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Anyone here use the Robinhood app?

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Anyone here use the Robinhood app?

Old 06-02-19, 08:03 PM
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Anyone here use the Robinhood app?

Asking for feedback from anyone actively using this app - its supposed to be a commission-fee trading platform. I'm thinking it can potentially save me some money since I occasionally make trades ($6.95 per trade) and it can quickly add up. Not sure what the downside is. I heard that it is a no-frills app but I don't need all the bells and whistles anyway.
Old 06-03-19, 09:29 AM
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Re: Anyone here use the Robinhood app?

Yup, I've been using it for about 6 months. No-frills basic functionality, but commission-free and does what I need. No issues thus far. They do offer a premium version with added features for a small subscriber fee. I haven't looked into it much.
Old 06-03-19, 12:01 PM
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Re: Anyone here use the Robinhood app?

agreed. simple to use. I've been buying/selling stocks here and there for a bit. For a free service I'm enjoying it
Old 06-03-19, 12:05 PM
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Re: Anyone here use the Robinhood app?

What's the catch?
Old 06-04-19, 01:56 PM
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Re: Anyone here use the Robinhood app?

Originally Posted by Groucho View Post
What's the catch?
I believe that you still pay regulatory and possibly routing fees. I don't think they pay out interest on unused cash either. You're not getting the advanced features of bigger online brokerages - but it's good and definitely cheaper for everyday trades.

Old 06-04-19, 03:25 PM
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Re: Anyone here use the Robinhood app?

Originally Posted by Groucho View Post
What's the catch?
Investor psychology. The lower the fees, the more trades people make. And since, for example, most people "day trading" don't know what the heck they are doing, then the more trades they make, the more money they lose, the more money they lose, the more trades they make to try and get back what they lost. Weeeeeeeeeeeeeeeeeee!
Old 06-05-19, 07:26 AM
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Re: Anyone here use the Robinhood app?

Originally Posted by eXcentris View Post
Investor psychology. The lower the fees, the more trades people make. And since, for example, most people "day trading" don't know what the heck they are doing, then the more trades they make, the more money they lose, the more money they lose, the more trades they make to try and get back what they lost. Weeeeeeeeeeeeeeeeeee!
RH allows for some day trading, but do it too much and you get blocked (unless you put about 25k into your account .. i think thats the amount needed)
Old 06-05-19, 09:18 AM
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Re: Anyone here use the Robinhood app?

Originally Posted by A-aron View Post
RH allows for some day trading, but do it too much and you get blocked (unless you put about 25k into your account .. i think thats the amount needed)
Indeed. That's not a Robinhood rule but a FINRA one. If you're below $25k, you're allowed 3 days trades in a rolling 5 day period.
Old 06-05-19, 10:10 AM
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Re: Anyone here use the Robinhood app?

Originally Posted by eXcentris View Post
Investor psychology. The lower the fees, the more trades people make. And since, for example, most people "day trading" don't know what the heck they are doing, then the more trades they make, the more money they lose, the more money they lose, the more trades they make to try and get back what they lost. Weeeeeeeeeeeeeeeeeee!
Except that if RH isn't collecting fees on the trades, it makes no difference to them how many they make.
Old 06-05-19, 10:32 AM
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Re: Anyone here use the Robinhood app?

Originally Posted by Groucho View Post
Except that if RH isn't collecting fees on the trades, it makes no difference to them how many they make.
Actually they would like you to make a lot of trades. The sell the order flow to market makers and high frequency traders. They also make money from margin interest and interest on uninvested funds.
Old 06-05-19, 02:22 PM
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Re: Anyone here use the Robinhood app?

Well, I signed up and so far I like what I see. Did not need all the frills since I get that from my Ameritrade account. I was pleasantly surprised to see that my initial deposit became immediately available for trading (it was less than 1K, I think only the first 1K becomes immediately available). Haven't made any trades yet so I can't comment on their execution speed. The only cons I've noticed so far is that (1) there is no interest when cash is sitting in your account - no big deal since my bank is only giving 0.01% interest rate for standard savings; and (2) it seems that there is a rule where you can't withdraw your funds unless it has been sitting in your account for 6 days, so your cash may not be made liquid immediately - guess I'll find out in a couple of weeks how fast they can deposit back to my banking account.
Old 06-05-19, 02:56 PM
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Re: Anyone here use the Robinhood app?

Originally Posted by Goat3001 View Post
Indeed. That's not a Robinhood rule but a FINRA one. If you're below $25k, you're allowed 3 days trades in a rolling 5 day period.
Yup, I believe we have similar rules in Canada. Protect the investor from himself.
Old 06-05-19, 09:23 PM
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Re: Anyone here use the Robinhood app?

I used it last year to buy like 100 shares of that MoviePass stock but after a few months something that I don’t understand happened and it became 1
Old 06-05-19, 11:59 PM
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Re: Anyone here use the Robinhood app?

Originally Posted by whotony
I used it last year to buy like 100 shares of that MoviePass stock but after a few months something that I don’t understand happened and it became 1
They steal from the poor and give to the rich. It should be called the SheriffOfNotthingham app.
Old 06-06-19, 02:08 AM
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Re: Anyone here use the Robinhood app?

Originally Posted by whotony View Post
I used it last year to buy like 100 shares of that MoviePass stock but after a few months something that I donít understand happened and it became 1
Reverse stock split. Nothing to do with Robinhood. The share price went so low the company merged shares to increase the stock price.
Old 06-06-19, 12:34 PM
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Re: Anyone here use the Robinhood app?

Originally Posted by whotony View Post
I used it last year to buy like 100 shares of that MoviePass stock but after a few months something that I donít understand happened and it became 1
they combined your 100 shares each worth a penny into a single share worth a dollar (for about a day, then it was worth a penny)
Old 06-06-19, 02:39 PM
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Re: Anyone here use the Robinhood app?

^^

Yep.

I knew that.
Was my first stock purchase so it was a bit odd.

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