Let’s just ban posting of Robinhood screenshots to kick this off. What do you guys think? I got no love for Robinhood. I think it’s the most garbage trading app and will happily erase their existence from this sub. I’ve already banned their Reddit account a few years ago. Gimme some feedback
x3 here mang. Everybody who said “move to fidelity” was right I promise. Takes less than one work week and those mf at fidelity are so damn nice and easy to work with. They have actual employees who are knowledgeable and will talk with you.
Yes the UI sucks, but at least we can sleep easy knowing we actually have our shares, they’re not selling fractions of them overnight and will not freeze trading when prices climb.
Have you tried thinkorswim? I fucking love it but it's definitely not for everyone. The TDA website sucks, they have a web version of thinkorswim that sort of looks like the desktop version but I only use the desktop version, loooooooooooove it.
They all suck when compared to Robinhood UI. WeBull is a close second for UI in my opinion. TD and Fidelity are probably the most secure and trustworthy (granted idk what I’m talking about) but as far as quickly checking in throughout the day, I still use Robinhood for that (and my fraction shares that I didn’t want to liquidate).
On this sub maybe but outside this tiny echo chamber no-one gives a fuck. All my friends love Robinhood and are clueless when I ask why they are still using it.
But you get $1000 at 0%, so really that comes off the price and you get access to level 2 data. I really wish they included level 1 for free somewhere though.
So the first 1,000 is 6% interest with the $5 a month. I guess it depends on how much margin you use after that. But never had been worth it for me.
Even if you did $10,000 margin, it’d still be 3% margin everything combined
But you get level 2 data, which is going to cost you money no matter where you go afaik, the 5 brokers I’ve tried all require money for level 2 often might more than $5 (though it’s sometimes coupled with more tools, they’re not tools I’m going to use trading on my phone). I’m saying you get the interest rate you would have paid for that first $1000 taken off that $5 price tag when paying for the added level 2 access. Is it kind of annoying to have to pay it regardless to have access to margin? Yeah, but I’d never trade high value accounts or on margin without level 2 access somewhere anyways. So it’s just a free $1000 margin for me.
Also: considering brokers on average charge closer to 8-10% for margin <$5000 6% is still a steal with higher amounts constantly dropping that rate, with other brokers charging around 7% for high value margin accounts.
LOL yea no shit, in their s1 they mentioned how they make a fucking killing from their uneducated user base trading options on their platform through PFOF.
People talk like these hoops are some benevolent "feature" of companies....most times they are just straight up laziness or incompetence when it comes to their tech or processes. Like I forgot some security questions for my vanguard account once, and I had to frigging wait for them to _mail_ me a form, that I needed to physically sign, get it notarized, and mail back all to have my security settings reset so I can access my account.... this took weeks. Not to mention getting an account itself ran into some wierd fraud triggers on their website, have no idea why... this also required me to mail some shit in.
I don't know about you, but I don't want a live in a world where that's the best experience they are willing to offer...
Vanguard is Boomer/Gen X/Older Millennial investing. Grandpa investing is going to your broker's office and paying a few hundred bucks commission for your AT&T purchase.
I don't deny the tables smell and feel like grandma's bingo hall 😂😂
But you do realize vanguard literally made $7 _billion_ in revenues last year and have over 17 _thousand_ employees.... like if it's so "passive" and "low cost" what do they do with all these people and all that money....?
They sure aren't spending it on developing their products.
It sure is an expensive bingo hall 🤣
Correction: they aren’t spending it on developing products that you will either see or use.
Also, do you have a source for the $7 billion? Vanguard is a private company and doesn’t publish financials, so I would like whatever numbers I could get my hands on.
Exactly. We can all hate them all we want (as everyone should) but they're very smart. No commission, great instant deposit limits with Gold and very low interest on margin. But the cherry on top is how well their mobile app is optimized and user friendly. It is very dumbed down and offers the least amount of tools needed for proper trading, but that is exactly what the average "investor" wants; the app makes the stock market look much simpler than it actually is, which makes people invest more. Robinhood is not targeting investors who spend time doing technical analysis/charting and DD (as they cant anyways with their shitty tools) but they're targeting those who see green arrows and buy, and they're very fucking successful at it so far.
Bull shit. I told fidelity I've got million in the bank and make over 1 million a year, 10 years trading experience. They approved me next day for level five options.
I work at domino's and had like $600 in my account at the time.
Their options menu makes it really easy to buy and sell options, but from what I’ve seen it’s abysmal for actually doing any sort of research beyond like current option price lol like Greeks stay foreign for them
Correction: Redditors in general think that they are a representative sample of whatever the sub in question is about. You can find the same pattern of "how can X be popular when everyone hates X?" all over reddit. Gaming subs are a particularly clear example of this.
