Robinhood: Trading & Investing

Their option market software is broken. If you click on the sell option on a call or put, you have to manually switch it twice, otherwise you will be buying a call or put and their customer service is trash. They’ll tell you to pound rocks. Their cash account isn’t worth it unless you have 30K and buy in to the gold program @ $5 a month. They do have an excellent margin account value with the lowest apr. That is good. However, unless you have 25K or more in the account you are stuck with a day trader limit that they aren’t flexible on and will do nothing to help you if you accidentally go over 3 trades. They don’t have CEF funds. They don’t have a DRIP program that buys into discount at NAV. Their trade market in your ability to see the market value at what people are bidding on is limited. They say they have level 2, but it’s really just level one and you can only see what other Robinhood buyers and sellers are bidding, not what other brokerages are doing. Their option market is also limited to divisables of $5, meaning people with better brokerages can outbid your option price by $1 or $3 values. They also don’t cash sweep any money if you sell a put. So if you sell a $3k put and it last for 6 months, none of that $3k that is set aside is gaining interest. It just sits there and you can’t touch it for 6 months. Did I say their customer service is trash? They don’t care about you!

I remember back in 2013 I started to invest in Stocks with a Scottrade brokerage firm and each time you make a transaction you pay $7 fee. So, basically for buying a single stock you have to pay $7 and selling another $7. At the end of the day your profit meter will always start after $14 at any given point , beginners don’t find it viable option that each time your profit has to be -$14 plus federal taxes at the end of year. I have been using this product almost since 2014 or 15 cannot remember but cannot think for a better app than robinhood. There are lot of other wealthy brokerages firms and rich people who try to criticize robinhood mission and only want the rich to be rich. For average American joe or immigrants , robinhood has against all odds have provided a platform so simple that everyone can start investing for future. When a person tries to a breakthrough something established for years they definitely face a lot of flak and criticism from people who have been rich holding stocks for decades but millennials want to improve their life today! At the same time think about future. Everyone needs are different. Long story short, stock and options trading is phenomenal and crypto there is still room to improve and add more currencies. Also, I would definitely be interested in what company has to offer long term for assets management.

As of lately I have literally been logging into my Robinhood app at least 7 times a day or more. I am very familiar with the layout, the menu, settings etc. One day I opened the app and saw all of my investments and well as other stocks that are listed showing a gray box next to it with a dash going through it. Now I’m used to seeing something kinda similar when I lost my signal and the app is trying to pull the information as soon as I get a signal but this time was different. I was home connected to my WiFi and my internet connect was excellent. No other app was having connectivity issues so I knew it wasn’t my internet, the only option available on my Robinhood was the link for a free stock if I recommend a friend. So I tried to troubleshoot by closing the app out completely then flogging back in and the same problem. I then clicked on the Help then contact us and realized the help is just pre loaded questions that they assume should resolve most issues you have but since none of those preloaded questions pertained to me I chose the option of “something else” which it then led me to write an email option. I did however within about 20 minutes the app began functioning properly. I never received an email response back and that was at least 2 weeks ago. That is my biggest concern with the Robinhood app. No live chat support or phone number to call. Other than they if everything works as designed the is the best app for your money.