Anyone use Robinhood to trade? - AcuraZine - Acura Enthusiast Community

Notices
Money & Investing Learn how to get rich on the housing bubble and the bull market…

Anyone use Robinhood to trade?

Reply

 
 
 
Old 10-01-2015, 04:06 PM
  #1  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
Anyone use Robinhood to trade?

My friend suggested I use it since trades are $0 and there's no minimum deposit. There's only basic trades thou, market buy/sell and limit orders.

Options, margin and whatever will be available later, not for free thou.




https://robinhood.com/
Mizouse is offline  
Reply With Quote
Old 10-01-2015, 04:24 PM
  #2  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
Robinhood has raised $66 million from NEA, Index Ventures, Ribbit Capital, Vaizra Investments, Google Ventures, Andreessen Horowitz, Social Leverage, Box CEO Aaron Levie, Path CEO Dave Morin, Jared Leto, Snoop Dogg, Linkin Park, and Nas, which gives us the freedom to focus on building an outstanding experience rather than short-term profits.
Snoop dogg, linkin park and nas????
Mizouse is offline  
Reply With Quote
Old 02-27-2016, 12:22 AM
  #3  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
Well I finally set up my account with Robinhood and started trading with $1000 to test with. OMG why didn't I do this sooner. No fees for trading rocks!

With Schwab and the volume of trades I'm doing I've spent around $300 in trading fees since Septemebr!
Mizouse is offline  
Reply With Quote
Old 02-27-2016, 12:27 AM
  #4  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
They also started invites for Robinhood instant.

Let's you use the funds from stocks you sold right away to buy other stocks. Don't need to wait 3 days for funds to settle before trading again. Also they let you use up to $1000 in funds you request by ACH right away instead of having to wait for the funds to clear your linked bank account.




Mizouse is offline  
Reply With Quote
Old 02-27-2016, 07:08 AM
  #5  
Registered Member
 
doopstr's Avatar
 
Join Date: Jan 2001
Location: Jersey
Age: 46
Posts: 22,569
Thanked 860 Times in 537 Posts
Didn't Robinhood steal from rich people like you?
doopstr is online now  
Reply With Quote
Old 02-27-2016, 02:06 PM
  #6  
astronaut
 
AZuser's Avatar
 
Join Date: Nov 2006
Posts: 14,832
Thanked 2,055 Times in 1,221 Posts
Robinhood seems to be targeting millennials, s, people who don't have a lot of money (no account minimums), and people who like to buy and hold.

But no options or after hours trading kills it for me.

They also don't offer any research, trading tools (e.g. thinkorswim) or news feeds.

I suppose you could do your research on your desktop/laptop and use trading tools from another brokerage, then use your phone/tablet to enter trade with them, but I think that would get tiring/annoying after a while.




Originally Posted by Mizouse View Post
Well I finally set up my account with Robinhood and started trading with $1000 to test with. OMG why didn't I do this sooner. No fees for trading rocks!

With Schwab and the volume of trades I'm doing I've spent around $300 in trading fees since Septemebr!
If you're doing a lot of trading, you should have used a broker with lower fees than Schwab, like Optionshouse, Tradeking, Interactive Brokers, etc. You would have cut that $300 in half.

But if you're just looking to save money on trades and don't use/care about trading and research tools, then I suppose Robinhood fits the bill.

Originally Posted by Mizouse View Post
They also started invites for Robinhood instant.

Let's you use the funds from stocks you sold right away to buy other stocks. Don't need to wait 3 days for funds to settle before trading again. Also they let you use up to $1000 in funds you request by ACH right away instead of having to wait for the funds to clear your linked bank account.
No instant access to funds from stocks you just sold is another deal killer.

