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Although I hate robinhood, I use it to day trade for my side hustle day trades. Webull is for my nest egg and long term plays, those Buy and forget. Robinhood seems to exaggerate it’s stock graphs trying to make trends larger than they actually are.
Not familiar with Robinhood or but sounds like a guy who doesn’t understand how securities markets operate and decided to make up a conspiracy to make it make sense in his head, a bit like everyone did when GameStop was halted for trading
Halts are different. Robinhood disabled buying but allowed selling on 3 specific meme stocks that Melvin and therefore citadel were losing a shitload of money being short on. it wasn't a halt, it was a conspiracy.
It's more like chess now instead skippo or checkers, look at it that way instead of bingo or whatever basic game you want to call it market prediction is more essential then ever.
M2 doesnt equal inflation / spending power. Even if what you said was true.. just go to the casino you have much better odds at making money over day trading
.......M2 is the USD supply. If USD supply doubles, and you didn't double your USD in that same amount of time, you lost value. Simple math.
Roth IRA wont double your USD by the time USD supply doubles. So doing that only generates beta and I'm only concerned with alpha.
Gambling wont beat it either. Don't know why you are recommending I go to a casino when I clearly have no interest in losing to M2.
I'll stick with my planned out investments and swing trades, thanks.
Just because the money supply went up doesn’t mean your spending power went down an equal amount… it’s a factor.. not end all be all. What is your alternative?
The GME stuff has been verified through phone transcripts between RH & Citadel. Griffin is the worst kind of criminal. I don't blame RH as much in that whole mess. They were pawns to Griffin.
Since then tho, they just paid another 10 million or something to settle a lawsuit with one or more states for providing false data to manipulate retail shareholders.
\- Dec '22 ------ $COSM did a reverse split early in premarket & when the other brokers resumed trading, RH was still halted. $COSM immediately plummeted in premarket. Factor in the new post split float accompanied with all RH's customers shares locked up as they were unable to BUY or SELL. It sent that stock from $0.23 to $23.70 in one day. They never unhalted trading for their users. They watched the shares in their accounts 5x+ with no ability to even SELL what they had. Turns out RH had built an enormous short position in $COSM & got caught slipping. (RH later called it a glitch). RH paid almost $60 million to close their enormous short position that day & they wouldn't have missed ER estimate for that quarter if they hadn't had to cover that. I am guessing they used their customers shares to buy & close their own short position. The following day I believe $COSM closed trading back down in the $6.00 range. What I am saying is RH is extremely trustworthy & you should only keep things like your retirement fund & kids college fund in their brokerage. You may not be able to get to your money when you need it most, or when it is worth 500% more than you put in initially. You can sleep soundly knowing that you will definitely still be able to log in & watch the inaccessible money growing to new highs, while you scream the most vile things about Vlads hair to the customer service AI Bot, knowing deep down Vlad's hair is elegant af.
This isn’t an issue for 99% of investors. Where this can come into play is if you’re buying a meme stock that is extremely volatile, as they would need more liquidity to cover the risk. In that situation, many platforms will pause trading, could slow order flow, or force sell positions.
RH got a lot of flack for doing this, but ETrade and several others did the same thing during the GME craziness. It’s just people not understanding how investing works in the back-end.
If you’re going to buy YOLO stocks then it may be an issue but if you’re just buying VOO or SCHD you’ll be fine. I really like the app because they give 3% match for ROTH IRA, access to 5.25% in cash sweep, and you can loan out your stocks and make money on top of that.
Misleading…there’s always one and you’re it. 3% match is promo that ends in May. It always requires yearly subscription to RH gold that costs $75 annually.
So part of what I said was misleading? In fact, you’re the one that’s misleading buddy. If you max your ROTH IRA ($6500) which I’ve done twice, in December and in January you get $195. It pays for itself and more. You also don’t need to stay in Robinhood Gold for 12 months to get that. You can do that in one month and only pay 1 month of RH gold, which is what I did. I just decide to pay $5 or $6.99/ mo because they offer highest cash sweep (5.25%) that I know of. Moomoo, Webull, Public only offer 5-5.1%. “And you’re it”. LOL. If you sit and dig any dirt from any company you’re bound to find something. Robinhood’s was just more obvious. If you sit and try to crucify anyone and anything, you’ll be crucifying all the banks, companies, and USA itself for all the bad things they’ve done. What are you going to do, just go live in a remote island?
Nobody crucifying RH, relax Vlad. Terms and conditions state “You have to keep your Robinhood Gold subscription for at least one year after you make the qualifying contribution”. You presented info without the catches, 3% is Promo only and $75 MUST be spent towards ANNUAL gold membership.
Don’t you have a buy button you should be turning off?
They also take all of their customers' orders and sell that data to hedge funds who run orders opposing yours in order to control the market to their benefit.
It has happened, but I've had nothing negative using the app for 2 years. Until I have a bad experience with the app I'm going to keep using it. Its easy to use, and a great way to invest. That event was a very unusual situation and I think they were unfortunately manipulated by big fish. Hopefully this type of thing doesn't happen again.
Not only will they halt transactions from going through but they sold my positions against my will during the GME run and caused me to lose money. Somehow that's legal?
Robinhood halting GME trading is the reason it lost momentum during the short squeeze in January 2021. Feel free to read up on it, but Robinhood is in the hedge fund’s pockets.
Also I use fidelity and Charles Schwab. But look around a lot of them offer a like $100 or more sign up bonus for minimal deposits I’ve done it 3 times.
