Buying Index Fund using Robinhood
Are there any cons of buying Index funds using Robinhood account if you are planning to invest large amount? Do you think it's better to do it using Vanguard instead?
What’s that large amount?
The biggest con is that you cannot name a beneficiary so if you die your assets get tied up in court and lawyers will take a chunk in probate fees. At any other broker you could name a beneficiary and that person would automatically get your assets on death without involving wills/courts/lawyers.
Is cash in Robinhood fdic insured?
Large amount = negligible commission, use brokerage account instead. https://www.fool.com/investing/2018/05/20/robinhood-the-high-price-of-free-stock-trades.aspx
I am initiating an ACAT transfer out from robinhood now and its the worst nightmare ever. I had to call FINRA and get them involved
Large amount implies you have enough money to afford a real brokerage account. Open an account with Merrill Edge and get all the platinum benefits
Merrill doesn't give accounts to non-citizen/GC.
Not correct!