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Robinhood

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On 11/5/2019 at 1:38 PM, hegemony said:

The jig is up. Robinhood closed the loophole. A group of immature Reddit users bragged about how big of a position they created doing this (constantly selling covered calls that were mistakenly added to their account's buying power to buy more stock and to sell more covered calls). I'm sure unwinding this huge position can create big losses if the stock drops big time. If it rises above the call price, you use the stock to cover your calls but you still keep whatever cash you have left in the account from writing the calls.

Anyway all of this violates margin requirements. 

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On 11/7/2019 at 7:54 PM, Burgerwars said:

The jig is up. Robinhood closed the loophole. A group of immature Reddit users bragged about how big of a position they created doing this (constantly selling covered calls that were mistakenly added to their account's buying power to buy more stock and to sell more covered calls). I'm sure unwinding this huge position can create big losses if the stock drops big time. If it rises above the call price, you use the stock to cover your calls but you still keep whatever cash you have left in the account from writing the calls.

Anyway all of this violates margin requirements. 

Waiting for the lawsuits, when Robinhood tries to get all that money back lol

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23 hours ago, cv91915 said:

With combined balances approaching $2,050.

Agree.  Their business model encourages every millennial burger flipper to open an account on their app, but unless they disclose figures to help indicate median account balances, I'll make a guess the figure is about $50, which is worthless to other brokerages.

I don't normally publish what I have in an account, but I will say my Robinhood account is about twice as much as figure you mentioned above, so they do have more than $2,050.  It's basically some ETFs. There's really no need for me to keep them at Robinhood, but I'll leave them there for now.

 

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My spot in the waiting list for the debit card is now about 198,000. It might move down a thousand one day, then be stuck there for a few days. I'm not going to be tapping 1,000 times every day.

Anyway, the advantage of a Robinhood account has faded since zero commissions have become the standard. There are negatives, like lack of phone support and poor customer service. Issues have been discussed on Reddit. Aside from my toddler's portfolio of tiny stock positions, I have a total of about $5,000 in a few ETFs. Since I can buy ETFs for no commission in my main Schwab account, I'm thinking of transferring that to them and leave my tiny positions in Robinhood (I'll keep that open for stuff like the coming debit card). Robinhood has a $75 transfer out fee. I'll need to leave a cash balance of at least that amount to cover it.

I called Schwab and asked if they rebate that fee. They do, but don't advertise it. A customer needs to ask.

I'll probably move the ETFs early next year. I'll keep my Robinhood account open, but they don't provide everything the Schwab's, and other brokers do. They built a playground for millennials. They say they have 10 million accounts, but don't get into specifics.  I doubt the median or average account balance is enough to pay an average millennial's monthly cellphone bill.

 

Edited by Burgerwars

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My spot on the debit card waiting list has moved down to 191,000.  It looks like it advances about 2,000 on workdays, so I still have a 19 week wait.  :(

 

I've decided to transfer 95% of what I have in Robinhood to my Schwab account.  The advantage of Robinhood has faded, because commission-free stock trades have become the norm.  That, along with Robinhood having lack of support, no phone support, lack of investment options that are offered by other brokers, and a company that seems to be run by amateurs, and can't even handle the business they have, reinforces my decision.  I don't want to be in the position of having an urgent issue, but lack of support by anyone to handle it.  A half-year wait for just a debit card doesn't give me much confidence.

 

I'll keep the account open for minimal stuff, but Robinhood I feel is not the place for one to have their major investments with,

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10 hours ago, Burgerwars said:

My spot on the debit card waiting list has moved down to 191,000.  It looks like it advances about 2,000 on workdays, so I still have a 19 week wait.  :(

 

I've decided to transfer 95% of what I have in Robinhood to my Schwab account.  The advantage of Robinhood has faded, because commission-free stock trades have become the norm.  That, along with Robinhood having lack of support, no phone support, lack of investment options that are offered by other brokers, and a company that seems to be run by amateurs, and can't even handle the business they have, reinforces my decision.  I don't want to be in the position of having an urgent issue, but lack of support by anyone to handle it.  A half-year wait for just a debit card doesn't give me much confidence.

