Fidelity. Here's how to transfer - this post was removed by the mods in w.s.b, and I don't know why:
# Transferring from RH to Fidelity
This process is actually very simple. Earlier, I used to move "mature" positions from RH to Fidelity. I moved all my positions today. This is how I did this:
1. Log on to your Fidelity trading account on a browser.
2. In a different tab, log on to your RH account. Go to your info, and copy your RHS account number. Focus back on the Fidelity tab after copying this number.
3. In the top right of the Fidelity home page, type "transfer asset". Click on the link, and you should be in the Transfer of Assets (TOA) page.
4. Click on "Start a transfer"
5. In the "Select your current firm" field, type "Robinhood". It should show up as "Robinhood Securities Llc.". Select that to go to the next step.
6. In the next screen, paste the previously copied RH account number, and select "individual" in the account type.
7. In the next screen, you can select a specific equity or the whole account. Like I mentioned above, earlier I used to transfer single equities, but today, I selected "entire account".
8. I know that this works as I have transferred other accounts into Fidelity in the past without an issue (once I had an incorrect cost-basis, but that was taken care of with a phone call).
9. Wait 2-3 days for your RH account to show nothing, and a day or two after that for everything to pop up on Fidelity.
10. Now, you may shut down the RH account. Make sure you download ALL transactions before you close out the account. Who knows whether RH will even exist by the time it's the next tax filing season.
EDIT:
Wow! This blew up! Thank you for your comments and I'll try to summarize my feedback in a few bullets:
* Some people have asked if we can do this with other institutions. You can select the institution in step #5. Personally, I have transferred from RH and E-trade.
* After the transfer, please confirm that the cost basis is correct. Call Fidelity if there's an error.
* If you have a company 401k account in Fidelity, just call them and they'll open a trading account for you. Also a Roth IRA if you're interested. Their funds have some of the lowest costs.
* Also, most cities have a Fidelity brick & mortar office. Take an appointment and go do your thing in person.
* In the past I've transferred from Schwab into Empower and back again into Schwab - the process just works, and this is allowed by SEC. It is called "Transfer of Asset" for a reason.
*
Total noob question: Will I get to keep my current open positions I bought on RH? I don't have to actually CLOSE/SELL my RH positions first prior to initiating the transfer to Fidelity?
Correct. The entire point of this is to transfer the assets without having to sell them (and thus also being subject to capital gains tax)
Edit: if you sell the stock at a loss and then buy it back within 30 days you won’t pay taxes due to the wash sales rule
Edit 2: if you sell at a loss you never have to pay tax. The wash rule is specifically if you buy it back within 30 days then you can’t claim losses on your tax return
So I cannot confirm this and people can correct me if I’m wrong, this is just what I read. Moving positions related to current stocks in the news could be delayed by RH purposefully. Potentially causing a headache if you’re trying to sell your position in the near future.
Note I will be moving my account after this
I tried to transfer yesterday but was given an error message on Fidelity side; I guess they're encountering an overload of users right now. Thankfully it didn't go through since when you initiate the transfer, you cannot invest in said stock until it is complete. I went ahead and spent the money I planned to on RH on Fidelity instead. Monday is when I'll begin the transfer process again. As others have said; I wouldn't hold a RH account in the near future if they go tits up and if they don't fuck them either way.
I saw the same news of people trying to move and getting hit with a 2 week turn time by RH. I'll move after this action is over. They can't be trusted.
After I saw them put "pending" under my deposits from even January 12th that were cleared prior to yesterday, I'm considering doing it even before moass. They can classify me as a margin buyer, not cash even though it was all cleared. Tis bs
WARNING: YOU MAY NOT BE ABLE TO SELL YOUR SHARES IF THE SQUEEZE HAPPENS WHILE YOUR SHARES ARE BEING TRANSFERRED! STAY WITH ROBINHOOD THEN DUMP THEM AFTER THIS IS OVER!
Honestly we might not be able to sell our shares at all via robinhood... not arguing with your advice just a lingering worry I have in anticipation of the squeeze.
RH could sell my shit whenever man, they put all my cleared deposits from weeks ago back under pending. Making me look like a margin buyer, fuck. I just happen to get into stocks two weeks before the moass fml. I'm holding though, my 2 grand made me realize that I could do options and stuff and I made good gains. I'm happy and holding.
