I'm soon to be out of the workforce. Need an investment tool that I can use daily and not accrue trading expenses. Have a family member that says I need to enroll in Robinhood. Any shortfalls using it? Are there better tools to use? Have amassed over $1 mil in my portfolio, just looking for something fun to play with.
"GO"
I use it more as a “play app”. Mainly for some fun crypto speculation, and their options tools. I wouldn’t, and don’t, trust them for my real portfolio. Unless it’s changed, if you want any money out, it takes a while (definitely not as fast as your typical electronic transfer). They have had some bad snafu’s in the past too. Keep in mind, nothing is “free”, and if a place is touting that, they are taking something away somewhere else.
I use Fidelity, but I’m sure all the main brokers’ are similar. Fidelity’s app is good too, but I prefer full screen on a traditional computer when I’m doing research or complicated trades. Most places don’t charge much, if any, in fees, but if they do, it’s usually significantly reduced if you have a high trading volume. Keep in mind FDIC insurance limits when you’re talking about larger balances. I use multiple accounts, and 4 banks.
Last edited by JJohnSind; 12-24-2024 at 07:54 PM.
Do you have experience trading? I would highly advise against it if you have been just a buy and hold person in the past. Day trading or swing trading is a whole different animal. If you do not have a testable edge you will lose money and with that account size you will most likely make poor decisions when you do. I’ve got nothing against robinhood I think they are ok. I do have a a small account with them. But I mostly do futures now so I don’t mess with it as much.
I use Fidelity for my retirement account, and Robinhood as mentioned more for play money and/or buying Bitcoin.
Free trades at Fidelity, and better investment tools and CS. Fidelity has called me several times offering guidance and advice if I want it. I have a Robinhood account also, where you can buy Bitcoin and other crypto directly, but only outside of an IRA. I did find it cumbersome, and concerning, that Robinhood limited me to a max of $5,000 per day to transfer Bitcoin to another wallet. So it would take over 20 days to transfer 1 Bitcoin, and they state you may be limited on the number of transfers in a month. That was a show stopper for Bitcoin holdings exceeding $5,000.
-Originally Posted by mossie3
Not sure if other brokerage apps do this; but hasn’t robinhood halted trading a few times over the years if a stock is running too quick up/down?
Like if some stock is starting to $hit the bed and you want out to cut your losses; there’s a chance you wont get out fast enough…….especially if they halt trading. But this might be a common thing on trading apps?
This is the snafu I was referring to. It’s only Robinhood. I see it more as a toy than the real deal. No legitimate brokerage, app or online, will have issues like this. I would have thought a brokerage would get in trouble if they didn’t execute your trades, not sure how Robinhood got away with it. Inexcusable… and all they did was offer a public apology.-
Not sure if other brokerage apps do this; but hasn’t robinhood halted trading a few times over the years if a stock is running too quick up/down?
Like if some stock is starting to $hit the bed and you want out to cut your losses; there’s a chance you wont get out fast enough…….especially if they halt trading. But this might be a common thing on trading apps?
Note that other trading entities/platforms also disrupted GME “Roaring Kitty” influenced (short squeeze) trading…
I think most brokerages have zero commissions on stock trading. I know Etrade charges for options but it isn't much. I don't know much about Robinhood other than I know some younger guys who use it.
They're eating the Penguins, they're eating the seals...
i wouldnt trust it with a lot of money -- only stuff you are willing to wait on or potentially be locked out of for a couple days. I do think, it is a good entry point for someone to get started in though -- its very easy to use.
I quit e trade, only use robinhood now, risk factor is very low and they do have many benefit's, pay the 5 buck a month for the gold, worth every penny
Thank You Leon Pugh
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