh
Politicker
+8
AM BDR
E torro
SammySandbags
Politicker
+5
Account Executive
Unfortunately gotta say yes as i just downloaded to buy doge... shoulda stuck with my gut as doge is already back down
Chep
WR Officer
+10
Business Development Team Lead
Hey I'm in Doge too. ๐Ÿ’Ž ๐Ÿ™Œย 
nomdeguerre
Valued Contributor
+5
VP of Channel Partner Sales
Robinhood is awful for crypto, you can't even move your crypto to a ledger from their platform.
BossBitch
Politicker
+5
Account Executive
Funny I'm actually in a sales cycle with them right now ๐Ÿคฃ but I don't trust them with my moneyย 
Chep
WR Officer
+10
Business Development Team Lead
That is actually pretty cool. I'm curious what you sell
BossBitch
Politicker
+5
Account Executive
Quality Assurance and Workforce Management softwareย 
goose
Politicker
+10
Sales Executive
I'm no expert but I've seen enough people make millions of dollars in the milliseconds before transactions to think that there is something else going on with apps like this. ย There is also a reason why the app feels so comfortable...
Bobbi
Partner Account Manager
This is for play money - otherwise, I have a financial advisor team
Chep
WR Officer
+10
Business Development Team Lead
Good way to look at it
DrunkZuko
Contributor
+1
Account Executive
Not really. I use it for my meme and swing trade investing since the UI is very streamlined. Because of their insistence on freezing certain crypto and stocks I have accepted that I could lose the majority of cash I have on the platform.

Unless you are using the platform for casual investing and are open to taking losses, I would highly advise looking at a more reliable and robust tool (e.g. TD Ameritrade).ย 
Chep
WR Officer
+10
Business Development Team Lead
Great point. I use Schwab for my serious investments, but still have a Robinhood
MaSaaSter
Opinionated
+4
US BD Lead
There are so many issues with Robinhood beyond the fact that they "Halted trading on 'meme stocks'". The largest issue is the fact that they do not actually hold any of your shares you have "purchased". They have basically granted you a contract that you "bought" something at one price, and once you sell, they essentially either pay you your gains, or take your losses. This means they are essentially granting you a "synthetic share", of a stock that you don't actually own.ย 

Second, the way they make money, is by selling your information to large hedge funds, allowing for these hedge funds to make transactions seconds (or milliseconds) prior to your actual purchase. This allows the hedge funds to have access to information prior to it being put into the public market. Grimy as hell if you ask me.ย 

Chep
WR Officer
+10
Business Development Team Lead
Yea I turned off the margin trading, but in general, seems like a crappy way to "democratize finance" when you are screwing over your customers
MaSaaSter
Opinionated
+4
US BD Lead
Exactly
Salespreuner
Big Shot
+11
Regional Sales Director
Haven't used it yet
Ace
Arsonist
+9
CEO
What's a good alternative to Robinhood?
Chep
WR Officer
+10
Business Development Team Lead
I also use Schwab, but I like how Robinhood has crypto and stocks. That being said, I hope Robinhood rolls out private keys sooner rather than later or I won't buy crypto on their platform
Ace
Arsonist
+9
CEO
Right. I think they'll. Lots on stake for them since the GameStop fiasco
Show 2 more replies
Ace
Arsonist
+9
CEO
What are other good alternatives to Robinhood?
stanrym
Valued Contributor
+5
CEO
I can't use it since it's not in my region
thegrinch
Politicker
+5
SDR
If another broker helps me move my portfolio from robinhood, I would do so in a heartbeat. Robinhood's behavior and collusion with institutional investors betting against Gamestop earlier this year is unacceptable.ย 
1
Do You Trust Autopilot On A Tesla?
Question
5
I would ride in an autopilot car๐Ÿš—
+20
willyR , ย  verbalzzzzzz , ย  BCD ย  and 20 people voted
*Voting in this poll no longer yields commission.
3
Has anyone sold to Tesla/SpaceX (Elon Musk trust companies in general)? If so, how did you go about engaging them?
Question
10
4
Boss/team you trust ๐Ÿ’ฏ with a product your ok with vs. a product you love ๐Ÿ’ฏ and a potentially good boss/team?
Question
6