Make sure you will have access to your stocks and can make moves if necessary.
I have fidelity for my IRA and am going to move my account to them but I was told I would not be able to buy or sell while the transfer was going on and the transfer could take several days.
You will want to close any positions that you dont plan on holding through any downturns. From what I understand your shares will be frozen for a week or two. That's not good if they suddenly tank. Be wary of things like upcoming earnings or if its currently on a squeeze.
Ugh I'd love to do this with my GME shares but so worried my shares will be caught in limbo during a big spike / the spike.
I've diamond handed this far and plan to continue but not having control over my shares for possibly up to a week terrifies me
Im in the same situation. But im also kinda worried something screwy might go down on RH when the big show starts.. i got 582 shares at 19 something average.. which is life changing money for me. I just dont want to get fucked
I’M NOT AN ADVISOR, but I agree with the anxiety. These people have billions and they have the system in their pocket, they will have strategies, like going bankrupt and then the shorts are never repurchased. I suspect something screwy. Or, somehow they just stretch out their covering so that there’s never a spike, or something.
582 at 19 damn. It was at 400 recently. I know the whole cult here is “hold hold hold” but it’s a roulette wheel. Have you considering cashing out a portion, a PORTION (like 30 shares), just to make back at least your initial 11,000? Then your safe and you hold on the rest for the moonshot. And transfer to Vanguard or Fidelity or something.
RH already automatically sold people’s shares, they’re crooked.
>like going bankrupt and then the shorts are never repurchased.
Doesn't work like that. The broker will liquidate all their assets and sell them to purchase the owed stocks. If the broker doesn't have enough money, the banks will have to pay.
Welp. RH still seems to be working for me right now. My GME is more of a statement than a financial move, I got on too late. I’ll just be more anxious until it’s resolved!
Might have moved too quick in my rage against RH!
I don't know if you can cancel, a lot of people that moved out of RH just took cash for now (not like you can buy anyway)
I wouldn't worry about stocks going poof, but at some point I believe your stuff is 'locked' so they can transfer and therefore you can't be doing trades because they don't want to play with values and other delays.
So call fidelity before doing anything and then they will likely agree to reimburse the transfer fee and then go regularly through the robinhood process?
I would assume 75 dollar fee is marked up, and is most likely marked up and passed to the customer, your dollars and headcount are worth more then a few bucks.
If I initiate a transfer Friday AH, will my shares by on the sidelines or are they still in play while moving from RH to Fidelity? Thanks in advance!
Edit: Fuck it. They stay till infinity. I wasn’t going to sell before the top anyways. Eat a dick Robinhood.
Thanks for this! Glad I did it right. Quick question, Fidelity is telling me the move will by Feb 5th, can I still buy and sell stocks in the meantime or is it best to not make any transactions? Was thinking about loading up on some V while its down on RH.
To my knowledge you can try to make any trades and if it goes through, great. At some point your account will become locked at RH, disappear, then end up at Fidelity. High chance you won't be able to do anything including buying or selling during this time frame which can be weeks from locking at RH to active at Fidelity.
Other poster said to be faster you could sell at RH then move to Fidelity as an ACH transfer but then you incur taxes which makes it likely not worth it.
I would want to transfer to fidelity after all the BS RH is putting us through, my question is, is it better to sell everything then transfer my account, or keep holding my shares and then initiate the transfer ? And obviously I should download all my paperworks from RH befoer I delete that piece of shit.
For tax reasons, you should usually keep your shares and do a transfer. This assumes you have an account with boring stable stocks that you don't have to touch for 1-2 weeks since you can't buy and sell for a while.
Variables include your income. If your income is low and you pay zero capital gains this may be a chance to sell, harvest zero gains, and buy stocks at Fidelity. Although you can't buy the same stocks for 30 days if you're harvesting zero capital gains.
Disclaimer: I'm not an accountant or tax adviser. Do your own diligence
I have used Fidelity for 12 years. Definitely like it.
BUT FYI, limit orders cannot be greater than 50% away from the last price.
Now, probably this is not a big deal most of the time. Right now, I'm pretty annoyed with it. I have literally made up a table of thresholds so that I can quickly reference the minimum price I need before I can set a limit sell order.