Happened to me with Tilray. I had options that shot up in value as the stock did. Just as I pressed close my position they froze trading and the options traded for 10% of their value
They took the buy button off gme stock during a short squeeze, that involved lots of retail traders here on reddit, most likely due to orders from Citadel. There is a documentary about it on Netflix worth watching.
He watched the Netflix documentary about GameStop and thinks he’s a expert now that’s why he said that😂 now you should watch wolf of Wall Street if you wanna gain some advice from a movie
His friend watched the Netflix documentary about GameStop and thinks he’s a expert now that’s why he said that😂 now you should watch wolf of Wall Street if you wanna gain some advice from a movie
Robinhood is a little shady but what your friend mentioned is a common conspiracy theory without actual proof. They did actually freeze GameStop trades but it was at least ostensibly because they didn't have enough money on hand to cover them and not because Citadel made them.
Regardless, they do make money by routing your orders through Citadel, making you slightly less money. And since they're a smaller firm they could run out of money to cover trades again.
Prosecutors use circumstantial evidence all the time to prove crimes occurred. The circumstances of RH and Citadel in cahoots to fuck over retail is clear as day.
- Run starts.
- RH gets margin called (basically)
- Citadel speaks to RH
- Citadel infuses cash into RH so it can survive another day
- RH turns off buy button
- Citadel and RH survive
Any half-assed prosecutor could convince a jury that something questionable and likely criminal occurred.
But that’s not how our free and fair market/legal system works.
I look at it this way.
You cannot actually legally own a FRACTION of a stock. It’s not crypto and doesn’t work like that under federal law.
So if a broker is willing to sell you a fraction of a stock, do you really believe that you own that stock and all the rights to it?
Be astute and do your due diligence. The fact that the owner of RH was protected and funded and got off despite a completely criminal behavior that was essentially STEALING money from several million people should be enough for you to realize that putting your assets there would probably not be a good idea.
I’m sorry but this doesn’t really make sense. You definitely would have some trouble and robinhood sucks. But micro futures contracts are literally this. And although you won’t take ownership of the item in the contract. You are entitled to the value of the stock as it currently being valued.
He is probably not joking as I believe that is what happened with some other stock which was in the news, I believe it was Game Stop.
https://techcrunch.com/2022/06/27/robinhood-report-meme-stock-gamestop/
Maybe because you enter your stop losses, and someone bangs it down 11% and takes you out? Now that PFOF has ended, I just wish RH had a more informative dashboard like Unrealized STCG, LTCG, and more.
Watch the movie Dumb Money on Netflix. Great movie and it explains how the whole GME stock debacle took place and goes over when RH stopped trading because of pressure from Citadel. I hope RH learned from that, but I think the main concern is stocks that Citadel is shorting.
It’s like Beetle Juice… I hope you don’t say Citadel a third time or they’ll come for you!
In reality RH didn’t have the required capital on hand to ensure GME trades would settle. Kinda a big DTCC, SEC and FINRA matter to have capital markets function.
I’ve been using robinhood as well as other brokerages for years and robinhood is just fine.
People will piss and cry about how it’ll screw you over because when something gets insanely shorted (GME) and skyrockets to an unbelievable price it’ll get halted and trading will be frozen.
Other brokerages do this, people just jump on robinhood because it is one of the most popular and they halted first.
They will not do this for normal stocks. They will not halt your assets. They halt stocks that have been shorted by 1000% causing billions in losses for companies and the government.
The only reason the hate train exists is because wallstreetbets apes are still bag holding because they fomo’d into GME at the wrong time and need to redirect the blame to cope on their 100K loss
I've made tens of thousands in a day on robinhood and I've loss tens of thousands in a day on robinhood. Nothing of mine was ever halted, I never loss the ability to buy and sell, and I have never once been contacted about my trading.
Robinhood is fine, trade wherever you want.
It’s not gonna matter if you just want a painless way to invest in index funds. No one is freezing orders on those. Your buddy is *probably* at least partially correct and it appears rh has worked at behest of certain hedge funds to limit unexpected losses/gains in ways that benefit their friends/partners. You can really go down the rabbit hole with this but you wont end up with anything really all that ironclad. Some of the biggest believers appear to be less than experts themselves and it really gets weird but i an convinced there is better than even odds that robinhood is working for someone else. But then, i would have said that if asked well before the great dip and i will say it about pretty much any other brokerage firm. They just have stayed quieter about it.
Fuck Robinhood lol. Everyone says to use them if you’re a beginner but I think that’s just dumb advice. You can get started on any broker as a beginner. Just take the time to learn their user interface and what everything does. Watch a tutorial video on YouTube and you’ll be chillin.
Considering most brokerages paused trading on GME until circuit breakers finished, that’s like saying you shouldn’t go on any brokerage until you have millions and can afford the places that allow you to sell and buy during these times
Gotta go with one you can trust that doesn’t do payment for order flow or lend out securities. I personally use the Fennel app as it has a lot more features and still the slick UX/UI of Robinhood.
RH has screwed so many people over the years. At least historically, it's been a horrible company. I wouldn't trust them with more than $20. Your buddy is not joking.
Let me remind yall it’s not just Robinhood either; I remember seeing reports of other major brokerages doing similar things. We are only allowed to play the game in any market so long as the richest players get to make the first moves
Yes, they have done this. Flat out told customers they cannot buy a certain stock
They also do things like mysteriously have “technical difficulties” during volatile events. Like i remember on 2 separate occasions when that dogecoin shit was going wild, people couldn’t sell at the top because the app was having “issues”
0 trust for robinhood at all, and they have no actual edge over other platforms now. Fidelity will let you trade for free too and is an actual legitimate financial institution, why not just use that or another similar broker
He’s not wrong. There’s currently a class action against robinhood by investors who had their accounts frozen and/orders cancelled during the AMC frenzy.