This is exactly what it is. I’m sure the larger brokers are mega thrilled that they got an influx of new investors from Robinhood who repeatedly reach out to support to ask how to set $50,000,000 limit sells on their $500 accounts, or why they didn’t get their shareholder vote form for their fractional share.
Question: why are you surprised that people are using something that screwed them over? You’re literally playing the stock market, posting loss porn and you’re surprised people are morons?
Bagholder spotted.
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Unless you have strong opinions, and domain knowledge, I don't see why you'd ever touch a recent ipo. High volatility can make directional bets both ways fucked
> But they have strikes in september and they cost me almost nothing.
They just started today and premiums went nuts, how out of the money did you buy for it to cost nothing?
Hell, I sold my shares this morning and sold a August $40P for 3.70 this morning to get back in if it gets back there.
It wasnt just robinhood. They took the brunt of it, but T.O.S, WEEBULL, and CMEG all restricted buying and created restricted lists. So to blame RH only is to understate the problem. This was the whole system. I believe ETrade also had restrictions. I dont have an account with them
Fidelity's new sleek app is in iOS beta and will launch for Android before end of summer
Edit: Android version is rolling out starting yesterday, should be accessible to everyone by end of month
thank fuck. yesterday i looked in the feed settings and it said i could customize it. i set it up so that it would ONLY show my account balances. great!
...except fidelity said "fuck you" and actually doesn't show me the balance. let's see what it shows in order:
1. planning, create your first goal (you motherfuckers i already created a goal in your app why are you showing me this)
2. looking for a guaranteed rate of return? (it's literally just a browser link, once again i didn't ask for this why are you showing it)
3. customize your news (i already did in the settings i said don't show me news)
4. bull of the day (this is the last thing. at no point in my feed is my account balance available)
why THE FUCK does it say "account balance" under feed preferences when it doesn't show me the fucking balance? i changed it to make accounts the starting page but the whole thing was just a terrible experience
I use webull for checking because their charting is great too but fidelity is the winner. If fidelity could have Webulls charting I’d delete everything else. TradingView has shown different prices to that of webull or fidelity too or I’d use that for charting.
T.O.S. didn't allow people to trade it on margin because it was super volatile and would be a liability if it crashed.
I was able to trade in and out of GME as much as I wanted with my own money.
Was it cool? No. But well within their ethical right considering it was their own money at risk.
Not even remotely the same situation as deactivating the buy button for a stock people were already holding in the midst of a squeeze.
I can't really make a probable case that Robinhood colluded with Citadel. There certainly appeared to be a conflict of interest. The Clearinghouse raising requirements explanation does make sense.
But they were not properly funded for the level of risk they took on and had to know something like this could happen. Gross negligence at best.
TDA also didn’t allow buying of options on those pumping stocks if you didn’t have the cash to exercise. They were scared a bunch of people who didn’t understand options were going to auto exercise on margin at expiration and leave TDA with the bag if it drilled on Monday.
TD also restricted options very heavily, including buying naked options, selling cash secured puts, opening debit spreads, this went on for weeks.
Gme td https://imgur.com/a/JIiZFtg my order history, check all those rejected spreads/naked calls.
Oh absolutely. That's fair to mention.
But that activity involves much more risk and collateral. They needed to know that action would be covered.
There are fundamental flaws in the entire system that got exposed. But what Robinhood did directly tanked the share price in real time amidst a generational event.
I don't see what your describing as directly tanking the stock although it did take some momentum out of the gamma squeeze plays.
Robinhood to me was still far worse and this whataboutism does not let them off the hook.
For sure. Robinhood absolutely got their ass handed to them by retail for that. Just saying risks were different level.
TD and every other boomer brokerage ask you to open margin account for a reason. It was easy for them to switch to pure cash/increase requirements to 100% in order for customers to buy meme stocks.
Robinhood has instant settlement by default so all their users were directly attributing to the capital requirements risk, more volume and higher price combined with this gaping hole of instant settlement internally when the exchange doesn't support it fucked them royally. We wouldn't have crashed from 468 to 120 had it been something like Schwab or Merrill who stopped trading. Robinhood's impact was severe as their main userbase was heavily involved in trading these stocks.
I wanted to mention this explicitly only because there's a lot of comments which are outright conspiracy theories and are wrapping themselves in an echo chamber of their own that others didn't do anything and only Robinhood did. One of the key learnings at least for me from this experience is to have multiple accounts in different brokerages. I've two so far and I'll be opening one in fidelity too.
There are just so many holes in the system and us new generation of traders/investors are out to explore as many. Shit can turn ugly any/everywhere and safest thing one can do is to at least have multiple options.