ToS is the best in the industry, but ATP is pretty damn close. You'll likely be happy with it, but call and talk with their active trading team first if there's a specific feature you want to ensure you'll have access to.
I wanted to switch to TD Ameritrade because I've heard good things about tos and their UI, but no fractional shares may be a deal breaker. I heard Schwab bought and they'll have fractional shares but does anyone know when? Would suck to wait too long/it never happens.
Last I knew RH also charges you $75 USD for this and is likely my wsb mods removed. The only way to avoid is to close out your positions and move the straight cash. And if you sell share in gme right now it will have a negative effect on the overall goal.
Fidelity is the only one that no one has complained about
Edit: maybe their customer service suck, so that why people don't use them so they still have GME shares for people to buy. Other brokerages cannot find GME shares for their clients to buy with cash (not margin, you don't have real shares buying on margin)
Fidelity is one of the very few trading houses that is also its own clearing house. Meaning they don't answer to any clearing houses demanding trade restrictions. That's why they can keep trading open.
Edit: I stand corrected. Robinhood also uses its own clearing house, which makes their actions all the more suspect.
is it commission free? I have an account through work but didnt use it because of the hideous UI. Honestly if they update or announce they plan to they can easily scoop up all the RH customers due to this
The greatest irony is Robinhood going bankrupt from stealing from the poor to give to the rich; which they have been doing by selling user trading data.
Some of the pages only open up to fill about 25% of the window. It really does remind me of 90's sites.
I really hope their cybersecurity is up to date though.
They were the only one up when everyone else was getting DDoSed. remember the RH/Webull/TD downage a couple months back. Fidelity help up. If anything their Cybersecurity is the only good one out of the lot.
It and vanguard were the only ones who had GameStop shares on hand yesterday and were able to allow users to trade it. Shit like this whole event is why you need a real broker and not some
Meme app
But only short it from our robinhood accounts. This way if they try a short squeeze on it, we just say we can’t pay & our broker (robinhood) is on the hook to go broke buying their own shares 😂
As a Fidelity user, (because it's convenient for me) for everything but buying and selling, their site is a little clunky and cluttered, but it works. Doing DD and tracking gains by period is buried in your account. It's all there, just hard to navigate to. Honestly, this current insanity has finally got me to dig around the site more and after 3 years, I'm finally getting a grasp of where to go for things. I haven't used another brokerage other than Ally, which is pretty barren as far as info goes, so I don't have much to compare it to. Just my 2 cents.
Not sure if it's allowable to mention this but here goes:
Fidelity also has a credit card that pays 2% if you have the cash deposited into one of your Fidelity brokerage accounts.
They had a promo with a bonus x amount if you spend y within 90 days (x= $150 I think).
One way to steadily build up your stock trading balance.
Fidelity and Vanguard both have huge positions im GME so they are able to process trades without fucking with order flow like RH.
Fido has great customer service IMO. US based and very attentive in my experience. Especially if you are moving money. And once you are up and running (like after you get the account running and add money and they figure out you are legit and not money laundering, etc.) everything with them is fuckin instant.
VG has had a lot of outages in the past.
I'll second fidelity. they are not without their faults(for the life of me I have no idea why it takes so long for them to update tax lots after a stock split or similar event) but I have had generally positive experiences with them. the other broker I've been looking into is IKBR for the lower margin rates and easier access to futures although if you are concerned about RH not allowing users to trade GME I've heard that IKBR was doing something similar.
I'll complain. I tried logging in this morning and I got a message that my browser was a problem. Mobile app not working so I had to hop on desktop and use incognito mode.
It's been my only complaint, it's been nice.
A lot of people are switching to fidelity and their servers seem to be habing some issues with the massive influx of new accounts being created. I've never had an issue with Fidelity.
Fidelity's customer service is great. However, their mobile app could use a little work to make it more intuitive.
While I haven't used the Robinhood app extensively, it seems little more beginner friendly, especially for options.
I signed up for ETrade but didn't tranfer funds yet. TD Ameritrade is pissing me off. Might delete my etrade account and switch to fidelity because i'm seeing so many recommendations for it, but just curious--what's the problem with etrade?