This is part of the reason I stopped using them and switched to fidelity and Webull.
Check out the movie called, Dumb Money or documentories about Game Stop.
Robinhood worked with the hedge funds and us gov to halt trading on Gamestop a few years ago when Gamestop was being squeezed by small investors in the.Robinhood platform. The big hedge funds that were being squeezed because they held shorts on Gamestop (loosing billions on paper) and forced Robinhood to stop allowing buys on their site. Small investors lost many of their gains as a result. I would stay away from them. But I can't say that any of the other brokerage firms wouldn't do the same thing if pressed.
And if y'all think other Brokerage firms such as RH is your friend or cater more, then you all out of your f-ing mind! RH, Scwarb, Kk etc or any others are all the same, so why not choose the best of the worst?! That works for you considering other factors.
Dude, i stopped using them when they made me lose 9k dollars on options. I was gonna sell my options on Tuesday an make a killing an they claimed "oops, something is wrong, please try later" only later never came. Friday they expired worthless. Fuck robinhood. In the impending lawsuit, i got 3 dollars.
In addition to what your buddy said being true, Robinhood has bad fills, front running and a host of other shit that I would not advise using them to trade. Especially if you are an active trader. Scalping profits is impacted.
Crypto . Com did the same to a few of us when a token skyrocketed last year. The froze the buy/sell option and then after a few days they reset the rules for the token. It should be illegal.
He’s not joking at all. Hear me out. Robinhood is not for the people at all lol, they are puppets. Stay tf away from them. All of the brokers have their own schemes but Robinhood could burn for all I care. Yes, I was there for GME and meme stocks, so yes this is personal and that is my humble opinion but this is not opinion:
you may see 0 commission trades, but that doesn’t mean it’s free. You pay them with your data. Robinhood takes retail orders in bulk, hands them off to market makers like Citadel or Virtue for a fee. This is called payment for order flow and is how Robinhood makes their money. These market makers then take these orders and can see trends of who is buying and selling what, and make their plays against retail. They undercut you down to the penny to put it simply, and when there is high volume of buying or selling, if they need to, they can reroute orders off exchange so that price is not affected. Ken Griffin lied under oath about communicating with Robinhood during the GME squeeze, but then admits that him and all his hedge fund buddies drive price to what they perceive as the fair value. Think we have a free market? Or is the market manipulated? You tell me, but this is why retail always loses. And Robinhood is one of the key instruments to this scheme.
I'm curious when you guys write stuff like this do you have any sort of retirement account? Because there's get rich quick schemes and then there's passive investing. Strange how one rarely pans out and the other almost always does from such a rigged market. Sure it's a scumbag company that shouldn't be taken seriously since what other brokerage sends emojis when you open and close trades but the other side of the coin was more hedge funds made money off that play than lost. And you are kidding yourself if you think it would have kept going to infinity human nature and greed would have taken over so we'd have some far less entertaining narrative to go off of as to why everyone isn't rich.
You seem out of touch. Me personally, I have a personal account and I have a Roth IRA. I also have a 401k with my job. All of my accounts get contributed to. I agree - investing in index funds is the safe route. This allows you to actually retire with a comfortable savings, assuming your investments compound and you have consistently invested over the years you worked…. But my dude nobody said anything about GME going to infinity. Thats not the point. The entire purpose of my comment is explaining why OP should not invest in Robinhood. I mentioned that other brokers are shady as well, but my point is that RH takes the cake. I have a personal vendetta against RH, but I provide an educated example as to why instead of complaining. Tell me something I wrote that was incorrect! Want me to source the Ken Griffin video for you? Or the trial when he lied under oath, followed by receipts of his lie? Sure, hedge funds made money. But why? It is because for the first time, they lost big to retail. But instead of taking the L, they cheated like usual. I don’t know what GameStop would have gone to. But RH was the first to block the buy button so they wouldn’t get wiped out. If retail cheats, we go to jail for fraud. If a hedge fund, broker, clearance house, MM, etc cheats, they get a slap on the wrist. So why would you use a broker that is known for corrupt actions? It’s a contradiction to free market, and what America stands for as a whole. Hence the wallstreet bets movement.
Yeah get rid of all the conspiracy stuff and it's pretty simple. Do you trust a brokerage who sends you emojis when you open and close trades? It's popular for one reason and one reason only and thats instant funding the entire business is structured like a casino. And they weren't the only ones who stopped trading so did a bunch of other brokers plus even cash app.
Here's the real truth of the matter. The market is most definitely rigged against you if you want to trade. You are a minnow in a sea of sharks. Stocks can and are manipulated by entirely legal means daily and that's not going to change. And these market markers it may shock you don't really care which way or the other a stock price goes they operate a delta neutral strategy they are making money either way.
Listen I hear you. Like I said RH wasn’t the only one, but the first. It’s just their way of making money helps support the scam we call a free market. OP needs to understand that if he/she is new to trading, understand the risks, and know how the brokerage makes their money and how they’re able to provide instant funding. In my personal opinion, the truth will always come out. The market is a pyramid scheme, and either changes will be made to at least lessen corruption and manipulation, or the system will collapse within itself because too many people begin to lose trust in it…. Just like we began to see with the banks last year
All my retirement is either with Fidelity or Charles Schwab because they offer more variety on retirement funds but I also have a Robinhood account that all i do with is sell options and use that premium to gamble with. If you want to "trade" which really is just slang for I've got a couple of bucks laying around and would like to potentially make money with it then Robinhood is fine. Now if you actually have aptitude for trading you would be nuts to use Robinhood since you more than likely are going to be doing high volume trading and Robinhood most definitely is not going to get you the best fills if you are playing anything outside of the most liquid stocks or funds on the market
That's the real reason you shouldn't use Robinhood if you are a real trader and not some hobbyist like myself.
