Robinhood account breaches
Starting on investing, and saw recent news about hackers on brokerage accounts. Any thoughts? Does it influence the amount you put into these accounts?
Any recs for more secure platforms?
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I use my own banks trading platform. their security is very good. Personally, I wouldn't put several 100K into an app.
https://www.zerohedge.com/markets/i-dont-really-trust-them-2000-robinho…
apparently ca. 2,000 accounts hacked and siphoned, according to interviews and the internet these users had 2FA enabled...
According to bloomberg the hackers used fabricated IDs to get access, so they don't check IDs.. wonderful.
https://www.bloomberg.com/news/articles/2020-10-15/robinhood-estimates-…
Would think any of the larger platforms would safe: eTrade (owned by Morgan Stanley) / Morgan Stanley / Ameritrade (Charles Schwab) / Charles Schwab / Fidelity / Merill
No reason to step outside that core group given fees have been brought down to 0 on all for US stock trades (and they're pretty low elsewhere anyway)
Why the hell would anyone get Robinhood anyway? It's only linked to a couple exchanges, a TON of stocks can't even be bought thru that portal. And honestly unless you work in ER / AM / HF you shouldn't be buying individual stocks anyway, IMO let an active manager do it but you feel strongly about passive then index / ETF
Rise of Robinhood is how you get morons who buy Hertz when it's bankrupt, Hertz raises cash from idiots, and the individual investor loses everything
Agreed.
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