Last edited by AZuser; 02-27-2016 at 02:09 PM.
AZuser is offline  
Reply With Quote
Old 02-27-2016, 04:24 PM
  #7  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
I get it, doesn't work for you. For now it works good for me.
Mizouse is offline  
Reply With Quote
Old 02-27-2016, 05:09 PM
  #8  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
Originally Posted by AZuser View Post
No instant access to funds from stocks you just sold is another deal killer.
i have that same issue with Schwab. My friend has the same issue with ML.

Well I could trade with Schwab but if I sell before the settling period of the previous stock I sold my account will get restricted and they said they'd want me to deposit cash to cover the trade. Something like that
Mizouse is offline  
Reply With Quote
Old 02-27-2016, 10:30 PM
  #9  
Senior Moderator
 
oo7spy's Avatar
 
Join Date: Dec 2010
Location: Austin, TX
Posts: 22,548
Thanked 3,887 Times in 2,816 Posts
I'll look into it. Yes, I'm a , so what. My only experience is with ETrade since my company supplied the account.
oo7spy is offline  
Reply With Quote
Old 02-29-2016, 09:44 AM
  #10  
Q('.')=O
iTrader: (1)
 
imj0257's Avatar
 
Join Date: Feb 2008
Location: DFW, TX
Age: 34
Posts: 22,526
Thanked 596 Times in 430 Posts
My friend actually told me about it last week... never heard of it before.

I think it is good for newbies.. the $0 trade fees is a huge plus. Most of the negatives are people saying it takes way too long to transfer funds from/to your account.
imj0257 is offline  
Reply With Quote
Old 02-29-2016, 10:54 AM
  #11  
Senior Moderator
 
oo7spy's Avatar
 
Join Date: Dec 2010
Location: Austin, TX
Posts: 22,548
Thanked 3,887 Times in 2,816 Posts
Also wondering how long it would take them to give you a 1099-B, how accurate it would be, and if they would try to charge for it.
oo7spy is offline  
Reply With Quote
Old 02-29-2016, 11:35 AM
  #12  
Q('.')=O
iTrader: (1)
 
imj0257's Avatar
 
Join Date: Feb 2008
Location: DFW, TX
Age: 34
Posts: 22,526
Thanked 596 Times in 430 Posts
^ I also was wondering about that. I looked a lot of places and found no info whatsoever about tax documents from their site/app.
imj0257 is offline  
Reply With Quote
Old 02-29-2016, 05:33 PM
  #13  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
My friend told me no charge for the 1099-B.

They send you a notice by email so you can download it electronically.

They're available mid February.
Mizouse is offline  
Reply With Quote
The Following User Says Thank You to Mizouse For This Useful Post:
oo7spy (03-03-2016)
Old 10-25-2016, 04:06 PM
  #14  
Registered Member
 
atomlinks's Avatar
 
Join Date: Mar 2011
Posts: 441
Thanked 90 Times in 74 Posts
I know this is an old thread but wanted to ask... How is it going a year later? Are you still using it? I saw this a couple of years ago, but no android and that killed it for me. If they had api access and if I could legally set it up for fully automated trading I would definitely give it a whirl. Are the quotes good and how about transaction time? Do your market orders get filled 2 minutes later or immediate? I just like the idea that you could have a boatload of small trades going on with no commission. Also, small trades don't get noticed :-) If they work they work, if they don't they don't and your out with no commission... I like the sound of that...
atomlinks is offline  
Reply With Quote
Old 10-25-2016, 05:05 PM
  #15  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
Im still using it, but I've cut back on my trading. Having no fees and made me develop a bad habit of taking super risky trades.
Also with Robinhood instant, if I sell a stock, I can use those funds immediately and buy another stock.

Made tons of poor judgement trades

that said, if I can discipline myself again. Robinhood is useful.