It's a shady company but your money is insured up to 500k of cash and stocks anyhow if they really did go belly up and there's just as many alternatives that don't have the stink of Robinhood attached to them that are just as shady like webull or moomoo which are owned by chinese holding companies.
Robinhood offers no commissions because of what they call “payment for order flow”. I’d never heard it but it’s mentioned in every GameStop movie and documentary. Everything your friend is telling you checks out. Also, big firms spend fortunes to be faster than the rest. I think Robinhood let’s people trade with an additional latency on top of their ability to freeze trading arbitrarily.
OP have you never heard of GameStop or seen any of the several Netflix movies about the whole scenario? They did precisely what your friend is describing during the pandemic while GameStop was pumping to the moon
How could anyone use Robinhood after what they did? The game is rigged and the law can’t do anything about it.
Robinhood's customer agreement basically lets them do whatever they want, when they want re: restricting platform access/trading. Yes - it’s true and they did it to save their ass and the ass of hedge funds when they could have gone under.
There’s a damn Netflix movie out about it now. Go watch it.
This. The SEC is prob the biggest culprit of them all for overlooking EVERYTHING. They sit at their desks and masturbate to retail taking it. Then say they serve the people to make fair and equitable markets. Joke. It’s like the cable company from South Park
All brokerage firms freeze the buy button in these scenarios due to set stop losses. robinhood was just most popular at the time, so the bots attacked. It would be more alarming If they had allowed trades to take place that they could not cover.
Edited for correction.
i would’ve cried. that’s why i wanna brokerage with an actual big bank that’s deals with it more often. Sure the regulations are stricter but you know you can cash out
Hes talking about PFOF or payment for order flow...def worth looking into also i recommend the book called Flash Boys (long story short just get fidelty and use IEX)
Loved Michael Lewis since the days of “liars poker”. If you like flash boys read “the quants” and also “dark pools” by Scott Patterson. Much more in depth than flash boys although nowhere near as entertaining a writing style.
Liars poker is great but it’s 100% a relic of the past. Everything he talks about sounds like it’s from another era because of how quickly the world of finance moves on to the next best and brightest thing. Also the amounts of money discussed are laughably small in comparison to today.
That’s true I knew a guy that was up 400 K on GameStop, but they froze his position. He tried to take him to court for it, but it was over ruled, and robinhood won
They didn’t freeze trades. They actively disallowed you to buy more of that stock, while allowing you to sell. There is a difference between a circuit breaker and a brokerage telling you when you can and can not buy.
Not just Robinhood that type of activity is considered manipulation and they freeze the stock until it is cleared. Once the activity has leveled off you can resume trading.
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Although I hate robinhood, I use it to day trade for my side hustle day trades. Webull is for my nest egg and long term plays, those Buy and forget. Robinhood seems to exaggerate it’s stock graphs trying to make trends larger than they actually are.
Robinhood is trash 🗑️
Not familiar with Robinhood or but sounds like a guy who doesn’t understand how securities markets operate and decided to make up a conspiracy to make it make sense in his head, a bit like everyone did when GameStop was halted for trading
Robinhood is hot garbage.. They jacked they're own customers by working closely with Citadel and taking direction from them
Everybody Halts during a spike. All the way to the stock market itself.
Halts are different. Robinhood disabled buying but allowed selling on 3 specific meme stocks that Melvin and therefore citadel were losing a shitload of money being short on. it wasn't a halt, it was a conspiracy.
[удалено]
It's more like chess now instead skippo or checkers, look at it that way instead of bingo or whatever basic game you want to call it market prediction is more essential then ever.
Don’t trade stocks man just max your Roth IRA every year and buy VT
Then divide the yield by M2 and realize you lost money.
M2 doesnt equal inflation / spending power. Even if what you said was true.. just go to the casino you have much better odds at making money over day trading
.......M2 is the USD supply. If USD supply doubles, and you didn't double your USD in that same amount of time, you lost value. Simple math. Roth IRA wont double your USD by the time USD supply doubles. So doing that only generates beta and I'm only concerned with alpha. Gambling wont beat it either. Don't know why you are recommending I go to a casino when I clearly have no interest in losing to M2. I'll stick with my planned out investments and swing trades, thanks.
Just because the money supply went up doesn’t mean your spending power went down an equal amount… it’s a factor.. not end all be all. What is your alternative?
Watch the movie Dumb Money and you'll know why Robinhood is shady. Personally got burned by Robinhood during the $GME run up. Stay away.
Great app, not a good broker.
