Is it safe to keep large amounts of stock in Robinhood? I have my company's stock in Fidelity and was planning to move it to Robinhood. Is it a good idea?
Fidelity > hood. Hood is a bit shady. For ex. They blocked users from buying GME and AMC stocks, only allowed to sell because important people were losing money. Any broker that screws over their users is a no go for me.
I think there was a bit more to it than that and things outside of RH control in that particular situation. That said, this one time there was an issue with people trading meme stocks, seems a bit of a flimsy reason to write off the platform as a whole. I use both. RH IMO has a much better and easier user interface, so for quick fun money pocket trades it’s RH all the way. Fidelity is where most of the serious money is. E*Trade sucks IMO.
Depends on ur situation. Robinhood doesn't have an option to add a beneficiary yet. So if something happens to you, unless you have a separate will or estate planning that details on what should happen with ur Robinhood stocks, your dependents or loved one will not be able to inherit those.
I had a bad experience with Robinhood. They won’t allow you to withdraw more than 50000 a day. Also they will give some security reasons to block your profile from withdrawing money. You need to withdraw the money in the same account which you used to fund it. It’s bit shady. I will prefer Fidelity. Their customer service is top notch.
Seems like a good security measure.
It is, until you realize it takes 15 days for Robinhood to validate your own account for yourself
There’s a 3% bonus for transferring IRA to Robinhood that sounds enticing but I just don’t have enough trust in Robinhood as a company to manage several hundreds of thousands of dollars. Fidelity, Schwab, Vanguard have stood the test of time and have managed a much larger amount of assets than Robinhood.
You should read the fine print of 3%. Not as enticing as it seems
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Blows my mind there are employed adults with money who prefer RH to Fidelity.
Adults share reasoning to their opinions
Just cuz RH is sketchy or any other reason?