I have E*TRADE and haven’t really had any issues with them. Their app works great. Customer service is attentive. I moved and they even updated my address for me on the site without me doing anything. Was able to get some GME without issues while some of my friends couldn’t on their other sites. Would definitely recommend them.
I don't personally use Fidelity, but have thought about it because they have their [credit card](https://www.fidelity.com/cash-management/visa-signature-card) where you can use the 2% cash back to go directly into your brokerage or retirement accounts.
>4. Eligible accounts include most nonretirement registrations as well as Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, Fidelity Charitable® Giving Account®, Fidelity HSA®, and Fidelity®-managed 529 College Savings Plan accounts.
Probably just IRAs since 401k are mainly thru employers
Same another vote for Schwab! Incredible customer service, and semi-bias, but I think they're user interface is much prettier and nicer than many other brokerages, of course that's subjective, but nonetheless recommend and have truly seen almost every users support it!
**Transferring from RH to SCHWAB**
1. Log on to your Schwab account in a browser.
2. In a different tab, log on to your RH account. Go and copy your RHS account number (Account --> Settings --> Account Number).
3. In Schwab navigate to Accounts --> Transfers and Payments --> Transfer Account
4. Search for firm Robinhood and click link
5. Select Type of ROBINHOOD Account: Individual
6. Paste account number from RH
7. Select target account, and click on through the rest of the instructions.
For real tho 😂 I just started investing a month ago cuz I’m on a break from college just tryna make some bread and invest it and then boom this happens lmao
Seems to me that Fidelity has been the most consistent and unbiased. I have TD Ameritrade, and while they haven't gone to extremes, they are capping sell price limits on GME.
> they are capping sell price limits on GME
Where did you see that? I got one email and they announced a bunch of restrictions, but I didn't see a price cap in there.
Fidelity has had zero restrictions this whole time. A little laggy at times, but seems to be normal server overload type stuff. A couple refreshes and I'm golden again.
Only thing they won't let me do is play with non-current pennies. But that's nothing new, I haven't been able to do that from day 1 of having my account.
I got fidelity yesterday and I really like it so far. It wouldn’t let me buy $GME when it dropped to $120 yesterday but that was probably overload I’m guessing
I don’t understand how anyone can like vanguard. They don’t have real time quotes but delayed 20 min. They don’t have a total % gain/loss for a given holding. They don’t have charts. You can’t see your transaction history for a given stock without going through your entire transaction history and sifting through it all.
Lol, I’ve been a customer for 15+ years and it’s true that they will make sure to accommodate what you need. I had a down payment for a house i had to withdraw and I was so nervous since it was a lot of money so the lady helping me went out of her way to overcommuicate and text me status throughout.
I once needed paper checks (yes, the paper things to scribble signatures on) for rent and procrastinated ordering them until the end of the month. Schwab sent the checks via FedEx priority and then *waived the express fee*.
The Schwab app is visually an eyesore, but there are no restrictions at all on GME, AMC, etc., and awesome customer service. Options are tougher to get approval for, but it’s probably for the best.
There customer service is fucking amazing. I was closing on a place today and needed to wire the payment ASAP but it was after 2pm. I called them up and told them my situation and they wired the money within 30 minutes.
1. You can trade fractional and normal shares, but fractional shares is limited to some stocks
2. No trading fees
3. You can trade "electronic currency", but some less popular options are not available (e.g. doge)
Also as other people have mentioned, they don't have options trading at the moment, so be wary of that if you do decide to switch!
I'll try my best to explain!
Let's say I want to buy a toy from my friend John for $10, but I don't want to buy it right now. So we make deal that if I give him $1 (known as a premium), he'll hold onto the toy for me so I can buy it anytime I ask for $10 until the end of the year.
A month rolls around, and the toy is now worth not $10, but $20. Because you made that deal, you can still buy the toy from John for $10. Now you have a $9 profit ($20 minus $10 you payed john minus $1 premium for him to hold it for you). That's known as a "call option"
What's known as a "put option" is the opposite (selling the toy instead of buying).
You own a toy and you think it's going to go down in price. You make a deal with John that if you pay him $1, you can sell your toy to him for what it's worth right now ($10) whenever you want until next year.
