Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

PSA: Robinhood users

Sikness23245

Elite
Joined
Jan 8, 2021
Messages
551
Robinhood is the worst value in trading platforms out there. I'm not going to go into their recent issues that everyone already knows about, because it's not even necessary.

If you're in the markets, almost every platform offers free trading fees now and provide much greater tools for you to use. For reference, I've been using Tradestation and ThinkorSwim, but I've heard almost all of the other big ones are good as well. I like Tradestation for day trading because the order entry matrix is awesome, and I prefer ToS for swing trading because of early PM access.

PM access for ToS starts @ 0400, Tradestation @ 0800, and RH gold @ 0900 (and RH gold is the only one that makes you pay for the access).

I was in AAL the other day when it popped to $31 in the PM around 0700. By 0900 it had dropped to $21.64 and never went higher than $21.77 after, so access to those few extra hours can make a HUGE difference.

Another big advantage basically every other platform has over RH is the ability to use OCO orders. If you're a RH user, you probably don't know what those are, but you should almost always be using them if you're taking short term trades. Probably a topic you should Youtube. Every time I take a trade, I set an OCO and don't have to look at that trade again if I don't want until one of the orders triggers.

Since access to crypto markets is a little more difficult, RH has a little higher value there, but it's still not great. Coinbase is the typical route most people take, but if you want to trade with any frequency, their fees get pricey, and they don't offer trading on most alt coins.

Binance, however, only charges .075% for maker or taker as long as you use their BNB coin to pay for fees. You just buy a little BNB and set the option to use it for fees and you're done. They just started the US site this year, so it's even easier to get access to the platform. They have tons of alt coins, and you can trade however you want (BTC->alt, ETH->alt, USD->alt, etc).

If the recent concerns about how RH runs their platform haven't scared you off yet, hopefully realizing how much the platform itself sucks will do the trick.

Didn't mean for this to be so long, but hopefully it can help someone out. Most RH users don't realize the disadvantage they're at simply by using that platform. Plus fuck them for the bs they pulled on GME and AMC.
 

Sikness23245

Elite
Joined
Jan 8, 2021
Messages
551
I'm about to drop out of everything and buy a ton of gold to burry in the backyard. You bastards stress me out too much with all this crypto, silver, and stonk shit!

Sorry man, I'm trying to inform not overwhelm! :ROFLMAO:

I'm not trying to give anybody investment advice, but if you are going to be in the markets, you should be armed with the best tools you can get and spend a little time getting to know it. Kinda like owning a gun. RH is the BB gun of trading platforms.
 

9Mounties07

Elite
Joined
Dec 9, 2020
Messages
1,205
Robinhood is the worst value in trading platforms out there. I'm not going to go into their recent issues that everyone already knows about, because it's not even necessary.

If you're in the markets, almost every platform offers free trading fees now and provide much greater tools for you to use. For reference, I've been using Tradestation and ThinkorSwim, but I've heard almost all of the other big ones are good as well. I like Tradestation for day trading because the order entry matrix is awesome, and I prefer ToS for swing trading because of early PM access.

PM access for ToS starts @ 0400, Tradestation @ 0800, and RH gold @ 0900 (and RH gold is the only one that makes you pay for the access).

I was in AAL the other day when it popped to $31 in the PM around 0700. By 0900 it had dropped to $21.64 and never went higher than $21.77 after, so access to those few extra hours can make a HUGE difference.

Another big advantage basically every other platform has over RH is the ability to use OCO orders. If you're a RH user, you probably don't know what those are, but you should almost always be using them if you're taking short term trades. Probably a topic you should Youtube. Every time I take a trade, I set an OCO and don't have to look at that trade again if I don't want until one of the orders triggers.

Since access to crypto markets is a little more difficult, RH has a little higher value there, but it's still not great. Coinbase is the typical route most people take, but if you want to trade with any frequency, their fees get pricey, and they don't offer trading on most alt coins.

Binance, however, only charges .075% for maker or taker as long as you use their BNB coin to pay for fees. You just buy a little BNB and set the option to use it for fees and you're done. They just started the US site this year, so it's even easier to get access to the platform. They have tons of alt coins, and you can trade however you want (BTC->alt, ETH->alt, USD->alt, etc).

If the recent concerns about how RH runs their platform haven't scared you off yet, hopefully realizing how much the platform itself sucks will do the trick.

Didn't mean for this to be so long, but hopefully it can help someone out. Most RH users don't realize the disadvantage they're at simply by using that platform. Plus fuck them for the bs they pulled on GME and AMC.
Would be nice if you could transfer shares and cash from RH to other platform
 

America 1st

The best poster on the board! Trumps lover! 🇺🇸
Founder
Joined
Jan 7, 2021
Messages
16,097
Sorry man, I'm trying to inform not overwhelm! :ROFLMAO:

I'm not trying to give anybody investment advice, but if you are going to be in the markets, you should be armed with the best tools you can get and spend a little time getting to know it. Kinda like owning a gun. RH is the BB gun of trading platforms.
I've never been more torn about how to invest since following that shit here.

I miss the good ole days of being too poor for that shit to apply to me.
 

Sikness23245

Elite
Joined
Jan 8, 2021
Messages
551
Would be nice if you could transfer shares and cash from RH to other platform

About the only plus RH had was that it only took a day or two for money to transfer back into my bank account. :LOL:

If you open a new margin account with just about anyone, you should have access to your funds right away after depositing. They might hold part of it for a day.
 

Sikness23245

Elite
Joined
Jan 8, 2021
Messages
551
I forgot one other YUGE advantage for most other platforms is their customer support. RH basically has none.

I got a buddy who knows as much as the next RH user about trading platforms to switch to ThinkorSwim and he was overwhelmed at first. He called them up, spent an hour on the phone with them getting questions answered, then set up a video chat for a few days later to get a little more help. All for no charge.
 

DedicatedTiger

Poster
Founder
Joined
Jan 9, 2021
Messages
53
@Sikness23245 im not sure I’d call them a competitor per day. I think they do a disservice to investors as it allowed/allows thousands to trade instruments they aren’t educated enough to do. But they made made their own bed for sure.
 

Sikness23245

Elite
Joined
Jan 8, 2021
Messages
551
@Sikness23245 im not sure I’d call them a competitor per day. I think they do a disservice to investors as it allowed/allows thousands to trade instruments they aren’t educated enough to do. But they made made their own bed for sure.

I definitely disagree with them having done a disservice. They provided equal opportunity to access markets. Done right, it can change lives. Not RH's fault so many threw their life savings in without getting any sort of education first. People are responsible for their own actions.
 

DedicatedTiger

Poster
Founder
Joined
Jan 9, 2021
Messages
53
@Sikness23245 we all provide the same access RH did nothing special. I e and our real competitors also have pages and page of articles and education on how to trade. RH didn’t provide enough education on how things can blow up in the option markets or how margin requirements work.
 

buff182

Poster
Founder
Joined
Jan 9, 2021
Messages
66
As soon as my money clears out of RH I am deactivating my account.
Good luck I've been trying for a week to deactivate. They claim they're too busy to reach Robinhood support. I can't find an email address either. I think they're losing to many accounts so if they don't close them they can claim they still have them. It's so frustrating. I am having the same problem with twitter. They won't let me deactivate either.
 

DedicatedTiger

Poster
Founder
Joined
Jan 9, 2021
Messages
53
Open an account at a TD, Schwab, Fido, Merril, Morgan, E-Trade, Etc. Then process a through them and they will pull the funds from RH.

it’s a automated process at that point. As long as account types and socials match up everything moves.
 
Top Bottom