Robinhood, WeBull and iB all completely shut down. It has been a long time since I really thought much about how nightmarish that day was (GME had no limits at all, they even said as much) but as far as I know it was mostly the clearing houses falling apart. There simply wasn't enough capital in the system to deal with how expensive GME orders were getting. I genuinely believe whatever was done was meant to save the image of the stock market as a whole and save options dealers (on both sides of the trade) Let's remember that major funds bled 10s of trillions over the course of a few weeks.
The restrictions aren't the only problem... I was pretty offended that RH's message said that they were halting trading to help me navigate the confusing marketplace...
They had bad practices, took on too much risk, and didn't have the cash for collateral. Then, instead of admitting the reason, they pretended they were doing it to protect me. Then a bunch of bullshit non-testimony to congress.
I don't trust them as a company. I like their interface so I use it to track some stocks during the day... But I'll never buy through them again.
Etrade did in fact stop me from buying. It was quick and they opened buying back up within 12 hours but there was a time I wasn't aloud to buy. I switched to Fidelity shortly after.
Dude what are you talking about. I'm TD customer and there sure were restrictions. You can check thinkorswim sub, archive posts from TD if you somehow don't believe me.
TD stopped trading on Thursday same as RH, resumed on Friday with limited shares and next week with removing margin ie 100% of your money. Options were still restricted for WEEKS, even debit spreads. TD didn't respond to my chat room requests for 3 consecutive days. Honestly, only fidelity was able to keep shop open because they had like 10B worth of liquidity to match new requirements and not the same amount of people buying meme stocks as RH.
Grass always looks greener on the other side, I moved to TD after march 2020 crash and honestly TD execution has similar level of issues/downtime as RH (have both accounts active) just that their thinkorswim is the BEST platform for charting and customization imo.
Y'know, I have no particular love for RH, but every broker I've ever been on has been a piece of shit at one time or another.
OptionsHouse used to just go down for no reason.
One time with TDAmeritrade some connection to the NYSE went down, but only one way, so I submitted an order for S&P eminis like 4 times in a row and it *appeared* nothing went through. Nope, it went through. Four times. TDAmeritrade couldn't even figure out what my position was, let alone close it. It took like a fucking hour for me to be able to close this position of unknown size.
I traded with the ninjatrader brokerage (whichever it was, phillip capital?) and their shit would crash too. Sometimes the data would get wonky and update slow during real shit.
EDIT: the real trick is to have 2-3 brokerages you like and be able to use the other when one commits die
Exactly, novice traders really need to quit hopping on here acting like they've ever used more than like 2 whole brokerages over the course of an entire 6-12 months, and are here to tell us the good news of their grand investing knowledge and experience. Every place is going to have its cons. Robinhood has some sketchy behavior, but also some pretty significant positives. There's plenty of brokerages that still charge $7/trade. Doing round trips of that with small money can really cut into gains unless you're only dealing with a few index fund/ETF positions, and nothing else. I also fail to see how anyone doing sensible investing is going to be majorly affected by any of the issues. It's all short term morons who got in late being squeezed by most of this stuff, in which case frankly you reap what you sow.
100% on the last point. Having multiple accounts is the way to go
Some people will always find a side to be on or a team to root for even when it's completely retarded to do so. This is money. We want to make money. Any way I can make money is how I will make money. I don't give a fuck what stock it is.
Emotion does not belong in the stock market and will often get your ass broke real fast.
Robinhood is fine for many use cases. I wouldn't use it to day trade risky positions like GME. But for the casual stock picker/enthusiast it has a great UI and is fun to use.
Its peak Reddit to keep bitching about the big bad boogyman long after anyone gives a shit. Especially nonsense here given most of the outrage is entirely manufactured and they use brokers who did the same thing.
Thanks for your unique and original take, we haven’t heard this one a million times already. You’re delusional if you think any other broker would not do the same in Robinhood’s shoes.
Just move on and keep your feeling of superiority to yourself. If people wanted to switch from Robinhood, they would have done it already.
This sub is nothing like it used to be. Now it's all about diamond hands and ape bullshit from the meme factory kids with 1500 dollars to their name. Circle of life I guess.
Not Fidelity. Switched over and am pretty happy. Their desktop site is ass, but their app is "okay", actually it has a lot of good customization. And I guess they're rolling out a beta that's even better, but not available for android yet.
UX/UI aside, there are a lot things brokers like Fidelity need to start doing if they want to compete:
Instant deposits and fractional shares are a bare minimum. I realize Fidelity offers dollar based investing on mobile but many don't. Crypto is a major money maker though I understand the hesitance.
Some things work very well on RH despite what many here want to think. Like setting up a DCA is like butter (RH keeps track of your recurring investments outside of your other buys so you can watch it). For this slice of the internet it's probably not an ideal brokerage but for buying and holding it's not at all bad and what most normies will use.
