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If Robinhood had to close shop, who's a good broker to transfer holdings over to?

by kylehotchkiss 4y ago

loeg 4y ago
Fidelity or Vanguard.
whitepoplar 4y ago
Fidelity or Schwab
system2 4y ago
Fidelity. Very nice desktop and mobile apps. Trustworthy and established. Robinhood cant even be compared to it. While you are at it, get yourself some FNILX stocks and collect dividends on an index.
- alphabetting 4y ago
  Fidelity mobile sucks though. Robinhood is makes gambling savings fun!
  - stouset 4y ago
    I see this as a feature.
  - tennisflyi 4y ago
    Pretty sure they have Robinhood-esque mobile update coming. Edit: It's already here.
- missedthecue 4y ago
  The thing about Robinhood seems to be fee-free options trading. I don't think any other broker does this
  - SamReidHughes 4y ago
    Let me say RH is fine, and you shouldn't be buying options unless you have a big margin of safety anyway. It depends on the exact order, but for me Fidelity has, in my typical use case, gotten better fills with price improvement than Robinhood has. It takes one penny of improvement to overcome the commission.
ldjkfkdsjnv 4y ago
Schwabb if you arent actively trading, tdameritrade if you are. Scwabb customer service is great
- hairofadog 4y ago
  They're merging, so it doesn't really matter a super lot which one you choose. I switched to TD Ameritrade because I like their UI better, but this time next year they'll both be the same thing.
bombcar 4y ago
I use TD Ameritrade because the trading tools are top notch. But I shouldn’t be trading so look at Fidelity.
ikinsey 4y ago
Schwab, they have branches everywhere and excellent customer service.
- LeafItAlone 4y ago
  If the poster was using Robinhood, I suspect that branches might not be cared-about feature.
esotericimpl 4y ago
the correct answer is Vanguard imo.
nrmitchi 4y ago
I’d say it’s extremely unlikely that Robinhood would actually close shop. Worst case, they get bought for a pittance and customers get migrated over 12-24 months.
throwaway12245 4y ago
Schwab or Vanguard. Vanguard pioneered the low cost index fund and Schwab was one of the original "discount brokers". Their innovations were adopted by every other broker, driving down costs for the small trader. They remain allies of small investors.
- bergenty 4y ago
  This is no good for middle class day traders
  - marssaxman 4y ago
    They've always got Vegas.
- mbesto 4y ago
  Fyi - Vanguard is only good for simple, long term holding. If you are interested in a little more day trading type activity, then Schwab, TD, and Fidelity are much better.
- dragontamer 4y ago
  Vanguard's got excellent funds and ETFs, but they're legendary in terms of having some of the worst customer support for their brokerage account. Schwab/TD Ameritrade on the other hand, has kinda bad ETFs but have really good customer service. Besides, you can buy Vanguard ETFs / Mutual Funds in your Schwab account. Go for customer service. There's some minor benefits in terms of how quickly you can enter / exit Vanguard positions if you get a Vanguard account, but overall its a better idea IMO to get a brokerage account with humans on the telephone whenever issues come up. ------- I'm also in E-Trade and they've worked out so far for me. The one I'm most interested in is probably Fidelity? Good overall reviews, apparently pretty good customer service, and the ETFs / Mutual Funds / Bonds they offer seem pretty good too.
  - extesy 4y ago
    I've been a Fidelity customer for 15+ years. Amazing customer service - very easy to reach humans and they were all experts at solving whatever problem I called them with.
LeafItAlone 4y ago
Depends what you are trying to do. Vanguard, Fidelity, Schwab, TD Ameritrade (while they are still separate-ish) all have different pros and cons. What do you need?
artificialLimbs 4y ago
If they didn’t have to close shop, it’s a good time to move from that steaming pile of trash. Fidelity has been good to me.
scottLobster 4y ago
I transferred from Robinhood to Fidelity years ago and never looked back. Mobile app and website work great, had to call customer service twice and they were always helpful, good ETF screener tool. They have local branches in most major metro areas for in-person customer support as well. Commission-free trades just like Robinhood. Seamless integration with most tax software. I just pile leftover savings into Small-Cap Value funds though, so my needs are rather minimal.
dig1 4y ago
Interactive Brokers. If you are an occasional trader, go with the Lite option - it is commission-free but relies on pfof, just like RH. If you are more serious, go with Pro and you'll get routing to exchange in most cases. TWS (their desktop app) has many options and target pros. However, I haven't used their web/phone apps. > If Robinhood had to close shop I doubt that will happen. Citadel will jump in and inject money, just like they did with Plotkin's Melvin Capital.
- SamReidHughes 4y ago
  IBKR's phone app is miles ahead of Robinhood's or Fidelity's.
prostoalex 4y ago
If the goal is to have your portfolio on autopilot with index funds, Fidelity’s zero-cost FZROX, FZIPX, FBILX and FZILX are only available through Fidelity itself.
SamReidHughes 4y ago
They have a big pile of cash, and at their current burn rate, they'll last for a long time. They have huge margins and their loss is from fixed cost R&D. They're receiving positive net deposits from a relatively young customer base and the total assets they have under management is growing. To add some numbers: they're burning $175/quarter, which includes severance payouts from their recent layoff, on $6954 of assets, which includes a $6187 pile of cash. So that's 8.8 years of runway if they didn't cut costs or grow revenue further. And their product also has a ton of room to improve -- once it gets IRAs, that would remove the main reason its more boring customers find other brokers.
collegeburner 4y ago
interactive brokers 100%. best rates you can get on margin, high quality tech. be aware they will sometimes move margin requirements and give you limited time to cover if something starts looking sketchy, sometimes a bit more aggressive than other retail brokerages. but not a problem if you manage right.
friendlypeg 4y ago
Schwab is great. One thing I like is you need to call their team on the phone and answer a few questions before you can even trade the most basic option types (i.e. secured short put, covered call). Robinhood instead grants margins and advanced option strategies to 18 years old willy nilly. And as others have mentioned, they have great customer service. I can contact them with live chat during trading hours very quickly.