And yes, with a market order the order is fulfilled right away.
Mizouse is offline  
Reply With Quote
Old 10-25-2016, 10:47 PM
  #16  
Registered Member
 
atomlinks's Avatar
 
Join Date: Mar 2011
Posts: 441
Thanked 90 Times in 74 Posts
Thanks for the info man. I hear ya, with no fees I'd probably be in there trading UVXY for pennies all day, lol I'm totally joking.. But seriously I like to have everything set up the the night before before the bell, software sounds alerts on breakouts/downs retrace so I don't have to think. No way in hell am I watching charts all day long. I've got more important things to do :-)

Poor judgement trades, I know what you're saying... Everyone that has played the game has been there done that, I don't care who you are... And if you haven't you're lying. I realized that I only make big mistakes when I listen to news, cnbc, social stock sites, know-it-all guru's etc Just trade the chart/technicals tone everything out and I do much better personally.

I'll give 'em a try, hopefully one day they will have api access, that would be sweet. It's not like i'm across the street from the exchange like the big boys, but certainly would give a slight edge.
atomlinks is offline  
Reply With Quote
Old 11-03-2016, 02:32 PM
  #17  
Registered Member
 
atomlinks's Avatar
 
Join Date: Mar 2011
Posts: 441
Thanked 90 Times in 74 Posts
BTW, never play UVXY when I mention it, hehe
atomlinks is offline  
Reply With Quote
Old 11-01-2017, 11:31 AM
  #18  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
Just announced Robinhood for the web. Rolling out early 2018.
Mizouse is offline  
Reply With Quote
Old 12-13-2017, 12:22 PM
  #19  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
Mizouse is offline  
Reply With Quote
The Following User Says Thank You to Mizouse For This Useful Post:
AZuser (12-13-2017)
Old 12-13-2017, 02:16 PM
  #20  
astronaut
 
AZuser's Avatar
 
Join Date: Nov 2006
Posts: 14,832
Thanked 2,055 Times in 1,221 Posts
This plus their new web platform (trading on mobile just doesn't work) just might get me to try them out. Still no charting tools though.
AZuser is offline  
Reply With Quote
Old 12-13-2017, 02:48 PM
  #21  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
No fees thou. So maybe worth a shot
Mizouse is offline  
Reply With Quote
Old 01-25-2018, 10:14 AM
  #22  
astronaut
 
AZuser's Avatar
 
Join Date: Nov 2006
Posts: 14,832
Thanked 2,055 Times in 1,221 Posts
No fee crypto trading? That would get me to check them out

https://www.cnbc.com/2018/01/25/stoc...m-trading.html

Stock trading app Robinhood to launch bitcoin, ethereum trading in five states

Published 5 Mins Ago

Stock trading app Robinhood is becoming a cryptocurrency broker.

Customers in California, Massachusetts, Missouri, Montana and New Hampshire will be able to trade bitcoin and ethereum through the app beginning in February, Robinhood announced Thursday. In the meantime, all customers can now track prices and receive alerts for 16 cryptocurrencies on the app.

"Cryptocurrencies have become the first foray into investing and financial services to a large number of people," Robinhood co-founder Vlad Tenev told CNBC in a phone interview. "Now it's become more and more clear [that bitcoin is an] investing asset."

That's a change from October, when Tenev told CNBC that Robinhood was focused on expanding its stock trading business.

Still, "I wouldn't call it a shift," Tenev said. "We're not seeing significant impact from cryptos on the size of the equity market. Marketwide, trading is increasing, investing is increasing."

The company launched about six years ago as a way for customers, mostly younger investors, to trade stocks through their smartphones for free. Robinhood also has a premium paid service, and in December launched options trading. The company now has more than 3 million users, with 78 percent falling into the so-called millennial age category of 18 to 35 years old.

For cryptocurrency trading, Robinhood will have no investment minimums or maximums, and no withdrawal limits. The start-up will hold most of the digital coins offline in what is called cold storage. The practice prevents hackers from stealing the coins.

"We will connect to many exchanges, up to a dozen or more, over the next several months," Tenev said. "We want to break even on this business, not to profit from it. We view this as an opportunity to expand our customer base and give our customers more access to functionality."