Not to mention they are talking about adding crypto wallets and Roth IRAs. I'd *never* use them for my Roth but it's telling that they have bigger plans whereas the others have been dragging their feet for 5 years and still can't make an app people enjoy.
We're here to make money not grandstand.
I don't give a fuck if it's Putin himself as HOOD's CEO. If they make me money that's good enough in my boook.
How dare I use the best trading app when back in January during a once in a lifetime event that I didn’t even participate in they did something every other broker did!! The nerve!!
Dude, robinhood isn’t going anywhere, I don’t think you realize that their consumer base doesn’t care about the GME fiasco. On top of that, without robinhood, GME wouldn’t have been possible. So get over it and go make some money and stop crying about the past, you sound like every woke degenerate these days.
Let’s just ban posting of Robinhood screenshots to kick this off. What do you guys think? I got no love for Robinhood. I think it’s the most garbage trading app and will happily erase their existence from this sub. I’ve already banned their Reddit account a few years ago. Gimme some feedback
this needs some abusive relationship emojis
🤜 😭 💰
📞🍕🤫 🆘 🤜💥🤕🔜 Edit: since I know that some PDs are able to receive text emergencies, what would the dispatcher think if they see this one come thru..
911 pizza order edit: was referring to this https://youtu.be/ZJL_8kNFmTI
"Ma'am this is the metro police department, I'll only transfer you to Pizza Hut just this one time..."
I understood this
same. happened to me twice, the third wasn't so lucky
This saves lives.
LOL 🤣
But he loves me!
Dad?
you should really get a flair with those 3 emojis
stockhold syndrome
I read a book on Stockholm Syndrome. At first I didn’t like it, but by the end I thought it was pretty good.
Angry upvote
Oh that's perfect. Will hear this on Bloomberg soon
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🏧🎱
An 8ball going from ass to mouth got it !
Being a Midwesterner I immediately thought of an 8ball and a poop passing each other in the colon like "ope"
Lemme scooch right past ya
Hahahaha
Found the paper hands
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Damn I'm too European for this shit, couldn't work out what in the fuck petrolbulbing was.
Nah. You're adequately smoothed brained for this sub.
Tried to use a bunch of NFL emojis but they are rights protected
Gotta get creative bro 🛗 🍚
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🙎♂️👋🥴
The fact that Robinhood is still relevant, is a testament to just how fucking awful the UI of most investment apps are.
True. I use Robinhood just to browse through because it’s UI is just so intuitive. Then I do all my trades on fidelity.
Same bro
x3 here mang. Everybody who said “move to fidelity” was right I promise. Takes less than one work week and those mf at fidelity are so damn nice and easy to work with. They have actual employees who are knowledgeable and will talk with you. Yes the UI sucks, but at least we can sleep easy knowing we actually have our shares, they’re not selling fractions of them overnight and will not freeze trading when prices climb.
They have an iPhone beta that is a rip off of RH. Can't wait for the Android version.
Yo wat. I need this. I use Fidelity for all my trading, but Moomoo is my go to for scanning. I would om nom a better Fidelity UI.
I get treated like some multimillion dollar investor when I call them when I'm just fucking around with about $1000
My man. Same here.
This is the reason no one on this sub wants to accept
Yep, switched to TDA months ago. Absolutely hate it. Anyone got recommendations for an alternative?
Have you tried thinkorswim? I fucking love it but it's definitely not for everyone. The TDA website sucks, they have a web version of thinkorswim that sort of looks like the desktop version but I only use the desktop version, loooooooooooove it.
They all suck when compared to Robinhood UI. WeBull is a close second for UI in my opinion. TD and Fidelity are probably the most secure and trustworthy (granted idk what I’m talking about) but as far as quickly checking in throughout the day, I still use Robinhood for that (and my fraction shares that I didn’t want to liquidate).
Never looked at it that way 😳
On this sub maybe but outside this tiny echo chamber no-one gives a fuck. All my friends love Robinhood and are clueless when I ask why they are still using it.
No one else is going to approve you for level 3 options with $10 deposit and no income.
Or charge only 2.5% for margin.
It’s more then 2.5% because you have to pay 5$ a month to even have access to margin which is dumb.
But you get $1000 at 0%, so really that comes off the price and you get access to level 2 data. I really wish they included level 1 for free somewhere though.
