2 ms·
Robinhood implemented restrictions before any other platform though they were not the only ones to do so, held restrictions longer than any of their competitors
by tl 5y ago
Robinhood implemented restrictions before any other platform though they were not the only ones to do so, held restrictions longer than any of their competitors, used restrictions (sell only) in a way that was unique to Robinhood and falsely made public claims (later to be retracted) that they had chosen to do some or all of this "for the public good."
I would not trust them with a single dollar.
- vkou 5y agoThat's because Robinhood had the bulk of the retail mania, and were thus the most affected brokerage. Other retail brokerages, that were less popular with the WSB crowd never even stopped purchases of GME, because GME is was a small fraction of their trade volume - and thus, their collateral obligations did not grow much. You are correct for not wanting to use them to trade, for two reasons. 1. If you are actively trading, you are almost certainly throwing away money. Don't actively trade. Just buy an index fund and forget about it. 2. If you are actively trading, and you are a serious, informed individual (which already excludes the overwhelming majority of people who were buying GME), and you want 24/7 uptime, you shouldn't use a discount zero-fee brokerage that's popular on WSB. They won't be able to guarantee that uptime when WSB decides to take one side of a huge trade.