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Burgerwars

Robinhood

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A couple weeks ago I opened a Robinhood brokerage account for the heck of it. Free stock trades with everything done through their smartphone app.

 

I'm building a miniature portfolio of low priced stocks, and I'm talking tiny. I started with $25 in my account. They gave me one share of Sprint just for opening the account (worth $5). I've bought one share of RBS ($8), one share of Ford ($10 - my "major" holding) and one share of Intelsat ($2). Today I bought one share of Avon ($2). They must have felt so sorry for how poor I am that they gave me two shares for the price of one.

 

I'm unsure what cheap stock I'll by tomorrow.

 

Just call me the "Wall Street Tycoon."

Edited by Burgerwars

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For today, I bought two shares of Sirius XM ($6 each). I think they pay a one cent diivdend, so now I have a steady income stream. My miniature portfolio is growing. I must be up there with some of the world's biggest stock market tycoons. :beee:

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I've been busy "stock trading like an 8 year old."

 

The amounts/transactions in the account have been equivalent to what an eight year old may get as an allowance, with maybe some birthday money added. The value of the account at this moment is about $93. $25 in cash, and the rest spread among eight low-priced stocks (one or two shares each). My largest holding is Mattel, because of course I'm "8 years old." That one share put me back $16. :)

Edited by Burgerwars

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I can't wait for them to finish their Robinhood for Web Browser platform. There's only so much staring one wants to do at a smartphone when you have a big 4k monitor. Also, they plan to add crypto trading for those interested. 2018 looks to be an interesting year for the company. I have a Schwab account I'm not using very much any longer due to Robinhood being free for trades. Should hopefully apply further pressure on other brokerages to lower prices, and draw in more first-time investors. I see that as a good thing.

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I too, am waiting for their web app. That shouldn't be hard to do. With crypto, reports are that one won't be able to spend or transfer it in or out. Their service will only be for trading, although that can always change. Robinhood charges $75 to transfer out securities, that's obviously to discourage that.

 

The micro trading I do on Robinhood I wouldn't do in my Schwab account. I do have a large Schwab account, that are mainly long term investments. Commissions there are $4.95 for stock trades. I would be surprised if they lower that, although they have in the past. They probably don't look at Robinhood as their competition. Their average customer wants more services and products than Robinhood. Giving away their service isn't part of their business model.

Edited by Burgerwars

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You won't be able to trade OTC/pink sheet stocks with Robinhood. You can't buy mutual funds or open an IRA either, but can trade ETFs. It's not a full replacement for a regular brokerage account.

 

They did just introduce the ability to log into their website to manage your account. I just logged in. Before it was all through their smartphone app.

Edited by Burgerwars

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I reviewed their new website a bit more. One thing you can't do on it is submit a crypto (bitcoin/ethereum) buy or sell. You still must do that from their smartphone app. Everything else it looks like can be done. It's slick-looking, similar to the app.

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I also noticed you can't look-up/trade OTC ADRs on Robinhood. For example ANZ or Air New Zealand. Keep another brokerage account for that.

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Posted (edited)

They didn't do their homework when they learned the SIPC doesn't insure savings and checking accounts. The FDIC does.

 

On a related note, Betterment, which offers robo-adviser accounts investing in a basket of ETFs, also plans to offer later this year a cash management feature with a debit card. Most of the main brokerage companies, like Fidelity, Schwab, Etrade, Merrill Edge and TD Ameritrade, already do. 

Edited by Burgerwars

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On 7/23/2019 at 5:56 PM, Burgerwars said:

They didn't do their homework when they learned the SIPC doesn't insure savings and checking accounts. The FDIC does.

 

On a related note, Betterment, which offers robo-adviser accounts investing in a basket of ETFs, also plans to offer later this year a cash management feature with a debit card. Most of the main brokerage companies, like Fidelity, Schwab, Etrade, Merrill Edge and TD Ameritrade, already do. 

Robinhood stored passwords in plaintext, so change yours now

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1 hour ago, hegemony said:

Thanks.  I got an email about another Robinhood breach a few days ago, but just changed the password again, just in case.

 

A couple weeks ago I got a piece of suspicious email from someone who wanted to extort some money from me by sending it to a bitcoin address.  They said they had a password of mine, and will protect me if I send them bitcoin.  Actually, they included the password right in the email.  I immediately recognized it as an old LinkedIn password.  I changed that a while ago after LinkedIn said probably all their passwords was stolen.  I don't use LinkedIn for much of anything, so it being fraudulently logged into wouldn't be much of an issue.  Anyway, I didn't send the guy bitcoin.

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9 minutes ago, aroberson said:

I use robinhood, and got into options trading on their, you can make some decent money if you are smart.

Glad you were successful on there.   Just don't troll us for that site.  Our members are too smart.

 

Welcome to CreditBoards.

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7 minutes ago, MarvBear said:

Glad you were successful on there.   Just don't troll us for that site.  Our members are too smart.

 

Welcome to CreditBoards.

lol I will not, I am actually interested on working to pay my debt down and get some scores in the 800s

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