List of digital coins Robinhood users can view
  1. Bitcoin
  2. Ethereum
  3. Bitcoin Cash
  4. Litecoin
  5. Ripple
  6. Ethereum Classic
  7. Zcash
  8. Monero
  9. Dash
  10. Stellar
  11. Qtum
  12. Bitcoin Gold
  13. OmiseGo
  14. NEO
  15. Lisk
  16. Dogecoin

But with just five states at launch Robinhood will not likely pose a significant threat to Coinbase, the leading U.S. cryptocurrency exchange. Coinbase has more than 13 million customers around the world and has money transmitter licenses in 36 states, including New York. The February rollout of cryptotrading to five states will be in phases, and Robinhood said it hopes to offer cryptocurrency trading to New York residents in the future, but noted that the state and others may require specific licensing and approvals.
AZuser is offline  
Reply With Quote
The Following User Says Thank You to AZuser For This Useful Post:
Mizouse (01-25-2018)
Old 01-25-2018, 11:43 AM
  #23  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
Came here to post that.
Mizouse is offline  
Reply With Quote
Old 03-20-2018, 03:28 PM
  #24  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
Website just went live

https://robinhood.com/login
Mizouse is offline  
Reply With Quote
Old 03-27-2018, 12:10 PM
  #25  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts
Just got my web invite

Congratulations! You’re now eligible to get Robinhood for Web.

Our revolutionary new platform introduces a full set of research and discovery tools designed to help newcomers and experts alike learn about the stock market in a whole new way.

Simply sign in with your Robinhood username and password, and you’ll be ready to get started. If you want to learn more about Web check out our blog.

Sincerely,
The Robinhood Team
Mizouse is offline  
Reply With Quote
Old 04-13-2018, 11:15 AM
  #26  
Moderator
Thread Starter
 
Mizouse's Avatar
 
Join Date: Oct 2004
Location: Las Vegas
Age: 34
Posts: 55,314
Thanked 1,265 Times in 889 Posts



Mizouse is offline  
Reply With Quote
Old 06-07-2018, 07:08 PM
  #27  
youtu.be/TejoMjHk3x0
 
#1 STUNNA's Avatar
 
Join Date: Aug 2007
Location: Florida
Posts: 28,089
Thanked 2,973 Times in 1,837 Posts
OK so Robinhood is good? My friend just told me about and sent me a referral link. I trust him a lot but I don't think he's the most knowledgeable about finance, so I came in here to start a thread, good thing I saw this one already.

I'm a millenial :noob: so this sounds good for me
#1 STUNNA is offline  
Reply With Quote
Old 06-07-2018, 07:26 PM
  #28  
youtu.be/TejoMjHk3x0
 
#1 STUNNA's Avatar
 
Join Date: Aug 2007
Location: Florida
Posts: 28,089
Thanked 2,973 Times in 1,837 Posts
Azuser what about the new stocks app in ios12 + Robinhood. Is that a good enough combo for you?
#1 STUNNA is offline  
Reply With Quote
Old 06-07-2018, 09:38 PM
  #29  
astronaut
 
AZuser's Avatar
 
Join Date: Nov 2006
Posts: 14,832
Thanked 2,055 Times in 1,221 Posts
Don't have a Robinhood account. I think I'm on waiting list for their options account though. At least I think that's what I signed up for a couple months back. From everything I've read about them, they seem fine. Their target seems to mainly be beginning investors.

Still not sure if or how much I'd use them though since the features I want they charge a monthly fee for (pre-market and after-market trading, instant access to funds, trading leveraged ETF's, etc.) with their Robinhood Gold account. No thanks.

And their web app is still too plain like with their mobile app. No advanced features.