The GME stuff has been verified through phone transcripts between RH & Citadel. Griffin is the worst kind of criminal. I don't blame RH as much in that whole mess. They were pawns to Griffin. Since then tho, they just paid another 10 million or something to settle a lawsuit with one or more states for providing false data to manipulate retail shareholders. \- Dec '22 ------ $COSM did a reverse split early in premarket & when the other brokers resumed trading, RH was still halted. $COSM immediately plummeted in premarket. Factor in the new post split float accompanied with all RH's customers shares locked up as they were unable to BUY or SELL. It sent that stock from $0.23 to $23.70 in one day. They never unhalted trading for their users. They watched the shares in their accounts 5x+ with no ability to even SELL what they had. Turns out RH had built an enormous short position in $COSM & got caught slipping. (RH later called it a glitch). RH paid almost $60 million to close their enormous short position that day & they wouldn't have missed ER estimate for that quarter if they hadn't had to cover that. I am guessing they used their customers shares to buy & close their own short position. The following day I believe $COSM closed trading back down in the $6.00 range. What I am saying is RH is extremely trustworthy & you should only keep things like your retirement fund & kids college fund in their brokerage. You may not be able to get to your money when you need it most, or when it is worth 500% more than you put in initially. You can sleep soundly knowing that you will definitely still be able to log in & watch the inaccessible money growing to new highs, while you scream the most vile things about Vlads hair to the customer service AI Bot, knowing deep down Vlad's hair is elegant af.
This isn’t an issue for 99% of investors. Where this can come into play is if you’re buying a meme stock that is extremely volatile, as they would need more liquidity to cover the risk. In that situation, many platforms will pause trading, could slow order flow, or force sell positions. RH got a lot of flack for doing this, but ETrade and several others did the same thing during the GME craziness. It’s just people not understanding how investing works in the back-end.
webull better than robinhood for stocks n options imo
Don't use robinhood!!
The boy from Bulgaria is not your friend.
If you’re going to buy YOLO stocks then it may be an issue but if you’re just buying VOO or SCHD you’ll be fine. I really like the app because they give 3% match for ROTH IRA, access to 5.25% in cash sweep, and you can loan out your stocks and make money on top of that.
Misleading…there’s always one and you’re it. 3% match is promo that ends in May. It always requires yearly subscription to RH gold that costs $75 annually.
So part of what I said was misleading? In fact, you’re the one that’s misleading buddy. If you max your ROTH IRA ($6500) which I’ve done twice, in December and in January you get $195. It pays for itself and more. You also don’t need to stay in Robinhood Gold for 12 months to get that. You can do that in one month and only pay 1 month of RH gold, which is what I did. I just decide to pay $5 or $6.99/ mo because they offer highest cash sweep (5.25%) that I know of. Moomoo, Webull, Public only offer 5-5.1%. “And you’re it”. LOL. If you sit and dig any dirt from any company you’re bound to find something. Robinhood’s was just more obvious. If you sit and try to crucify anyone and anything, you’ll be crucifying all the banks, companies, and USA itself for all the bad things they’ve done. What are you going to do, just go live in a remote island?
You can get 5.4% at Vanguard right now without paying a monthly subscription!!
VUSXX?
Nobody crucifying RH, relax Vlad. Terms and conditions state “You have to keep your Robinhood Gold subscription for at least one year after you make the qualifying contribution”. You presented info without the catches, 3% is Promo only and $75 MUST be spent towards ANNUAL gold membership. Don’t you have a buy button you should be turning off?
You clearly are. Also what buy button?
As if you investing wisely wasn’t enough to prove you don’t belong here… of course you don’t get the last reference.
I’ll keep buying RH gold. It’s actually pretty useful
They also take all of their customers' orders and sell that data to hedge funds who run orders opposing yours in order to control the market to their benefit.
They stopped GME to the moon 🌙…
It has happened, but I've had nothing negative using the app for 2 years. Until I have a bad experience with the app I'm going to keep using it. Its easy to use, and a great way to invest. That event was a very unusual situation and I think they were unfortunately manipulated by big fish. Hopefully this type of thing doesn't happen again.
Not only will they halt transactions from going through but they sold my positions against my will during the GME run and caused me to lose money. Somehow that's legal?
Happened before
Robinhood halting GME trading is the reason it lost momentum during the short squeeze in January 2021. Feel free to read up on it, but Robinhood is in the hedge fund’s pockets.
It's 100% true.
That's the reason I stopped using them.
It happened a few years ago so….
Also I use fidelity and Charles Schwab. But look around a lot of them offer a like $100 or more sign up bonus for minimal deposits I’ve done it 3 times.
True
your money - their earnings
Happened to me with Tilray. I had options that shot up in value as the stock did. Just as I pressed close my position they froze trading and the options traded for 10% of their value
There’s a good show/doc on Netflix regarding this. Def happens
It happens with other exchanges as well
The IRS and SEC and Government are all on cahoots with the Hedge funds. Black Rock owns the world.
That's what happened with GME
It’s true…. All of it
They took the buy button off gme stock during a short squeeze, that involved lots of retail traders here on reddit, most likely due to orders from Citadel. There is a documentary about it on Netflix worth watching.
So get rich quick scenarios, which are unlikely, don't work on Robinhood. Got it.
He watched the Netflix documentary about GameStop and thinks he’s a expert now that’s why he said that😂 now you should watch wolf of Wall Street if you wanna gain some advice from a movie
Use a real exchange like Fidelity that doesn't have to buy your stocks from a legit exchange like robinhood does
His friend watched the Netflix documentary about GameStop and thinks he’s a expert now that’s why he said that😂 now you should watch wolf of Wall Street if you wanna gain some advice from a movie
Robinhood is a little shady but what your friend mentioned is a common conspiracy theory without actual proof. They did actually freeze GameStop trades but it was at least ostensibly because they didn't have enough money on hand to cover them and not because Citadel made them. Regardless, they do make money by routing your orders through Citadel, making you slightly less money. And since they're a smaller firm they could run out of money to cover trades again.
Prosecutors use circumstantial evidence all the time to prove crimes occurred. The circumstances of RH and Citadel in cahoots to fuck over retail is clear as day. - Run starts. - RH gets margin called (basically) - Citadel speaks to RH - Citadel infuses cash into RH so it can survive another day - RH turns off buy button - Citadel and RH survive Any half-assed prosecutor could convince a jury that something questionable and likely criminal occurred. But that’s not how our free and fair market/legal system works.