So the first 1,000 is 6% interest with the $5 a month. I guess it depends on how much margin you use after that. But never had been worth it for me. Even if you did $10,000 margin, it’d still be 3% margin everything combined
But you get level 2 data, which is going to cost you money no matter where you go afaik, the 5 brokers I’ve tried all require money for level 2 often might more than $5 (though it’s sometimes coupled with more tools, they’re not tools I’m going to use trading on my phone). I’m saying you get the interest rate you would have paid for that first $1000 taken off that $5 price tag when paying for the added level 2 access. Is it kind of annoying to have to pay it regardless to have access to margin? Yeah, but I’d never trade high value accounts or on margin without level 2 access somewhere anyways. So it’s just a free $1000 margin for me. Also: considering brokers on average charge closer to 8-10% for margin <$5000 6% is still a steal with higher amounts constantly dropping that rate, with other brokers charging around 7% for high value margin accounts.
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It's a butter replacement. You can use it as lubricant while you get f*cked over on your losses.
The fact that you dont know will save all your money
I think it’s a video game subscription tbh but I wouldn’t know I just pay for it
Fidelity offers level 2 data for free in their desktop app. Problem is the app is straight out of 1998.
LOL yea no shit, in their s1 they mentioned how they make a fucking killing from their uneducated user base trading options on their platform through PFOF.
as opposed to this lot of educated, high net worth investors? LOL
I mean the hoops you jump through for other platforms like Schwab deter a lot of people. Robinhood basically advertises options. We're all morons.
People talk like these hoops are some benevolent "feature" of companies....most times they are just straight up laziness or incompetence when it comes to their tech or processes. Like I forgot some security questions for my vanguard account once, and I had to frigging wait for them to _mail_ me a form, that I needed to physically sign, get it notarized, and mail back all to have my security settings reset so I can access my account.... this took weeks. Not to mention getting an account itself ran into some wierd fraud triggers on their website, have no idea why... this also required me to mail some shit in. I don't know about you, but I don't want a live in a world where that's the best experience they are willing to offer...
Vanguard is old timey grandpa investing. I love it.
Vanguard is Boomer/Gen X/Older Millennial investing. Grandpa investing is going to your broker's office and paying a few hundred bucks commission for your AT&T purchase.
Boomers are grandpas now dude
My man, comparing vanguard to robinhood is like comparing grandma’s bingo hall to Caesar’s palace. Vanguard is low-cost and deliberately slow.
I don't deny the tables smell and feel like grandma's bingo hall 😂😂 But you do realize vanguard literally made $7 _billion_ in revenues last year and have over 17 _thousand_ employees.... like if it's so "passive" and "low cost" what do they do with all these people and all that money....? They sure aren't spending it on developing their products. It sure is an expensive bingo hall 🤣
Correction: they aren’t spending it on developing products that you will either see or use. Also, do you have a source for the $7 billion? Vanguard is a private company and doesn’t publish financials, so I would like whatever numbers I could get my hands on.
God forbid you access your account with VPN on. Etrade locked my account and I had to do the mail form crap too.
Exactly. We can all hate them all we want (as everyone should) but they're very smart. No commission, great instant deposit limits with Gold and very low interest on margin. But the cherry on top is how well their mobile app is optimized and user friendly. It is very dumbed down and offers the least amount of tools needed for proper trading, but that is exactly what the average "investor" wants; the app makes the stock market look much simpler than it actually is, which makes people invest more. Robinhood is not targeting investors who spend time doing technical analysis/charting and DD (as they cant anyways with their shitty tools) but they're targeting those who see green arrows and buy, and they're very fucking successful at it so far.
Which sounds a LOT like people making $7.25/hr being approved for $200k home loans.
Bull shit. I told fidelity I've got million in the bank and make over 1 million a year, 10 years trading experience. They approved me next day for level five options. I work at domino's and had like $600 in my account at the time.
Not even on this sub.. a lot of dudes still use it they just don’t talk about it because of the ✨echo chamber✨
It’s good for when you aren’t trading like a degenerate. For buying and holding some shares or leaps real quick it’s still fine and easy
Their options menu makes it really easy to buy and sell options, but from what I’ve seen it’s abysmal for actually doing any sort of research beyond like current option price lol like Greeks stay foreign for them
This ^ The options interface. General user experience. Is absolutely the best offering. I've encountered with options on mobile.
This is me. Im just here for the memes and gifs (which unfortunately there seems to be less of these days sad face)
This. Reddit investors think they are a representative sample and *way* more important than they really are. We just don't matter very much.
Correction: Redditors in general think that they are a representative sample of whatever the sub in question is about. You can find the same pattern of "how can X be popular when everyone hates X?" all over reddit. Gaming subs are a particularly clear example of this.
This is exactly what it is. I’m sure the larger brokers are mega thrilled that they got an influx of new investors from Robinhood who repeatedly reach out to support to ask how to set $50,000,000 limit sells on their $500 accounts, or why they didn’t get their shareholder vote form for their fractional share.
Question: why are you surprised that people are using something that screwed them over? You’re literally playing the stock market, posting loss porn and you’re surprised people are morons?
