fck Robinhood! The app is froze. I guess too many orders! I can't get out my positions. I will shut this app down and go to IB! It can't handle this kind of high stress day.
I have traded a $500 account up to almost $600 (woo hoo) on robinhood basically to see how viable it is. I have been using it since inception. They have limit, stop, and stop limit orders in addition to market. I hold stocks days to weeks to months so I haven't really tried it on a shorter time scale. I have used both the android and iphone apps and they don't crash on me. The T+3 day settlement is a SEC rule- can't blame robinhood for that. Put in 25k to get around it. I have been thinking about putting more money into the account and trading more frequently. Is anyone trading serious money (like around 25k) on robinhood yet? How has the experience been?
I was looking into this months ago, I was thinking of placing about a $1000 in there just to play around, I have paid over $1000 in commissions this year which is a lot in my opinion, was thinking of moving all my accounts to IB and probably could save hundreds and hundreds of dollars, I haven't done the exact math yet but if I can save around $500+ a year on commissions Im going to make the switch. I got scottrade to knock off a dollar on each trade which seems like a lot but when you trade 10X a week X 4 weeks in a month that adds up quick...as for robin hood I know you can only trade using your phone which isnt a big deal since when Im on the go I usually place trades but like I said I will probably start off small and see how it works out with robin hood, Im sure most people who sign up for it are people who never ever invested and figure why not try it out since its free and Im sure most of the people who sign up are in the age bracket of 16-25....
I have been using the app for the past couple of months and really like it. However, like others have said I don't know if I would ever use it as my full time trading broker. I only have around $500 in my account and use it for swing trading or other medium term trades. The zero commissions allow for active trading with only a small balance when normally commissions would erode returns to the point of not being worth it.
Funny to have come across this thread. I just found out about robinhood a few weeks ago myself. A poker buddy of mine told me about it and we're trying it out with a little contest between us - we each can ante up $100/week of fresh cash, and we must execute at least twelve "all-in" trades, with at least trade one per month. First one to $10K winds - loser pays the winner $10K. Neither of us have placed a trade through the app yet. I just added a second $100 deposit. I assume he did as well. The zero commissions make it a viable contest starting with such small stakes. Should be fun.
What do you mean T+3 settlement is related to 25K?!!! I have SIGNIFICANTLY more than $25K in that account and they still make me wait for T+3!! So, is that illegal then? Cuz if they are supposed to settle faster than T+3 if you have more than $25K and they are making me wait then I want a class action lawsuit fckers! haha. jk. Their experience has been OK. B+ at best. The app is not that stable during fast markets. It's OK. I've opened up a brand new IB account and will be transferring more capital from Robinhood to IB. I don't like the non-realtime quotes. No real charting. What it's good is if you trade large amount of shares frequently then it makes sense..
Tick got it right on...but I 'll go one step further..."Even if commissions were truly Free-the high percentage of losing Traders would STILL L-O-S-E!"
That has nothing to do with Robinhood or fees though. Most people will lose money on any platform. RH just allows you to lose less (no min balance), and at a slower pace (no fees to eat away at your balance).