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Anyone use Robinhood to trade?

Old 10-01-2015, 05:06 PM
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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/
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Old 10-01-2015, 05:24 PM
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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????
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Old 02-27-2016, 01:22 AM
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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!
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Old 02-27-2016, 01:27 AM
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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.




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Old 02-27-2016, 08:08 AM
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Didn't Robinhood steal from rich people like you?
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Old 02-27-2016, 03:06 PM
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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 03:09 PM.
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Old 02-27-2016, 05:24 PM
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I get it, doesn't work for you. For now it works good for me.
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Old 02-27-2016, 06:09 PM
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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
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Old 02-27-2016, 11:30 PM
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I'll look into it. Yes, I'm a , so what. My only experience is with ETrade since my company supplied the account.
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Old 02-29-2016, 10:44 AM
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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.
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Old 02-29-2016, 11:54 AM
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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.
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Old 02-29-2016, 12:35 PM
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^ I also was wondering about that. I looked a lot of places and found no info whatsoever about tax documents from their site/app.
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Old 02-29-2016, 06:33 PM
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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.
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Old 10-25-2016, 05:06 PM
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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...
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Old 10-25-2016, 06:05 PM
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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.
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Old 10-25-2016, 11:47 PM
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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.
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Old 11-03-2016, 03:32 PM
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BTW, never play UVXY when I mention it, hehe
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Old 11-01-2017, 12:31 PM
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Just announced Robinhood for the web. Rolling out early 2018.
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Old 12-13-2017, 01:22 PM
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Old 12-13-2017, 03:16 PM
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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.
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Old 12-13-2017, 03:48 PM
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No fees thou. So maybe worth a shot
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Old 01-25-2018, 11:14 AM
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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.
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Old 01-25-2018, 12:43 PM
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Came here to post that.
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Old 03-20-2018, 04:28 PM
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Website just went live

https://robinhood.com/login
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Old 03-27-2018, 01:10 PM
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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
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Old 04-13-2018, 12:15 PM
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Old 06-07-2018, 08:08 PM
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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
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Old 06-07-2018, 08:26 PM
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Azuser what about the new stocks app in ios12 + Robinhood. Is that a good enough combo for you?
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Old 06-07-2018, 10:38 PM
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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.
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Old 06-07-2018, 10:48 PM
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Old 06-08-2018, 06:45 PM
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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.
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Old 07-13-2018, 01:20 AM
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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.
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Old 08-02-2018, 09:33 AM
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Noob question: WTF does this mean? I have 2 shares of NYLD stock, does this mean I'm going to get a check in the mail for $1.22


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Old 08-02-2018, 09:43 AM
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No. NYLD reported earnings of $0.61 per share. Analysts expected them to earn $0.34 per share. $0.61 is 79% more than $0.34

You're confusing their earnings with their quarterly dividend

NRG Yield : Investor Relations : Press Release

Quarterly Dividend Update

On July 24, 2018, NRG Yield’s Board of Directors declared a quarterly dividend on Class A and Class C common stock of $0.32 per share (approximately $1.28 per share annualized) payable on September 18, 2018, to stockholders of record as of September 4, 2018. This equates to a 3.6% increase over the prior quarter.
You'll be getting a credit to your brokerage account for $0.32 x 2 shares = $0.64 if you still own the 2 shares on Sept. 4, 2018. If you sell before, you won't get it.

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Old 08-02-2018, 10:04 AM
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And since Robinhood is my brokerage account, it'll show up there, and be added to my buying power?
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Old 08-02-2018, 10:16 AM
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Yes, unless you're set up for DRIP

https://en.wikipedia.org/wiki/Divide...nvestment_plan

A dividend reinvestment program or dividend reinvestment plan (DRIP) is an equity investment option offered directly from the underlying company. The investor does not receive quarterly dividends directly as cash; instead, the investor's dividends are directly reinvested in the underlying equity.

This allows the investment return from dividends to be immediately invested for the purpose of price appreciation and compounding, without incurring brokerage fees or waiting to accumulate enough cash for a full share of stock
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Old 08-02-2018, 10:25 AM
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https://blog.robinhood.com/news/2018...for-everyone-1

August 1, 2018

Extended Market Hours, Free for Everyone

You can now invest pre-market and after-hours, for free


To stay true to our goal of offering everyone the best financial products, we’re making extended market hours available to everyone on Robinhood, for free.

Standard U.S. market hours are from 9:30 am to 4:00 pm Eastern. With extended market hours, you’ll be able to invest from 9:00 am to 6:00 pm Eastern. This means you can start investing 30 minutes before the regular market opens, and continue investing two hours after it closes.

Here are two scenarios where having access to invest in extended market hours can be beneficial:

Earnings Announcements
Companies may announce quarterly earnings reports before or after regular market hours, resulting in price swings. With extended market hours, you can make investment decisions during these times of volatility.

Activity in Foreign Markets
News and activity in foreign markets, such as in the European and Asian markets, can affect U.S. stocks despite occurring outside of regular U.S. market hours. With the market hours extended, you can take action when you need to.

Before today, investing during extended market hours was one of the features in Robinhood Gold. As a Robinhood Gold customer, you still have access to additional buying power and bigger instant deposits from your bank account. You can make changes to your Robinhood Gold settings in the app or on web.

Bringing extended market hours to everyone drastically improves the core Robinhood experience. We’re always working to make Robinhood even better, so stay tuned for more updates soon!

Learn more about Extended Hours.


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Old 08-02-2018, 10:26 AM
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I'm not. So if I buy more NYLD stocks before Sept 4th I'll get 32 cents for each of those stocks as well? Probably not, right? Just on the 2 stocks that I had as of July 24th.
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Old 08-02-2018, 10:33 AM
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Originally Posted by #1 STUNNA View Post
I'm not. So if I buy more NYLD stocks before Sept 4th I'll get 32 cents for each of those stocks as well?
Yes. That's what it means when it says "stockholders of record as of September 4, 2018"

But that doesn't mean if you buy on Sept. 4 or even Sept. 3 that you'll get dividend. You need to account for the ex-dividend date.

https://www.investopedia.com/ask/ans...idend-date.asp

Record Date

The record date is set by the board of directors of a corporation and refers to the date by which investors must be on the company's books in order to receive dividends for a particular stock. Record dates basically serve as notice to the board of directors of the people to whom they should send stock reports and other financial information relating to the investment.

Ex-Dividend Date

An ex-dividend date is dictated by stock exchange rules and is usually set to be two business days before the record date. In order for an investor to receive a dividend payment on the listed payment date, he would have to have his stock purchase completed by the ex-dividend date. If the stock sale has not been completed by the ex-dividend date, then the seller on record is the one who receives the dividend for that stock. So, for example, if a record date is set for May 30th, the ex-dividend date would typically be set for the 28th of May. However, if May 30th is a Monday, the ex-dividend date would then be Thursday, May 26th. If the buyer has not completed his purchase of the stock by May 28th, he will not receive a dividend.
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Old 08-02-2018, 10:34 AM
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Noob af question: Does that mean I can buy stock at the stock close price before the market opens? For example TSLA closed yesterday at around $300 but it was up almost 10% in after hours trading. Could I have purchased TSLA at $300 at 9am before market open or would it be $330 due to after hours price increase? The answer is probably $330 but I want to be sure.
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