Author Topic: Anyone use Robinhood  (Read 3186 times)

purple monkey

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Anyone use Robinhood
« on: March 04, 2016, 09:24:11 AM »
Hey there,
Anyone able to share experience with Robinhood?
I called and am interested in having instant access for buying/selling.
TIA

bearkat

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Re: Anyone use Robinhood
« Reply #1 on: March 04, 2016, 09:36:35 AM »
I don't, but two coworkers do. They love it for free trades, but they also "over-trade"  because it's "free." Recently they've gotten into penny and quarter stocks (which is usually a bad idea regardless of the brokerage you go through). But I think the phone app and free trades encourage their worst behavior.

That said, I'm sure you as a mustachian would be fine. My beef with it would be the lack of support (or even a real website). When I open accounts and invest, I want it to be for the long term, so putting any significant money with Robin hood is not going to happen for me. And I'm not going to put an insignificant amount with them because I don't want to deal with the hassle of another small account.

JZinCO

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Re: Anyone use Robinhood
« Reply #2 on: March 04, 2016, 09:40:36 AM »
I've been a user for a year now. No complaints but then again all I have done is transferred money in, bought ETFs and taken some dividends out. A total of 4 buys over 12 months..

chemistk

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Re: Anyone use Robinhood
« Reply #3 on: March 04, 2016, 10:15:48 AM »
I tried it for a little while over a year ago and enjoyed the simplicity behind things. But it doesn't really allow you to get a big picture of everything and it's still limited (as far as I know) in what you can buy and sell. Obviously the big benefit is the ability to make transactions without fees so if you're planning on buying a few individual stocks, it might have some value.

purple monkey

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Re: Anyone use Robinhood
« Reply #4 on: March 04, 2016, 10:46:13 AM »
Anyone have a referral link where we both benefit?

JZinCO

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Re: Anyone use Robinhood
« Reply #5 on: March 04, 2016, 11:21:56 AM »
As I recall those links are sporadic and have short windows (ie 24 hr).

HeadedWest2029

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Re: Anyone use Robinhood
« Reply #6 on: March 04, 2016, 11:54:08 AM »
Anyone have a referral link where we both benefit?

I'm a Robinhood user, but I'm not aware of any referral program.  A website is supposedly in the works, which is comically coming out AFTER getting an iWatch app done <smh>.  At first it felt a little weird to only have a mobile option, but it turns out that I don't really miss having a web version.  Tax documents can be downloaded from your phone and the app is quite good.  It makes for a nice free taxable account for tax harvesting.  I use Quicken for personal record keeping and I'm not aware of any automatic sync yet, which is probably the biggest con on my list...so I just manually enter.  This of course would be a bigger pain if you are a big trader. 

humbleMouse

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Re: Anyone use Robinhood
« Reply #7 on: March 04, 2016, 05:08:20 PM »
Hell yeah, I love robin hood.  I use it daily, easily the best part of my phone.  I have made insane returns since august.... love these market dips!!

Tester

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Re: Anyone use Robinhood
« Reply #8 on: March 04, 2016, 06:33:30 PM »
I only use it to buy, not to buy and sell.
I use it because I only set aside 80 UDS/month for after tax investments and it helps to not pay taxes.
So I don't use it for daytrading, I just buy stocks I think I should own and recently I went into REITs because I want more real estate :).
I also look for dividends paying REITs right now...
Who knows, perhaps I will do some selling too, but this is not my main idea with it.

protostache

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Re: Anyone use Robinhood
« Reply #9 on: March 04, 2016, 06:52:35 PM »
I don't use Robinhood, and I won't until they support ACATS (Automated Customer Account Transfer Service), which is a way to transfer securities between brokerages without selling them. As of today they don't, which means if you use Robinhood, you're either stuck with your account there or you'll pay capital gains taxes on sales to transfer money out.