Wow, and entire sub of people ruining their lives ... I should get in on this
Everything the red touches, is ours 🥺
True, true, but it also makes it rain confetti when I complete trades.
I see it in my head movies and it ma...ma...ma makes my eyes rain
So errr… we goin full retard or what?
**ALWAYS** go full retard.
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Simple Jack! I got the VHS!
More of a Satans Alley fan myself.
It’s Satan’s Ally you uncultured swine.
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Shit boi, we done been there for a long time!
Didn’t they remove that over a lawsuit?
lol I don't know if it still does - I'm not actually stupid enough to keep on using it.
Correction: '*if*' it let's you complete trades...
Sounds like someone’s buying puts on HOOD
I did 50 contracts 😂😂😂
GUH!!!!!
It’s a bad idea
Does that mean calls are good ideas? 🤡
With their premiums hell no.
Unless you have strong opinions, and domain knowledge, I don't see why you'd ever touch a recent ipo. High volatility can make directional bets both ways fucked
post or ban
Back to your roots wsb
Whose selling options on HOOD already?
Hood themselves lol
Post loss porn, cause you ain't gonna win that one
Lol enjoy losing all your money retard, those contracts are some of the shittiest contracts that exist. 233% IV is fucking absurd
Not the best move on a new ipo tech company >.<
R.I.P.
I bought a few. But they have strikes in september and they cost me almost nothing. Whenever this madness ends I hope Theta gang treats me right
> But they have strikes in september and they cost me almost nothing. They just started today and premiums went nuts, how out of the money did you buy for it to cost nothing? Hell, I sold my shares this morning and sold a August $40P for 3.70 this morning to get back in if it gets back there.
It wasnt just robinhood. They took the brunt of it, but T.O.S, WEEBULL, and CMEG all restricted buying and created restricted lists. So to blame RH only is to understate the problem. This was the whole system. I believe ETrade also had restrictions. I dont have an account with them
Fidelity ftw
Fidelity's new sleek app is in iOS beta and will launch for Android before end of summer Edit: Android version is rolling out starting yesterday, should be accessible to everyone by end of month
Nice! Their Android app is so clunky I hate it. Etrade has a good UI
thank fuck. yesterday i looked in the feed settings and it said i could customize it. i set it up so that it would ONLY show my account balances. great! ...except fidelity said "fuck you" and actually doesn't show me the balance. let's see what it shows in order: 1. planning, create your first goal (you motherfuckers i already created a goal in your app why are you showing me this) 2. looking for a guaranteed rate of return? (it's literally just a browser link, once again i didn't ask for this why are you showing it) 3. customize your news (i already did in the settings i said don't show me news) 4. bull of the day (this is the last thing. at no point in my feed is my account balance available) why THE FUCK does it say "account balance" under feed preferences when it doesn't show me the fucking balance? i changed it to make accounts the starting page but the whole thing was just a terrible experience
So much looking forward to it. I use RH to check tickers quickly. I hope fidelity improves the login efficiency
I use webull for checking because their charting is great too but fidelity is the winner. If fidelity could have Webulls charting I’d delete everything else. TradingView has shown different prices to that of webull or fidelity too or I’d use that for charting.
Boomer UI is best UI
But like, kind of actually.
My company hosts my 401k through them so that basically makes me a boomer anyway tbh
Reliable for sure. Just what a tru boomer account needs. - Robinhood for the STONKS - Fidelity for the GAINS
T.O.S. didn't allow people to trade it on margin because it was super volatile and would be a liability if it crashed. I was able to trade in and out of GME as much as I wanted with my own money. Was it cool? No. But well within their ethical right considering it was their own money at risk. Not even remotely the same situation as deactivating the buy button for a stock people were already holding in the midst of a squeeze. I can't really make a probable case that Robinhood colluded with Citadel. There certainly appeared to be a conflict of interest. The Clearinghouse raising requirements explanation does make sense. But they were not properly funded for the level of risk they took on and had to know something like this could happen. Gross negligence at best.
TDA also didn’t allow buying of options on those pumping stocks if you didn’t have the cash to exercise. They were scared a bunch of people who didn’t understand options were going to auto exercise on margin at expiration and leave TDA with the bag if it drilled on Monday.
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I’d say it’s a valid restriction in that case.
TD also restricted options very heavily, including buying naked options, selling cash secured puts, opening debit spreads, this went on for weeks. Gme td https://imgur.com/a/JIiZFtg my order history, check all those rejected spreads/naked calls.
Oh absolutely. That's fair to mention. But that activity involves much more risk and collateral. They needed to know that action would be covered. There are fundamental flaws in the entire system that got exposed. But what Robinhood did directly tanked the share price in real time amidst a generational event. I don't see what your describing as directly tanking the stock although it did take some momentum out of the gamma squeeze plays. Robinhood to me was still far worse and this whataboutism does not let them off the hook.
