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robinhood a scam?

357 130 February 3, 2018 at 03:15 PM
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Is robinhood a scam? they don't charge fees for trading stocks

would it be safer to go with etrade?

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Last Edited by bkkebi February 6, 2018 at 12:26 PM
I have personally use it for two years, so far so good. Go here for more details.

www.robinhood.com [robinhood.com]

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#3
Robinhood is not a scam, just another startup looking to disrupt an industry. They didn't have the expertise on industry rules and regulations, so everything they planned on doing to generate income thus far has failed. I may have recommended them if you only have less than 5k to invest, yet their new venture into crypto trading can easily put this company out of business in one day due to settlement of these trades. Schwab, Fidelity, TD Ameritrade, and etrade are all good choices. It all depends on your own personal needs and level of experience.
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#4
Not a scam. I've seen complaints that they don't process orders as quickly as some day traders would like, but it is perfect if you are more of a buy-and-hold trader and don't need all the frills. I just wish they had a website where I could check on my portfolio (app only right now) and the ability to open IRA accounts.

Quote :
How does Robinhood make money?

With Robinhood Gold, you get up to 2x your buying power and access to after hours trading for as little as $6 per month. This is the only product Robinhood charges you for, and is completely optional. Trading is still commission free.

Additionally, Robinhood earns revenue by collecting interest on the cash and securities in Robinhood accounts, much like a bank collects interest on cash deposits.
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#5
Robinhood App is definitely not a scam. I joined in July 2017. I don't know the context from which this notion was thought, but I'd suggest to everyone concerned, they go through the signup process and read the disclosure statement.

They have thousands of commission free trades on NASDAQ, NYSE, S&P, ETFs from those exchanges and now have added 2 cryptos to Buy/Sell. This does not include all listed companies and does not include OTC pink sheets, or foreign markets. Those trades require PHONE assistance and DO HAVE COMMISSIONS associated up to $50. That's just one of the 6 methods that require commission. But again, I suggest going through the signup process and read /print all highlighted disclosures for your comfort , reference & understanding.

Hope that helps!
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#6
can robinho or go belly up and take your money with them?

someone was saying if they start doing crypto currency they could very well be a likely possibility
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Quote from bimmerboy
:
can robinho or go belly up and take your money with them?

someone was saying if they start doing crypto currency they could very well be a likely possibility
Protected by SIPC but getting back your money will take months to sort out most likely, especially if they have to liquidate the company based on crypto trades

https://www.sipc.org/for-investor...stor-faqs/
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#8
Quote from bimmerboy
:
can robinho or go belly up and take your money with them?

someone was saying if they start doing crypto currency they could very well be a likely possibility
Yes they can.

Quote from coolbeanz
:
Protected by SIPC but getting back your money will take months to sort out most likely, especially if they have to liquidate the company based on crypto trades

https://www.sipc.org/for-investor...stor-faqs/
That only applies to one asset. That asset being cash.

It does not apply to assets like stocks, bonds or crypto. No program protects you from that. You gamble on assets and it's just like you are gambling at the casino. If you lose, you lose. If you bought Palm at $100, the government won't make up for your loss when they went to $0. If you bought bitcoin at $19,000. They won't make up for bitcoin trading at $6,500.
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Last edited by ghostofposterspast February 5, 2018 at 01:44 PM.
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#9
Quote from ghostofposterspast
:
Yes they can.



That only applies to one asset. That asset being cash.

It does not apply to assets like stocks, bonds or crypto. .
SIPC protects Cash, securities and bonds not just cash when broker belly ups, within limits excluding the loss of the actual value of the security if there is still value in that security.

https://www.sipc.org/for-investor...c-protects
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Last edited by hapollo February 5, 2018 at 01:56 PM.

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Quote from ghostofposterspast
:
That only applies to one asset. That asset being cash.

