I store all my savings ~$80k in robinhood in etfs. Whenever I tell people this I get shit for it. People say it’s insecure or one day my money is just going to disappear or I’ll be blocked from trading. I feel like the financial industry is pretty regulated and robinhood has to follow the same regulations as every other broker right so I feel like it’s fine. TC 200 YOE 1.5 #personalfinance #investments #robinhood Do you think robinhood is functionally as safe and secure as any other broker? If no, please explain in the comments.
It’s fine but the Robinhood product is better for trading than it is for investing. Just switch over to fidelity or vanguard if you’re just buying etfs
What’s wrong with investing in ETFs on Robinhood?
Why?
I am using Robinhood and it’s fine, but mostly for short term trades
Do you think other brokerages are better for long term investing? What are the differences?
Well, I am using financial advisor for long term investing and so not using Robinhood
If I were to buy $500 worth of a very liquid ETF (say SPY or QQQ), how much do you think Robinhood takes from that before executing the trade?
A few cents / trade
Robinhood casino is safer than the casinos in Las Vegas. In Vegas, you can lose 24x7 but Robinhood is only 9:30 to 4 pm, Monday to Friday.
I have a different opinion. I think Robinhood is the SAFEST of all the big brokerages like Fidelity, Vanguard, Schwab. My reasoning is based on the fact that it is only one which supports two factor login using the authenticator apps instead of sms. https://www.techrepublic.com/article/top-5-reasons-not-to-use-sms-for-multi-factor-authentication/ Also in terms of legal liability, all US brokers have the same SPIC coverage of upto 500k. That said I have accounts on all four brokers mentioned above.
Interactive Brokers doesn't use SMS two factor.
Okay so there’s almost a 50 / 50 split in the polls but in the comment section no one has said that robinhood is less secure or less safe. So I have no idea what to take from this lol.
People are not happy with the brand, but it is still a safe/good product to use. I’ll be considered biased because I work here but I feel very comfortable with the safety/security and I have most of my investments in our platform.
as history shows, when it hits the fan, they will pay you 20-70$ compensation
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I added it
I personally diversify in different brokerages. I have rh Schwab fidelity and vg