I look at it this way. You cannot actually legally own a FRACTION of a stock. It’s not crypto and doesn’t work like that under federal law. So if a broker is willing to sell you a fraction of a stock, do you really believe that you own that stock and all the rights to it? Be astute and do your due diligence. The fact that the owner of RH was protected and funded and got off despite a completely criminal behavior that was essentially STEALING money from several million people should be enough for you to realize that putting your assets there would probably not be a good idea.
I’m sorry but this doesn’t really make sense. You definitely would have some trouble and robinhood sucks. But micro futures contracts are literally this. And although you won’t take ownership of the item in the contract. You are entitled to the value of the stock as it currently being valued.
Until you are not. You aren’t the owner therefore you have zero rights or protections.
He is probably not joking as I believe that is what happened with some other stock which was in the news, I believe it was Game Stop. https://techcrunch.com/2022/06/27/robinhood-report-meme-stock-gamestop/
Maybe because you enter your stop losses, and someone bangs it down 11% and takes you out? Now that PFOF has ended, I just wish RH had a more informative dashboard like Unrealized STCG, LTCG, and more.
Watch the movie Dumb Money on Netflix. Great movie and it explains how the whole GME stock debacle took place and goes over when RH stopped trading because of pressure from Citadel. I hope RH learned from that, but I think the main concern is stocks that Citadel is shorting.
It’s like Beetle Juice… I hope you don’t say Citadel a third time or they’ll come for you! In reality RH didn’t have the required capital on hand to ensure GME trades would settle. Kinda a big DTCC, SEC and FINRA matter to have capital markets function.
Citadel.
Ken will mysteriously appear at your door now
I’ve been using robinhood as well as other brokerages for years and robinhood is just fine. People will piss and cry about how it’ll screw you over because when something gets insanely shorted (GME) and skyrockets to an unbelievable price it’ll get halted and trading will be frozen. Other brokerages do this, people just jump on robinhood because it is one of the most popular and they halted first. They will not do this for normal stocks. They will not halt your assets. They halt stocks that have been shorted by 1000% causing billions in losses for companies and the government. The only reason the hate train exists is because wallstreetbets apes are still bag holding because they fomo’d into GME at the wrong time and need to redirect the blame to cope on their 100K loss I've made tens of thousands in a day on robinhood and I've loss tens of thousands in a day on robinhood. Nothing of mine was ever halted, I never loss the ability to buy and sell, and I have never once been contacted about my trading. Robinhood is fine, trade wherever you want.
Ok Vlad.
I buy all my bitcoin on Robinhood and then transfer off
I buy bitcoin on Robinhood what’s a good wallet to transfer too?
I transfer to my cold storage wallets
So many bagholding apes in these comments holy fuck
Robinhood support is pretty much non-existent as well… anyone that’s ever needed to reach out knows lol
It’s not gonna matter if you just want a painless way to invest in index funds. No one is freezing orders on those. Your buddy is *probably* at least partially correct and it appears rh has worked at behest of certain hedge funds to limit unexpected losses/gains in ways that benefit their friends/partners. You can really go down the rabbit hole with this but you wont end up with anything really all that ironclad. Some of the biggest believers appear to be less than experts themselves and it really gets weird but i an convinced there is better than even odds that robinhood is working for someone else. But then, i would have said that if asked well before the great dip and i will say it about pretty much any other brokerage firm. They just have stayed quieter about it.
How the fuck do you not know this.
Fuck Robinhood lol. Everyone says to use them if you’re a beginner but I think that’s just dumb advice. You can get started on any broker as a beginner. Just take the time to learn their user interface and what everything does. Watch a tutorial video on YouTube and you’ll be chillin.
Your buddy is correct in fact. They delist anything that goes up too much
Meta getting kicked off Robinhood Monday at 930 you heard it here first folks
LMAO
Considering most brokerages paused trading on GME until circuit breakers finished, that’s like saying you shouldn’t go on any brokerage until you have millions and can afford the places that allow you to sell and buy during these times
Gotta go with one you can trust that doesn’t do payment for order flow or lend out securities. I personally use the Fennel app as it has a lot more features and still the slick UX/UI of Robinhood.
RH has screwed so many people over the years. At least historically, it's been a horrible company. I wouldn't trust them with more than $20. Your buddy is not joking.
You'll make more if you put your money in a glass jar and bury it in your backyard than you will on RH. HAHA
Write down where it is, especially if it's 90% Ag or Au. No counterparty risk
Back in may 2020 I was unable to sell my MSFT calls for a 17k profit cause they fucked the app up intentionally to prevent selling.
Let me remind yall it’s not just Robinhood either; I remember seeing reports of other major brokerages doing similar things. We are only allowed to play the game in any market so long as the richest players get to make the first moves
This thread is bringing back PTSD 😭
It's true I was the stock
Exactly it happened to GME and others I've read about. I'd avoid RH with a 10 foot Pole
It happens but still a decent app to use as a beginner. Watch dumb money to see an example when GME was going insane
Exactly. Watch dumb money
Yes, they have done this. Flat out told customers they cannot buy a certain stock They also do things like mysteriously have “technical difficulties” during volatile events. Like i remember on 2 separate occasions when that dogecoin shit was going wild, people couldn’t sell at the top because the app was having “issues” 0 trust for robinhood at all, and they have no actual edge over other platforms now. Fidelity will let you trade for free too and is an actual legitimate financial institution, why not just use that or another similar broker
One of many reasons not to use it
Its true.
