Robinhood is still as bad as ever, maybe worse

[creditrizz]

I must concede that I should have listened to everyone on Reddit who warned me about using Robinhood, but I can be a stubborn individual!  Without going on a long rant, I just want to let people know I'd advise against putting any money in Robinhood that you may need to take out in the  near future.  I've never seen such a ridiculous hassle to withdraw settled and cleared funds to another bank account.  Seems to me like they're using bots posing as customer service reps too, or at least trying to use AI to answer some questions you send in as I'm just getting ridiculous responses regarding their technical struggles, sending me unrelated trouble-shooting guides etc. Supposedly a supervisor will call me in a few days - it better not be an AI-voice generated supervisor lol.  Opened FINRA/SEC/CFPB complaints, but those don't usually help they just go on record.  Gave me something to do while I was on endless holds waiting for answers haha.

Fortunately it's not money I need anytime too soon, but I was trying to move it out so I don't have to deal with them ever again.  The way things are going lately with Fidelity and other platforms freezing funds too, it seems like I'm running out of financial institutions that will actually let me access my cash.  I guess the massive banks have the advantage again, as I'm now back to doing all of my banking and investing with the too-big-to-fails.  BofA/Merrill has been pretty decent setup so far, so I gotta thank this forum for informing me about the platinum rewards program.  Feels a bit less like your money is locked up somewhere in cyberspace as well.

[Tiggr]

I just don't understand the hate for Robinhood, maybe it's survivorship bias but I've never encountered a problem with them and I love how they actually are improving and changing things unlike any other boomer brokerages. I have my ROTH IRA through them and I'd love to snag the 3% CC if I ever get off the waiting list

[ptatohed]

Not a lot of experience with RH.  I threw in $100 bux several months ago hoping it would help move me up on their wait list.  They gave me $5 to invest in stocks.  My $100 cash is only worth $100.02 now but my $5 grew by $1.20 to $6.20, not bad % wise! 

[AzCreditGuy]

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@Tiggr wrote:

I just don't understand the hate for Robinhood, maybe it's survivorship bias but I've never encountered a problem with them and I love how they actually are improving and changing things unlike any other boomer brokerages. I have my ROTH IRA through them and I'd love to snag the 3% CC if I ever get off the waiting list

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Maybe its the Fact that Vlad screwed everyone over in that GameStop pump. I removed my Crypto from Robinhood after that and will never use that platform ever again. 

[Patient957]

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@Tiggr wrote:

I just don't understand the hate for Robinhood, maybe it's survivorship bias but I've never encountered a problem with them and I love how they actually are improving and changing things unlike any other boomer brokerages. 

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I think you put your finger on it.  It's probably a generational thing.  Not a Boomer, GenX here, but I don't prefer the overt gamification of my financial services.  Everything at RH feels like spinning a wheel to win a prize, and I think I literally did spin a wheel to win $5 upon first joining.  No thanks.

In a brokerage, I want access to real tools, like charting, and data, not a wheel to spin.  After joining, I hightailed myself and my dough right back outta there. 

But to each his own.  Some people love RH, and they're a successful company, so it's all good.

[Tiggr]

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@Patient957 wrote:

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@Tiggr wrote:

I just don't understand the hate for Robinhood, maybe it's survivorship bias but I've never encountered a problem with them and I love how they actually are improving and changing things unlike any other boomer brokerages. 

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I think you put your finger on it.  It's probably a generational thing.  Not a Boomer, GenX here, but I don't prefer the overt gamification of my financial services.  Everything at RH feels like spinning a wheel to win a prize, and I think I literally did spin a wheel to win $5 upon first joining.  No thanks.

In a brokerage, I want access to real tools, like charting, and data, not a wheel to spin.  After joining, I hightailed myself and my dough right back outta there. 

But to each his own.  Some people love RH, and they're a successful company, so it's all good.

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It's definitely been changing,  robinhood legend just came out and they've just added a lot more data too. It seems like they're just catching up to all other brokerage in terms of features but they focus on polishing them and making them easy to understand and use, which is something I kinda needed. RH is like the hand-holding of Apple in the brokerage world IMHO

[FicoMike0]

I guess I'm a boomer. I didn't get involved in GameStop.

I like rh for no fee option trading. Fidelity, my other brokerage, charges $.65 per contract. Not a lot, but I've made $5 option trades, that's 13%. I need all the help I can get!

Another feature rh has is  instant debit card funding. Makes it quick and easy to get money into rh. Still have to ach it back out. 

[Realist]

I've had nothing but good interactions with RH, but I am aware of some of the stated complications that others have claimed.  I use to have a neighbor that was a stock broker manager who also claimed that RH isn't great, but I didn't experience any of these claims.  Who knows, RH is competition to what he does, so I never really got to know if it was an honest assessment.   Probably was though.

Gold member, so deposits go through quickly.  Active trader, so buys and sells work just fine with what I deal with.  Turn overs are incredible.  Pattern trading barriers to help people avoid day trading issues.    I've never had any issues with a withdraw.   I called CS once or twice, and I was unbelieveably impressed by the experience and knowledge provided to answer and assure me on my question.  This was maybe a year or two ago, so could things have changed since?  Sure of course, but I still use today.

From my end I've experience nothing other than good to great things from RH so far, user for a half dozen or more years.  I'm only a fraction of my investment today, because I like to take it off the table at times to place into sure and unrisky bets.  That's why I use RH, for the gambling purposes to multiply earnings.

I can respect everyone's opinions and experiences.  I can understand and research some of the troubles stated, as there are multiple stories.  Only, I can't relate to any of them.  I'm just not seeing these issues on my end.   Uh, knock on wood right?

[zucccchini]

I totally agree.  If all you are doing is buying and selling and do not plan to move your crypto to your outside wallet, you are good.  No problems.  But you go to moving your crypto to a Trust wallet, hang on because you are talking .....well so far, I am starting into my 3rd week waiting to be verified??  First they shut down your account and you are put on a waiting list "to be called shortly".  After about three days if you keep going back and checking you might get a DATE they MAY CALL.  And then that day comes and if you go check they have changed it.  I missed my FIRST CALL because I was in the shower and didn't hear the call....it was at 7:05am.  It took four more days to call back and then the person speaking was broken english and actually breaking up.  Because I was not able to give her the ONE email address...(I have two, was not sure which one was attached to that account)  I gave her both and she told me she was unable to verify my account at that time and I must go back in line.  Its like they are punishing you for being a customer??  Or for wanting to put your holdings in a self secure wallet.  They have NO phone number you can call because its hooked to the fact you are 'IN LINE FOR A CALL'.  and finding a chat that will let you talk to a PERSON also takes you to the same thing.  "Your account is locked for your security.  You are in line for a support call SHORTLY"?? 

iF someone was hacking my account, I would be screaming bloody murder since I cannot contact them right now.  What logic are they using here?  I promise I will NEVER use this service EVER again.  Think if you were trying to make a little money on the corrections!!