For an investment portfolio above 200K, is Robinhood a safe option? Are there other brokerages which you recommend for long-term investing? I like the commission-free trading and no management fees and I am looking to manage my own portfolio. I started with Robinhood for part of my income but as that portfolio got bigger, I am now wondering if there are better alternatives which have similar benefits. Hypothetically if Robinhood has a crisis like the one rn, is it safe to continue on this platform? Are others thinking about this too? #robinhood #personalfinance
No, they have an insured amount cap of $250k
No
They have a liquidity problem. Which has probably been made worse by so many users moving their portfolios out to other brokers. I would recommend moving it out. Even if it's insured, I don't know how long it would take to recover the money if Robinhood goes under
Now that most brokers offer $0 trades, there is literally no reason to not go to a real broker having significantly higher AUM.
They had an outage everytime there's high volume, and had an outage because of leap year 🤦
What are you trading, options, stocks, or both?
Stocks only so far
Well then it comes down to resources, like educational material and interface. 100K youre probably eventually looking for a little more technical capabilities for research... once you get to that level of interest. Robinhood is sufficient, but it's interface is geared towards simplicity and real big on gamification. If just passive investing it'll be a fun interface for frequent account checking. But really now that most brokerages allow free stock trades, they're pretty comparable.
Robinhood is not trustworthy even for 1000 bucks.
They should rename the app to Robinn' hood https://youtu.be/o92GCyNK6Lc
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Ditch robinhood asap. For big money use fidelity
Can you elaborate and help me understand
Recent news about RH restricting trades, causing stock prices to tank. Real reason: Not enough capital. Wouldn’t trust them to hold a gas station.