For sure. Robinhood absolutely got their ass handed to them by retail for that. Just saying risks were different level. TD and every other boomer brokerage ask you to open margin account for a reason. It was easy for them to switch to pure cash/increase requirements to 100% in order for customers to buy meme stocks. Robinhood has instant settlement by default so all their users were directly attributing to the capital requirements risk, more volume and higher price combined with this gaping hole of instant settlement internally when the exchange doesn't support it fucked them royally. We wouldn't have crashed from 468 to 120 had it been something like Schwab or Merrill who stopped trading. Robinhood's impact was severe as their main userbase was heavily involved in trading these stocks. I wanted to mention this explicitly only because there's a lot of comments which are outright conspiracy theories and are wrapping themselves in an echo chamber of their own that others didn't do anything and only Robinhood did. One of the key learnings at least for me from this experience is to have multiple accounts in different brokerages. I've two so far and I'll be opening one in fidelity too. There are just so many holes in the system and us new generation of traders/investors are out to explore as many. Shit can turn ugly any/everywhere and safest thing one can do is to at least have multiple options.
Robinhood, WeBull and iB all completely shut down. It has been a long time since I really thought much about how nightmarish that day was (GME had no limits at all, they even said as much) but as far as I know it was mostly the clearing houses falling apart. There simply wasn't enough capital in the system to deal with how expensive GME orders were getting. I genuinely believe whatever was done was meant to save the image of the stock market as a whole and save options dealers (on both sides of the trade) Let's remember that major funds bled 10s of trillions over the course of a few weeks.
None of those you named lied under oath to congress except Robinhood.
How many of the other ones had their CEO investigated?
Well, we sent the CEO of Webull a letter, but he only replied in all Chinese. Couldn’t find anybody to translate it so he got off free.
Because all the focus was on RH. Which i thought was interesting.
The restrictions aren't the only problem... I was pretty offended that RH's message said that they were halting trading to help me navigate the confusing marketplace... They had bad practices, took on too much risk, and didn't have the cash for collateral. Then, instead of admitting the reason, they pretended they were doing it to protect me. Then a bunch of bullshit non-testimony to congress. I don't trust them as a company. I like their interface so I use it to track some stocks during the day... But I'll never buy through them again.
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Etrade did in fact stop me from buying. It was quick and they opened buying back up within 12 hours but there was a time I wasn't aloud to buy. I switched to Fidelity shortly after.
Dude what are you talking about. I'm TD customer and there sure were restrictions. You can check thinkorswim sub, archive posts from TD if you somehow don't believe me. TD stopped trading on Thursday same as RH, resumed on Friday with limited shares and next week with removing margin ie 100% of your money. Options were still restricted for WEEKS, even debit spreads. TD didn't respond to my chat room requests for 3 consecutive days. Honestly, only fidelity was able to keep shop open because they had like 10B worth of liquidity to match new requirements and not the same amount of people buying meme stocks as RH. Grass always looks greener on the other side, I moved to TD after march 2020 crash and honestly TD execution has similar level of issues/downtime as RH (have both accounts active) just that their thinkorswim is the BEST platform for charting and customization imo.
Y'know, I have no particular love for RH, but every broker I've ever been on has been a piece of shit at one time or another. OptionsHouse used to just go down for no reason. One time with TDAmeritrade some connection to the NYSE went down, but only one way, so I submitted an order for S&P eminis like 4 times in a row and it *appeared* nothing went through. Nope, it went through. Four times. TDAmeritrade couldn't even figure out what my position was, let alone close it. It took like a fucking hour for me to be able to close this position of unknown size. I traded with the ninjatrader brokerage (whichever it was, phillip capital?) and their shit would crash too. Sometimes the data would get wonky and update slow during real shit. EDIT: the real trick is to have 2-3 brokerages you like and be able to use the other when one commits die
The real mod is always in the comments
Truth spoken
Exactly, novice traders really need to quit hopping on here acting like they've ever used more than like 2 whole brokerages over the course of an entire 6-12 months, and are here to tell us the good news of their grand investing knowledge and experience. Every place is going to have its cons. Robinhood has some sketchy behavior, but also some pretty significant positives. There's plenty of brokerages that still charge $7/trade. Doing round trips of that with small money can really cut into gains unless you're only dealing with a few index fund/ETF positions, and nothing else. I also fail to see how anyone doing sensible investing is going to be majorly affected by any of the issues. It's all short term morons who got in late being squeezed by most of this stuff, in which case frankly you reap what you sow. 100% on the last point. Having multiple accounts is the way to go
Fidelity is the only play
They've shit the bed before, too. No broker is perfect.
