4 ms·

There's no reason not to use it for long term financial investment. I don't think your money is any safer or less safe between different brokerages. They rode a

by woah 5y ago

There's no reason not to use it for long term financial investment. I don't think your money is any safer or less safe between different brokerages. They rode a fad to greatly increase market share. The fad is ebbing, but I'm guessing they are still in a much better spot than they were in 2019.

ctvo 5y ago
Why would you though? What's the advantage of using Robinhood vs. say Fidelity which your 401K and other investments are already on? Robinhood executed on a few things well, one of which was how mobile friendly and low friction it was to execute trades. Long term investment doesn't require that. Pseudo day trading from work and speculating? Yes.
- bombcar 5y ago
  Robinhood added fractional shares before other brokers (and some still don’t have them) which is a minor advantage I guess.
  - 8ytecoder 5y ago
    Instant Deposits & Withdraw. Access to detailed MorningStar analysis for just $5/mo. (May be other brokerages have started matching Robinhood but the one I use ETrade still takes 2 full days to settle and then another 3 days to withdraw cash. It also takes 2-3 working days to deposit cash. So if you spot a buying opportunity you can't. Or, you'd always keep cash lying around and ready in the account.)
    - bombcar 5y ago
      Or get a margin account, as that's all Instant D&W is. My TD Ameritrade lets me buy from deposit instantly, and doesn't "show" margin usage as it clears, even though it's clear from the amount I can buy that it's just the margin on the account. Withdrawals are basically instant, too though the ACH takes its normal time.
- Miner49er 5y ago
  Some reasons to use Robinhood over Fidelity is they have cheaper margin, easier access to cryptocurrencies (well maybe not anymore), and easier access to options trading.
- deleted 5y ago
  [deleted]
gretch 5y ago
Except robinhood suffers major security breaches (eg Nov 21) and then that information stolen on you can be used to hack your account. Sure the investment game is the same, but step 1 is to not get hacked.
- gruez 5y ago
  >Except robinhood suffers major security breaches (eg Nov 21) I went to search that up and got >the unauthorized party obtained a list of email addresses for approximately five million people, as well as full names for a different group of approximately two million people. We’ve determined that several thousand entries in the list contain phone numbers https://blog.robinhood.com/news/2021/11/8/data-security-incident https://blog.robinhood.com/news/2021/11/8/data-security-inci... I'm not trying to say the incident is okay, but calling a leaked email/name list a "major" breach is a stretch.
  - gretch 5y ago
    You can call it whatever you want. What I know is this would not happen to me at Vanguard. And if it did I would switch.

by woah 5y ago

ctvo 5y ago

Why would you though? What's the advantage of using Robinhood vs. say Fidelity which your 401K and other investments are already on? Robinhood executed on a few things well, one of which was how mobile friendly and low friction it was to execute trades. Long term investment doesn't require that. Pseudo day trading from work and speculating? Yes.

bombcar 5y ago
Robinhood added fractional shares before other brokers (and some still don’t have them) which is a minor advantage I guess.
- 8ytecoder 5y ago
  Instant Deposits & Withdraw. Access to detailed MorningStar analysis for just $5/mo. (May be other brokerages have started matching Robinhood but the one I use ETrade still takes 2 full days to settle and then another 3 days to withdraw cash. It also takes 2-3 working days to deposit cash. So if you spot a buying opportunity you can't. Or, you'd always keep cash lying around and ready in the account.)
  - bombcar 5y ago
    Or get a margin account, as that's all Instant D&W is. My TD Ameritrade lets me buy from deposit instantly, and doesn't "show" margin usage as it clears, even though it's clear from the amount I can buy that it's just the margin on the account. Withdrawals are basically instant, too though the ACH takes its normal time.
Miner49er 5y ago
Some reasons to use Robinhood over Fidelity is they have cheaper margin, easier access to cryptocurrencies (well maybe not anymore), and easier access to options trading.
deleted 5y ago
[deleted]

gretch 5y ago

Except robinhood suffers major security breaches (eg Nov 21) and then that information stolen on you can be used to hack your account. Sure the investment game is the same, but step 1 is to not get hacked.

gruez 5y ago
>Except robinhood suffers major security breaches (eg Nov 21) I went to search that up and got >the unauthorized party obtained a list of email addresses for approximately five million people, as well as full names for a different group of approximately two million people. We’ve determined that several thousand entries in the list contain phone numbers https://blog.robinhood.com/news/2021/11/8/data-security-incident https://blog.robinhood.com/news/2021/11/8/data-security-inci... I'm not trying to say the incident is okay, but calling a leaked email/name list a "major" breach is a stretch.
- gretch 5y ago
  You can call it whatever you want. What I know is this would not happen to me at Vanguard. And if it did I would switch.