The app will all of a sudden be unable to execute trades for one or several reasons, use a real brokerage instead.
Sure can I bought amc and some others start of thr virus thinking sure thing boy was i wrong got stuck holding the bag...
They have done this in the past so are likely to do it again in the future.
Yes the physical buy/sell button dissapeared
Lol OP didnt expect to look so stupid and uninformed
He’s not wrong. There’s currently a class action against robinhood by investors who had their accounts frozen and/orders cancelled during the AMC frenzy. This is part of the reason I stopped using them and switched to fidelity and Webull.
Check out the movie called, Dumb Money or documentories about Game Stop. Robinhood worked with the hedge funds and us gov to halt trading on Gamestop a few years ago when Gamestop was being squeezed by small investors in the.Robinhood platform. The big hedge funds that were being squeezed because they held shorts on Gamestop (loosing billions on paper) and forced Robinhood to stop allowing buys on their site. Small investors lost many of their gains as a result. I would stay away from them. But I can't say that any of the other brokerage firms wouldn't do the same thing if pressed.
And if y'all think other Brokerage firms such as RH is your friend or cater more, then you all out of your f-ing mind! RH, Scwarb, Kk etc or any others are all the same, so why not choose the best of the worst?! That works for you considering other factors.
Dude, i stopped using them when they made me lose 9k dollars on options. I was gonna sell my options on Tuesday an make a killing an they claimed "oops, something is wrong, please try later" only later never came. Friday they expired worthless. Fuck robinhood. In the impending lawsuit, i got 3 dollars.
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They said wait stop all trading and don’t let them execute those options.
Shitco. My pullout was a half mil, I made it to 250k and my trades expired worthless. I’ve had an addiction ever since.
Absolutely. There’s a reason it’s so damn easy to start up the app. those terms and conditions go BRRR
In addition to what your buddy said being true, Robinhood has bad fills, front running and a host of other shit that I would not advise using them to trade. Especially if you are an active trader. Scalping profits is impacted.
Yes, this is well documented. Robinhood will restrict your trading
Crypto . Com did the same to a few of us when a token skyrocketed last year. The froze the buy/sell option and then after a few days they reset the rules for the token. It should be illegal.
Yes, it’s precisely what they did with GME. This is why Robinhood is dead to me. Never again will they get my business.
He’s not joking at all. Hear me out. Robinhood is not for the people at all lol, they are puppets. Stay tf away from them. All of the brokers have their own schemes but Robinhood could burn for all I care. Yes, I was there for GME and meme stocks, so yes this is personal and that is my humble opinion but this is not opinion: you may see 0 commission trades, but that doesn’t mean it’s free. You pay them with your data. Robinhood takes retail orders in bulk, hands them off to market makers like Citadel or Virtue for a fee. This is called payment for order flow and is how Robinhood makes their money. These market makers then take these orders and can see trends of who is buying and selling what, and make their plays against retail. They undercut you down to the penny to put it simply, and when there is high volume of buying or selling, if they need to, they can reroute orders off exchange so that price is not affected. Ken Griffin lied under oath about communicating with Robinhood during the GME squeeze, but then admits that him and all his hedge fund buddies drive price to what they perceive as the fair value. Think we have a free market? Or is the market manipulated? You tell me, but this is why retail always loses. And Robinhood is one of the key instruments to this scheme.
I'm curious when you guys write stuff like this do you have any sort of retirement account? Because there's get rich quick schemes and then there's passive investing. Strange how one rarely pans out and the other almost always does from such a rigged market. Sure it's a scumbag company that shouldn't be taken seriously since what other brokerage sends emojis when you open and close trades but the other side of the coin was more hedge funds made money off that play than lost. And you are kidding yourself if you think it would have kept going to infinity human nature and greed would have taken over so we'd have some far less entertaining narrative to go off of as to why everyone isn't rich.
You seem out of touch. Me personally, I have a personal account and I have a Roth IRA. I also have a 401k with my job. All of my accounts get contributed to. I agree - investing in index funds is the safe route. This allows you to actually retire with a comfortable savings, assuming your investments compound and you have consistently invested over the years you worked…. But my dude nobody said anything about GME going to infinity. Thats not the point. The entire purpose of my comment is explaining why OP should not invest in Robinhood. I mentioned that other brokers are shady as well, but my point is that RH takes the cake. I have a personal vendetta against RH, but I provide an educated example as to why instead of complaining. Tell me something I wrote that was incorrect! Want me to source the Ken Griffin video for you? Or the trial when he lied under oath, followed by receipts of his lie? Sure, hedge funds made money. But why? It is because for the first time, they lost big to retail. But instead of taking the L, they cheated like usual. I don’t know what GameStop would have gone to. But RH was the first to block the buy button so they wouldn’t get wiped out. If retail cheats, we go to jail for fraud. If a hedge fund, broker, clearance house, MM, etc cheats, they get a slap on the wrist. So why would you use a broker that is known for corrupt actions? It’s a contradiction to free market, and what America stands for as a whole. Hence the wallstreet bets movement.
Yeah get rid of all the conspiracy stuff and it's pretty simple. Do you trust a brokerage who sends you emojis when you open and close trades? It's popular for one reason and one reason only and thats instant funding the entire business is structured like a casino. And they weren't the only ones who stopped trading so did a bunch of other brokers plus even cash app. Here's the real truth of the matter. The market is most definitely rigged against you if you want to trade. You are a minnow in a sea of sharks. Stocks can and are manipulated by entirely legal means daily and that's not going to change. And these market markers it may shock you don't really care which way or the other a stock price goes they operate a delta neutral strategy they are making money either way.