If Robinhood had to close shop, who's a good broker to transfer holdings over to?

loeg 4y ago

Fidelity or Vanguard.

whitepoplar 4y ago

Fidelity or Schwab

system2 4y ago

Fidelity. Very nice desktop and mobile apps. Trustworthy and established. Robinhood cant even be compared to it. While you are at it, get yourself some FNILX stocks and collect dividends on an index.

alphabetting 4y ago
Fidelity mobile sucks though. Robinhood is makes gambling savings fun!
- stouset 4y ago
  I see this as a feature.
- tennisflyi 4y ago
  Pretty sure they have Robinhood-esque mobile update coming. Edit: It's already here.
missedthecue 4y ago
The thing about Robinhood seems to be fee-free options trading. I don't think any other broker does this
- SamReidHughes 4y ago
  Let me say RH is fine, and you shouldn't be buying options unless you have a big margin of safety anyway. It depends on the exact order, but for me Fidelity has, in my typical use case, gotten better fills with price improvement than Robinhood has. It takes one penny of improvement to overcome the commission.

ldjkfkdsjnv 4y ago

Schwabb if you arent actively trading, tdameritrade if you are. Scwabb customer service is great

hairofadog 4y ago
They're merging, so it doesn't really matter a super lot which one you choose. I switched to TD Ameritrade because I like their UI better, but this time next year they'll both be the same thing.

bombcar 4y ago

I use TD Ameritrade because the trading tools are top notch. But I shouldn’t be trading so look at Fidelity.

ikinsey 4y ago

Schwab, they have branches everywhere and excellent customer service.