It does not apply to assets like stocks, bonds or crypto. No program protects you from that. You gamble on assets and it's just like you are gambling at the casino. If you lose, you lose. If you bought Palm at $100, the government won't make up for your loss when they went to $0. If you bought bitcoin at $19,000. They won't make up for bitcoin trading at $6,500.
If you buy a share of stock, it is yours regardless of what happens to the brokerage. No, SIPC doesn't protect the value of shares, but you still own a share of the [failed] company. Wink
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Quote from theST0RM
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If you buy a share of stock, it is yours regardless of what happens to the brokerage. No, SIPC doesn't protect the value of shares, but you still own a share of the [failed] company. Wink
Exactly. Except in terms of crypto, they can not propagate that information out the rest of the blockchain. In that case you don't own a thing and you just lose it all. Look no further than Mt. Gox for an example.
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Quote from ghostofposterspast
:
Yes they can.



That only applies to one asset. That asset being cash.

It does not apply to assets like stocks, bonds or crypto. No program protects you from that. You gamble on assets and it's just like you are gambling at the casino. If you lose, you lose. If you bought Palm at $100, the government won't make up for your loss when they went to $0. If you bought bitcoin at $19,000. They won't make up for bitcoin trading at $6,500.
We are talking about the stocks in the account if the broker (RobinHood) goes belly up, SIPC will get your stocks back.
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Quote from coolbeanz
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We are talking about the stocks in the account if the broker (RobinHood) goes belly up, SIPC will get your stocks back.
We were talking about crypto, not stocks.

Regardless, SIPC does not need to get anything back. Since with a broker or not, you own the stocks. Those are held at a clearing house for you. Not by the broker. The big thing SIPC covers is the cash in the account.

Regardless, back to the question posed by that posters specifically related to crypto.

"What SIPC doesn't cover
SIPC does not cover:

• Investments in commodity futures, fixed annuities, currency, hedge funds, or investment contracts (such as limited partnerships) that are not registered with the Securities and Exchange Commission."

That would be crypto.
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N
Quote from ghostofposterspast
:
We were talking about crypto, not stocks.

Regardless, SIPC does not need to get anything back. Since with a broker or not, you own the stocks. Those are held at a clearing house for you. Not by the broker. The big thing SIPC covers is the cash in the account.

Regardless, back to the question posed by that posters specifically related to crypto.

"What SIPC doesn't cover
SIPC does not cover:

• Investments in commodity futures, fixed annuities, currency, hedge funds, or investment contracts (such as limited partnerships) that are not registered with the Securities and Exchange Commission."

That would be crypto.N
Negative, original thread was talking about stocks and moneys, then the subject was what if they go belly up from taking on free crypto trading - would the stocks and money be safe, and the answer is yes , covered by SIPC.


Cryptocurrency is not covered by SIPC which everyone knows duhh LMAO
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#15
Crypto trading has only rolled out on Robinhood in 3-4 states on the East Coast. Aside from that, you have to have an active account to move up the waitlist for the crypto trading ladder and only when you're on the waiting list of the over 1-2+ million people across the country waiting, PLUS waiting where it hasn't rolled out yet, will you be able to move up the ladder. How do you move up the ladder? By being an active Robinhood customer who's using various service, as I am already, and referring new Robinhood customers where you're linked to my coat tails after already the year I've been trading and using their features over the past year.

My suggestion as the best thing you can do, is that if you want to use Robinhood as your crypto trading platform foundation, it'll be quite a wait wait, especially for regulatory reasons and instability.The Robin-crypt launched in February, and I signed up in December just before. I'm still over a million on the waiting list, I referred a 2 people, but I'm on the West Coast where crypto trading on Robinhood hasn't rolled out yet due to laws. You should look elsewhere is my suggestion, BUT FIRST... leave your mark and get yourself free stock with zero basis with all profit... with a chance to move up the Crypto trading line anyway, plus you can read everything. HERE'S THE LINK TO GET A FREEBEE:

Join Robinhood and get one share of stock like Apple, Ford, or Sprint for completely free.
Make sure you use my link.
http://share.robinhood.com/brians1170
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