New to trading - I was able to buy stock worth more than my buying power in Robinhood

Amazon
LQKg56

Go to company page Amazon

LQKg56
Mar 8, 2021 13 Comments

Have I borrowed from robinhood? Will there be any extra interest that I need to pay to Robinhood?

#stocks #robinhood

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  • New
    p_e_n_i_s

    New

    p_e_n_i_s
    I reject Amazon offer after reading this
    Mar 8, 2021 5
    • you still angry at him 6 hours later for a silly joke?
      Mar 8, 2021
    • Intel
      dreaMEr14

      Go to company page Intel

      dreaMEr14
      OP. You are justifying and explaining yourself over an online comment. Chill.

      If my guess is right, your English (“adding waste comments”) sounds like you are from India like most people on Blind are. Now, you can go bash me lmao.
      Mar 11, 2021
  • PayPal
    r73u4nrkdk

    Go to company page PayPal

    r73u4nrkdk
    Pending transfer from bank based on your comments. You get up to 1000 of your transfer to trade as a courtesy while your it's pending. Lots of brokers like this now
    Mar 8, 2021 1
    • Amazon
      LQKg56

      Go to company page Amazon

      LQKg56
      OP
      I had already used 1000$ instant deposit. There was some pending amount to be deposited. I bought a stock worth 5$ after using the instant deposit amount.
      Mar 8, 2021
  • Cisco
    gudbye2020

    Go to company page Cisco

    gudbye2020
    You should look at the latest lawsuit against robinhood. Some teenager was able to borrow and make trades. Got email that he owed some millions because the market dropped and he lost some positions. He couldn't sort it out and get help or understand what happened - he committed suicide after leaving a note.
    Know what you are doing.
    Mar 8, 2021 1
    • Amazon
      LQKg56

      Go to company page Amazon

      LQKg56
      OP
      I don't have gold membership so margin is not enabled for me. I had pending transfer from bank account. I just wanted to try so bought 5$ worth of stock. So I am not sure how we can buy without margin enabled.
      Mar 8, 2021
  • NVIDIA
    djistar

    Go to company page NVIDIA

    djistar
    Do you have Robinhood Gold turned on? You might have enabled margin (easy to check) and if so, you're going to pay 2.5% interest annually on any amount borrowed over $1000 (this amount is included in your $5/month Robinhood Gold membership).
    Mar 8, 2021 1
  • When you first link your bank account you would have sent a small amount to RH to verify your bank account connection. Probably it could be the extra amount after instant deposit that you are talking about.
    Mar 8, 2021 0