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.
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.
