Robinhood is getting another complaint and has been in the news a lot since the pandemic. Do you trust it? If you had money in there, would you move it? If you moved it, where would you move it too?
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My money is with vanguard - both my ETFs and my individual stocks.
I thought about messing around with Robinhood for fun maybe a year or two ago, but then it got hacked and I lost interest.
I don't day trade or hold anything short term though, so my route may not be for everyone.
No. I understood it when it was the only free trading app. But now that they’re all free, I don’t understand why anyone uses robinhood.
Easier to keep off the grid and hidden away from compliance.
You can get fired if they find out you don't report your trades...
I have everything with BoA/Merrill. I know that probably isn't the popular choice (and doesn't seem to be ideal for day trading) but having everything (Cash/CC/Securities) all in one place is pretty dope and it's free. Note I usually only deal with ETFs with long horizons
don't trust RH. their cybersecurity seems messy, plus they have no or no decent customer support.
Interactive Brokers in the US
IG in the UK
both have excellent service, really nice people on the phone or email.
and please nobody start suggesting the new Chinese trading app. like we need more intelligence gathering!
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Ok thanks but that wasn’t the question being asked lol
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I don't know anything about Massachusetts' security laws, but the complaints appear to be ridiculous on their face, and if RH is somehow violating MA securities laws then it's almost certainly because the laws are written to favor major brokers/platforms.
RH is being accused of marketing to inexperienced investors and for "gamification" of its platform. I'm sorry, but those are ridiculous complaints. It's now illegal to market to inexperienced investors and to make a trading platform fun? These complaints are clearly coming from competing brokers/platforms that are getting their clock cleaned by RH and have started bitching to regulators for help.
I have about $6,000 on RH and they went out of their way to warn me about the risks of trading, to educate on options trading, and to provide ongoing outside media coverage of stocks. I also don't understand the "gamification" complaint. That seems to be a lie made up by a regulator looking for a payday at a major firm in a year or two. It's just a trading platform with charts and media coverage that's simple to use. It's not Angry Birds or even particularly fun.
As an aside, it should be a felony punishable by life imprisonment for any former regulator to take a job with an organization he or she once regulated. Because of that revolving door, you get spurious complaints like these.
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