 

I'll keep the account open for minimal stuff, but Robinhood I feel is not the place for one to have their major investments with,

Normally for a customer experience like this, one must join a credit union.

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I jumped 6,000 spots in line today for the debit card. I'm now at about 95,000. I just might not have to wait until the year 2525 to apply.

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22 hours ago, Burgerwars said:

I jumped 6,000 spots in line today for the debit card. I'm now at about 95,000. I just might not have to wait until the year 2525 to apply.

Things are speeding up big time.  Today I'm at 79,000.

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On 9/9/2019 at 11:16 AM, aroberson said:

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

 

On 9/9/2019 at 11:22 AM, MarvBear said:

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

 

Welcome to CreditBoards.

Define “smart”

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Both their website and their Android app have been down for the entire trading day.  "Great operation," for those who want to trade today's rebound.  I was going to enter an order for a few more shares of an ETF, but can't.  No biggie.  I transferred 98.6% of what I had in Robinhood out of the account a couple months ago, since I lot faith in them, plus no-commission trades are no longer unique to them.   I just play with them a bit, plus wanted their debit card.  I've looked at some YouTube videos, where YouTubers say they're the best thing since sliced bread.  They aren't.  What have they been smokin?

 

Identified - The issue has been identified and a fix is being implemented.
Mar 2, 08:18 PST
Investigating - We are experiencing a system-wide outage. We are working to resolve this issue as soon as possible.

20190615-875357-2636238
Mar 2, 06:38 PST

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 Apps
iOS AppMajor Outage
Web AppMajor Outage
Android AppMajor Outage
 Trading
Equities TradingMajor Outage
Crypto TradingMajor Outage
Options TradingMajor Outage
Market DataOperational
Order Status UpdatesMajor Outage
Bank LinkingMajor Outage
Bank TransfersMajor Outage
Email SupportOperational
 Overall System
Overall SystemMajor Outage
 Corporate Actions

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Still down as I'm posting this.

 

Hi Burgerwars,

This morning, starting at 9:33 AM ET, we started experiencing downtime across our platform. These issues are affecting functionality on Robinhood, including your ability to trade.

All of us at Robinhood are working as hard as we can to resume service, and we’ll update you as soon as the issue is resolved. We understand the impact this is having and we apologize for any trouble this has caused.

Please check our status page at status.robinhood.com. Thank you for being a Robinhood customer.

Sincerely,
The Robinhood Team
robinhood.com

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"I purchased Microsoft calls on Friday through Robinhood’s mobile applications, which I planned on selling today (Monday, March 2nd) for a quick turnaround but am unable to get out of my positions. This is a horrible sign for the mobile trading start-up. "

 

https://finance.yahoo.com/news/im-not-selling-because-robinhood-202608194.html

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Posted (edited)

The app does appear to be up. It will be interesting to hear how their PR department explains away how their service was unavailable for an entire day, which happened to be one of the biggest days in history. There's always tomorrow. Things could blow up again.

Edited by Burgerwars

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Posted (edited)

Yeah, I was stuck holding shorts I'd wanted to sell and flip that AM -- Except my trades didn't trigger, and I couldn't login to manually do anything, and the 'email customer service' couldn't trade at your direction.  Was all I needed to resolve this and flip to a new one of choice (Probably go with Morgan Stanley/E-Trade, though I'm now researching options...between them and TD Ameritrade at the moment) very soon.  Filed a complaint with the FINRA office already...Missed out about $15,000 worth of profits that vanished by the time they came back up the next day that would've spike flipped again for the dead cat bounce.  Still holding SDOW currently (Because I couldn't sell part when it passed $50) to the tune of $40 calls for 3/20.  Makes me grumble, but at least DJIA's trending downward....for now.  I much prefer the bird in my hand that would've paid off most everything. -_-

Edited by Zanshiro
Clarity

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