How much do you trust Robinhood?
I really like the CX for casual trading, nothing crazy. The UI is intuitive and simple to access on all my mobile devices. I’m thinking about transferring all my Amazon RSU’s (sell via Morgan Stanley, repurchase via Robinhood same day). Question is, would you trust Robinhood with $500K or more?
Why the hell would you transfer RSUs to Robinhood? You gain nothing...and you'll have tax implications.
Robinhood might have an Inbound ACATS transfer. With that being said, I recently transferred everything out of robinhood and into fidelity
They do. It's $75.
I clicked on yes because I invest very little then I read the post about 500k and immediately hit no. Their service went down quiet a few times. Don’t do it
Selling and buying again will involve capital gains tax. You can simply transfer positions by ACATS which is usually free or very low cost. Don’t be penny wise pound foolish.
I only use robinhood for BTC and ETH, and I only have $500 in there that I only consider a long term hobby investment. I wouldn't trust it with much else.
Yo I know how to make that $ but not savvy with this stuff. Appreciate the feedback, will keep it in the Morgan Stanley account until further notice .
Couple things. 1. You can easily transfer your shares from Morgan Stanley to any broker of your choice by calling Morgan Stanley. Just requires faxing or mailing a form. It won't trigger a capital gains tax because it's an actual transfer, not a wash sale. 2. No I would not use Robinhood for any reason. Literally any other broker is better. Why not use fidelity, you can easily switch to get future rsu grants deposited directly into fidelity anyway, super convenient. I use interactive brokers myself but I can't recommend it to everyone because there are monthly fees involved
That doesn't sound like a tax efficient practice. What's the point of "transferring" your AMZN shares?