LeafItAlone 4y ago
If the poster was using Robinhood, I suspect that branches might not be cared-about feature.

esotericimpl 4y ago

the correct answer is Vanguard imo.

nrmitchi 4y ago

I’d say it’s extremely unlikely that Robinhood would actually close shop. Worst case, they get bought for a pittance and customers get migrated over 12-24 months.

throwaway12245 4y ago

Schwab or Vanguard. Vanguard pioneered the low cost index fund and Schwab was one of the original "discount brokers". Their innovations were adopted by every other broker, driving down costs for the small trader. They remain allies of small investors.

bergenty 4y ago
This is no good for middle class day traders
- marssaxman 4y ago
  They've always got Vegas.
mbesto 4y ago
Fyi - Vanguard is only good for simple, long term holding. If you are interested in a little more day trading type activity, then Schwab, TD, and Fidelity are much better.
dragontamer 4y ago
Vanguard's got excellent funds and ETFs, but they're legendary in terms of having some of the worst customer support for their brokerage account. Schwab/TD Ameritrade on the other hand, has kinda bad ETFs but have really good customer service. Besides, you can buy Vanguard ETFs / Mutual Funds in your Schwab account. Go for customer service. There's some minor benefits in terms of how quickly you can enter / exit Vanguard positions if you get a Vanguard account, but overall its a better idea IMO to get a brokerage account with humans on the telephone whenever issues come up. ------- I'm also in E-Trade and they've worked out so far for me. The one I'm most interested in is probably Fidelity? Good overall reviews, apparently pretty good customer service, and the ETFs / Mutual Funds / Bonds they offer seem pretty good too.
- extesy 4y ago
  I've been a Fidelity customer for 15+ years. Amazing customer service - very easy to reach humans and they were all experts at solving whatever problem I called them with.

LeafItAlone 4y ago

Depends what you are trying to do. Vanguard, Fidelity, Schwab, TD Ameritrade (while they are still separate-ish) all have different pros and cons. What do you need?

artificialLimbs 4y ago

If they didn’t have to close shop, it’s a good time to move from that steaming pile of trash. Fidelity has been good to me.

scottLobster 4y ago

I transferred from Robinhood to Fidelity years ago and never looked back. Mobile app and website work great, had to call customer service twice and they were always helpful, good ETF screener tool. They have local branches in most major metro areas for in-person customer support as well. Commission-free trades just like Robinhood. Seamless integration with most tax software. I just pile leftover savings into Small-Cap Value funds though, so my needs are rather minimal.

dig1 4y ago

Interactive Brokers. If you are an occasional trader, go with the Lite option - it is commission-free but relies on pfof, just like RH. If you are more serious, go with Pro and you'll get routing to exchange in most cases. TWS (their desktop app) has many options and target pros. However, I haven't used their web/phone apps. > If Robinhood had to close shop I doubt that will happen. Citadel will jump in and inject money, just like they did with Plotkin's Melvin Capital.

SamReidHughes 4y ago
IBKR's phone app is miles ahead of Robinhood's or Fidelity's.

prostoalex 4y ago

If the goal is to have your portfolio on autopilot with index funds, Fidelity’s zero-cost FZROX, FZIPX, FBILX and FZILX are only available through Fidelity itself.

SamReidHughes 4y ago

They have a big pile of cash, and at their current burn rate, they'll last for a long time. They have huge margins and their loss is from fixed cost R&D. They're receiving positive net deposits from a relatively young customer base and the total assets they have under management is growing. To add some numbers: they're burning $175/quarter, which includes severance payouts from their recent layoff, on $6954 of assets, which includes a $6187 pile of cash. So that's 8.8 years of runway if they didn't cut costs or grow revenue further. And their product also has a ton of room to improve -- once it gets IRAs, that would remove the main reason its more boring customers find other brokers.

collegeburner 4y ago

interactive brokers 100%. best rates you can get on margin, high quality tech. be aware they will sometimes move margin requirements and give you limited time to cover if something starts looking sketchy, sometimes a bit more aggressive than other retail brokerages. but not a problem if you manage right.

friendlypeg 4y ago

Schwab is great. One thing I like is you need to call their team on the phone and answer a few questions before you can even trade the most basic option types (i.e. secured short put, covered call). Robinhood instead grants margins and advanced option strategies to 18 years old willy nilly. And as others have mentioned, they have great customer service. I can contact them with live chat during trading hours very quickly.