I haven't realy looked into the updated iOS 12 Stocks app, but from what I've seen so far, it looks to be a good improvement. It's like they combined the current (pre-iOS 12) Stocks app and the CNBC app. Not sure if I'd feel comfortable trading just using iOS 12 Stocks app and Robinhood. I'd need to see what sources they pull from for their stock news. My guess is it's from the major publications so as to avoid unreliable sources, speculative news and rumors. But sometimes those rumors and speculative news turn out to be correct and by the time the major news outlets report on it, you've missed out on the action.
AZuser is offline  
Reply With Quote
Old 06-07-2018, 09:48 PM
  #30  
astronaut
 
AZuser's Avatar
 
Join Date: Nov 2006
Posts: 14,832
Thanked 2,055 Times in 1,221 Posts
AZuser is offline  
Reply With Quote
Old 06-08-2018, 05:45 PM
  #31  
youtu.be/TejoMjHk3x0
 
#1 STUNNA's Avatar
 
Join Date: Aug 2007
Location: Florida
Posts: 28,089
Thanked 2,973 Times in 1,837 Posts
Thanks! My application is being delayed because I told them my brother works for RJF. They flipped out when I said that. Now I have to go through a more thorough review process.
#1 STUNNA is offline  
Reply With Quote
Old 07-13-2018, 12:20 AM
  #32  
astronaut
 
AZuser's Avatar
 
Join Date: Nov 2006
Posts: 14,832
Thanked 2,055 Times in 1,221 Posts
Robinhood Adds Bitcoin Cash, Litecoin to Crypto Offerings | Fortune

Robinhood Adds Bitcoin Cash and Litecoin in Push to Expand Crypto

July 12, 2018

Robinhood, a stock-buying app popular with young investors, announced on Thursday it has added two new cryptocurrency offerings: Bitcoin Cash and Litecoin.

The additions, which represent the fourth and sixth most valuable digital currencies respectively, come after Robinhood began offering Bitcoin and Ethereum—the two biggest and best known currencies—in February.

Currently, Robinhood is offering the cryptocurrencies in a limited number of states, including California and Texas, while it navigates licensing requirements in the rest of the country.

Robinhood’s decision to add Litecoin and Bitcoin Cash is not surprising as the currencies come with little regulatory risk, based on recent guidance from the SEC. This is not the case with other more centralized digital tokens, which the agency has warned are akin to securities that must be registered.

Robinhood says it’s service offers users the ability to track the price of other cryptocurrencies, including XRP and Monero, and that the company may offer some of these for sale in the future.

The price of Litecoin and Bitcoin Cash, like other cryptocurrencies, are well off their highs from last December when the overall market went into a frenzy.

While a growing number of companies offer cryptocurrency, including market leader Coinbase and payment service Square, Robinhood’s service is distinct because the company doesn’t charge direct commissions or trading fees.

Fortune explained in June:

With a dearth of market makers in the nascent cryptocurrency industry, Square and other trading platforms like Robinhood typically buy their Bitcoins and cryptocurrencies straight from public crypto exchanges and then resell them to investors, hoping to profit on the spread, or difference, between the purchase and sale price. But that can be tricky, especially when cryptocurrency’s high volatility results in frequent price swings.
At the time, Robinhood’s co-founder told Fortune that the company is not concerned at the moment about making money on crypto. Instead, the company sees it as a complement to its core stock brokerage service, which has already notched more accounts than conventional services like eTrade.
AZuser is offline  
Reply With Quote
 
 
 
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
maharajamd
Ramblings
24
10-01-2015 04:35 PM
RavSpec
Sponsored Sales & Group Buys
0
10-01-2015 01:59 PM
LA.3Six
2G TSX Performance Parts & Modifications
0
09-30-2015 09:40 AM
LA.3Six
2G TSX Performance Parts & Modifications
0
09-30-2015 09:29 AM
08_UA7_Gr33k
Third Generation TL (2004-2008)
1
09-27-2015 12:42 PM


Quick Reply: Anyone use Robinhood to trade?


Contact Us Advertising Cookie Policy Privacy Statement Terms of Service

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.