Should I proactively move my stocks to other brokers as RH looms bankruptcy ?
Beyond $250k portfolio, yes. Else you good.
If you have crypto it goes poof, securities up to 250k safe. Rest will go bye bye
100% this. I’m amazed how many people think crypto has the same protections as stocks.
nobody in this thread thinks that...
Move your stocks. RH is a good way to get started with stock trading but beyond the nice UI it is lacking in many ways: - can’t set beneficiaries. This a huge deal. - terrible customer support - company’s future itself is uncertain - lack of auto investing in mutual funds or other investments - can’t withdraw bitcoin. “Not your keys, not your bitcoin” To answer your question, it could be a whole lot of headache to get your money back. Easier to just transfer to vanguard or fidelity that have been around longer than we’ve been alive.
Thanks
We do support setting up beneficiaries. Customer support has been getting better over the past 2 years with avg wait time for calls being ~5 minutes in my experience. Also we're the only us based crypto platform with 24*7 phone support. Company's financial future ie balance sheet is different from the stock price which has more to do with growth. I feel our auto investing/recurring investments is way better than likes of fidelity where you can't choose individual stocks/crypto. Robinhood recurring investments let's you buy stock/crypto/etfs on daily/weekly/bi weekly/monthly basis. You can even setup a paycheck/direct deposit (get paid 2 days early) and allocate a portion of your paycheck to be invested in different investments by %age or dollar value. It's personally one of my favorite features. You can withdraw your Bitcoin and all the other cryptos whenever you like. We've had crypto wallets for about a year now. Lot of the pain points mentioned here were truly bad just over a year or so ago. We've had our issues but yeah all these were fixed/shipped in over a year or two. Hopefully we'll only get better.
Most likely somebody else will buy the assets they hold and transfer them automatically for you. But at this point I’m not sure why you keep significant money there.
They gonna be moved to some other brokerage if there is no trickery beneath the facade
FDIC insured to $250k/account
Wrong. Brokerage accounts are SIPC insured. Different set of rules. Harder and longer to get your money back.
That brings to the next question - what are some stable platforms to keep our investments in? 1. E-trade 2. Fidelity 3. TD Ameritrade 4. Vanguard 5. Charles Schwab Add to this list^
Charles Schwab ?
Any brokerage attached to a major financial institution. Merrill JPM Etc
How people still have stocks in robin hood after the GME debacle is beyond me
People love supporting startups and shiny UI. Look at turo, Airbnb, Uber, etc
How do we move it to different trading firm ?
Just provide account details to the next trading firm , they can initiate transfer
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They’re insured up to the federal limit of like 125k or something right?
I have more than that and moving stocks is easy, so thinking of moving it
No, how can everyone be so wrong?? You people never looked this up? Secured up to 250k cash, 500k stocks per account