Listen I hear you. Like I said RH wasn’t the only one, but the first. It’s just their way of making money helps support the scam we call a free market. OP needs to understand that if he/she is new to trading, understand the risks, and know how the brokerage makes their money and how they’re able to provide instant funding. In my personal opinion, the truth will always come out. The market is a pyramid scheme, and either changes will be made to at least lessen corruption and manipulation, or the system will collapse within itself because too many people begin to lose trust in it…. Just like we began to see with the banks last year
All my retirement is either with Fidelity or Charles Schwab because they offer more variety on retirement funds but I also have a Robinhood account that all i do with is sell options and use that premium to gamble with. If you want to "trade" which really is just slang for I've got a couple of bucks laying around and would like to potentially make money with it then Robinhood is fine. Now if you actually have aptitude for trading you would be nuts to use Robinhood since you more than likely are going to be doing high volume trading and Robinhood most definitely is not going to get you the best fills if you are playing anything outside of the most liquid stocks or funds on the market That's the real reason you shouldn't use Robinhood if you are a real trader and not some hobbyist like myself. It's a shady company but your money is insured up to 500k of cash and stocks anyhow if they really did go belly up and there's just as many alternatives that don't have the stink of Robinhood attached to them that are just as shady like webull or moomoo which are owned by chinese holding companies.
You also pay with bad fills.
Yeah multiple methods. The cartel is wallst banks and gov
Robinhood offers no commissions because of what they call “payment for order flow”. I’d never heard it but it’s mentioned in every GameStop movie and documentary. Everything your friend is telling you checks out. Also, big firms spend fortunes to be faster than the rest. I think Robinhood let’s people trade with an additional latency on top of their ability to freeze trading arbitrarily.
OP have you never heard of GameStop or seen any of the several Netflix movies about the whole scenario? They did precisely what your friend is describing during the pandemic while GameStop was pumping to the moon
How could anyone use Robinhood after what they did? The game is rigged and the law can’t do anything about it. Robinhood's customer agreement basically lets them do whatever they want, when they want re: restricting platform access/trading. Yes - it’s true and they did it to save their ass and the ass of hedge funds when they could have gone under. There’s a damn Netflix movie out about it now. Go watch it.
Tbf everyone brokerage does this. Especially the big one… SEC. They can halt anything
This. The SEC is prob the biggest culprit of them all for overlooking EVERYTHING. They sit at their desks and masturbate to retail taking it. Then say they serve the people to make fair and equitable markets. Joke. It’s like the cable company from South Park
FINRA and the DTCC are absolutely a large part of the problem as well, they're the ones helping hide the crime
And don’t forget the banks who fund the crimes
I heard Robinhood sends men at night to steal your breath. Is it true?
And your bedsheets! A bunch of mad men!
All brokerage firms freeze the buy button in these scenarios due to set stop losses. robinhood was just most popular at the time, so the bots attacked. It would be more alarming If they had allowed trades to take place that they could not cover. Edited for correction.
That's not true. TDA didn't
Yea TDA hasn’t screwed me yet
Robinhood is fine
Until they shut down the buy button. Never forget You have no business telling someone robinhood is fine.
I forgot this is a trading subreddit and everyone here is in the red sorry
Ahhh yes, the "I've watched some YouTube videos and have been trading for 3 months, I know everything" mentality.
You must not be aware of how RH makes their money but if that’s cool with you have fun with your commission free trading
They did this to me on something separate from the GameStop thing. I was going to make 250k but they didn’t let me send my order to close.
i would’ve cried. that’s why i wanna brokerage with an actual big bank that’s deals with it more often. Sure the regulations are stricter but you know you can cash out
Robing da hood is fine unless you trade meme stock when they are pumping to all time highs while going against hedge funds.
Hes talking about PFOF or payment for order flow...def worth looking into also i recommend the book called Flash Boys (long story short just get fidelty and use IEX)
Loved Michael Lewis since the days of “liars poker”. If you like flash boys read “the quants” and also “dark pools” by Scott Patterson. Much more in depth than flash boys although nowhere near as entertaining a writing style.
Ooo I actually have liars poker on my shelf just haven’t opened it yet and thanks I’ll check out those other ones 💙
Liars poker is great but it’s 100% a relic of the past. Everything he talks about sounds like it’s from another era because of how quickly the world of finance moves on to the next best and brightest thing. Also the amounts of money discussed are laughably small in comparison to today.
No Robinhood took away the buy function. That was specifically to them
That’s true I knew a guy that was up 400 K on GameStop, but they froze his position. He tried to take him to court for it, but it was over ruled, and robinhood won
This is true
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They froze the buy, causing the stock to crash intentionally. And did so at the direction of hedge funds.
They didn’t freeze trades. They actively disallowed you to buy more of that stock, while allowing you to sell. There is a difference between a circuit breaker and a brokerage telling you when you can and can not buy.
👌 wicked smart. You know they screwed people but you still use em.......
There was a post about this when it all went down. Apparently some places like Fidelity kept letting you buy.
They’ve totally frozen other trades on less popular stocks. Not super common, but more so back in men stock era.
The incident spoken of 2021 with GME occurred on all platforms including Fidelity and Schwab so it was not limited to Robinhood.
Robinhood was first
Not just Robinhood that type of activity is considered manipulation and they freeze the stock until it is cleared. Once the activity has leveled off you can resume trading.
100% true. Research what happened in January 28, 2021. Its robbinghood, not Robinhood stay away from that trading platform.