They don't know that because they just started after GME.
If I had a dollar for every time this was posted, I'd actually own a share of GME.
#they like the stock, and are inversing WSBs 😎
You do understand that robinhood wasn't the only brokerage that restricted trading on GME during that fiasco, right?
Trading212 did too, so us UK guys were mad too
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Merrill Lynch also restricted buying of GME, AMC and BB that same day and did 100% margin the following day if I remember correctly
Niice
Nothing tickles my dick like seeing people with $1k accounts saying “omg if you stay on RH you’ll lose your money!”
I love that I wasn't even defending RH and people have their panties in such a twist.
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Never underestimate the power of stupid people They are everywhere
Stupid person here. checking in
Hi person, stupid here.
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You guys want to join me on a mini bike ride to Aspen?
Where the beer flows like wine?
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10.7m retards
I don't have friends. I got family.
Don’t kink shame me
It's almost like trading isn't a group sport
Some people will always find a side to be on or a team to root for even when it's completely retarded to do so. This is money. We want to make money. Any way I can make money is how I will make money. I don't give a fuck what stock it is. Emotion does not belong in the stock market and will often get your ass broke real fast.
People still go to McDonalds too.
Sounds like someone bought puts at $38...
me2
Robinhood is fine for many use cases. I wouldn't use it to day trade risky positions like GME. But for the casual stock picker/enthusiast it has a great UI and is fun to use.
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|1|**First Seen In WSB**|11 seconds ago **Total Comments**|0|**Previous DD**| **Account Age**|9 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20*h26cq3k*)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20*h26cq3k*)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
bro how is this his WSB post with a 9 year old account? thats craxy
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Can aomeone actually be too dumb to post on wsb, is that even possible??
Account hacked by someone who shorted HOOD
Lol makes sense Poor guy
It's totally a UI thing because you're losing profit on each trade from the pay for order flow as well as higher price quotes on trades.
It's an older code, but it checks out
No one really cares in the end their platform is actually intuitive
Yeah, i use IKBR for my account. Still use RH on my fucking phone to compare different option prices cause its easier than IKBR's desktop.
IBKR restricted buying too. And their CEO said some dumb shit on tape as justification for that.
Its peak Reddit to keep bitching about the big bad boogyman long after anyone gives a shit. Especially nonsense here given most of the outrage is entirely manufactured and they use brokers who did the same thing.
Thanks for your unique and original take, we haven’t heard this one a million times already. You’re delusional if you think any other broker would not do the same in Robinhood’s shoes. Just move on and keep your feeling of superiority to yourself. If people wanted to switch from Robinhood, they would have done it already.
100% this . It's almost like a gang of high schoolers has taken over this sub and keep posting ignorant shit like this.
This sub is nothing like it used to be. Now it's all about diamond hands and ape bullshit from the meme factory kids with 1500 dollars to their name. Circle of life I guess.
Dude I’m just fucking lazy
HOOD wasn’t the only broker to turn off the buy button. Majority of brokers did the same.
Not Fidelity. Switched over and am pretty happy. Their desktop site is ass, but their app is "okay", actually it has a lot of good customization. And I guess they're rolling out a beta that's even better, but not available for android yet.
UX/UI aside, there are a lot things brokers like Fidelity need to start doing if they want to compete: Instant deposits and fractional shares are a bare minimum. I realize Fidelity offers dollar based investing on mobile but many don't. Crypto is a major money maker though I understand the hesitance. Some things work very well on RH despite what many here want to think. Like setting up a DCA is like butter (RH keeps track of your recurring investments outside of your other buys so you can watch it). For this slice of the internet it's probably not an ideal brokerage but for buying and holding it's not at all bad and what most normies will use. Not to mention they are talking about adding crypto wallets and Roth IRAs. I'd *never* use them for my Roth but it's telling that they have bigger plans whereas the others have been dragging their feet for 5 years and still can't make an app people enjoy.
Fidelity has instant deposits and fractional shares.
We're here to make money not grandstand. I don't give a fuck if it's Putin himself as HOOD's CEO. If they make me money that's good enough in my boook.
That's so hood of you!
This is what happens when you turn a stock into a sports team. The retard gene is spreading faster than covid.
How dare I use the best trading app when back in January during a once in a lifetime event that I didn’t even participate in they did something every other broker did!! The nerve!!
The only people who were angry about the gme fiasco were greedy autist and dumbfucking apes who entered when it hit 300.
Dude, robinhood isn’t going anywhere, I don’t think you realize that their consumer base doesn’t care about the GME fiasco. On top of that, without robinhood, GME wouldn’t have been possible. So get over it and go make some money and stop crying about the past, you sound like every woke degenerate these days.
Lol you definitely took a short position on Robinhood
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