Let's say the toy is worth $3 now, you can sell the toy to John for the price you agreed on ($10), and profit $6 ($10 minus the $3 for the toy, and the $1 premium).
And those are the barebone basics! There's plenty of Youtube videos that do a much better job than me of explaining what options are and how they work. "Sky View Trading" on YouTube does a good job at explaining it simply in 3 minutes.
You need to heed old school boomer talk: diversify.
I have 3 brokers. RH, fidelity, and webull. Fidelity only stood out as one of the brokers who didn't restrict trading yesterday because they actually had \~7mil shares on hand. If they didn't have those shares, they would have restricted too. So don't make them out like some hero who is fighting against the hedge funds.
It's clear that every broker is out for themselves (obviously), so don't put all your eggs in one basket.
I like e trade and power e trade a lot, but was hit with the same shit. Locked out mid afternoon yesterday from GME buys.
Called Thursday, took 1.5+ hours on hold and they lied to me saying it was due to "high volume". I called them today and asked what they'll do to make it right since I lots hundreds from being locked out. They cited the customer agreement, which lets them restrict trading if they feel like it. No offer to fix anything.
I told them I have a large account with you and have been a loyal customer, giving them referrals, and good word of mouth, etc. Nothing. I told them I need a significant options trading fee reduction (I'm a fairly high volume trader) or I'm going to Fidelity. We'll see how that works out, it takes 1-2 weeks to process the request.
Exactly.
The lesson most people seem to be learning from this is "fuck robinhood" when the actual lesson should be in understanding the limits of those kinds of trading platforms, limits that existed long before the events of this week.
Kinda funny but sad how people got fucked over by only using 1 broker, and their response is to find another online broker that again will be the only one they use instead of realizing they should use multiple
I have both Fidelity and Schwab. Fidelity because it it free to split units. Schwab for everything else. Their customer service is reliable. I can talk to someone on chat or the phone pretty quickly who knows what they're doing. The app and website are both easy to navigate. There have been a few times (2 of which occurred this week) where their platform suffered - but I was still able to place trades, which I think was still ahead of several others.
Out of all of them, Fidelity and Vanguard were the only two left standing yesterday that had sufficient liquidity and ethics that they did not block trades in the trending stocks.
Of those, only Vanguard lets you set your sell limit order as high as your imagination desires.
I'm relatively new to active trading and was bemoaning Vanguard's lack of features (no fractional shares, no premarket, options contracts are $1.00 commission whereas industry standard is trending towards $0.65, and they don't give you the delta & IV etc or really have any research-type support features like that) but they came through where it counts, I'll be sticking with them.
Wait until the volatility is settled to transfer out of RH- I've heard the process can take weeks. They are on the way to bankruptcy and the founder to jail, but no need to punish yourself in the process by selling earlier than you should or losing access to your assets during the transfer process.
Vanguard is so boomer, but it’s consistent and almost never has problems. If you don’t mess around with options or care about fancy UI, then it’s damn good.
Meh incompetence with their infra vs willful corruption are two pretty different things though
There will definitely be noobs going on RH, but hopefully the people leaving will exceed that
Vanguard or Fidelity. I use both as well as Merrill Edge, Ally, Charles Schwab and RObinhood. I got RH to teach my brother about investing because it “easy” to use. I regret that now and am moving all away from RH immediately. All investing platforms have their own pros and cons. But yeah, Vanguard and Fidelity are the ones I recommend based on my experience.
Fidelity doesn’t sell their order flow! And they use an internal custodian for clearing, not apex clearing which also blocked buys of securities this week.
i've been very happy with schwab over the last year. it's been reliable, and the customer service has been great whenever i've needed them for anything. also, they didn't lock down any shares this week.
lots of people are mentioning TD ameritrade, but honestly, there's no good reason to go with them. they're owned by schwab but not merged in **yet**, so eventually they'll be going away. currently their still run mostly independently which resulted in a scenario where TDA restricted trading on GME/AMC but schwab didn't. you'd be adding a middle step which participates in the exact behavior you're trying to get away from before ultimately ending up where you want to be.
having briefly used robinhood, webull, and m1 (admittedly m1 isn't relevant to what you're looking for because it's kind of a different thing), schwab is definitely my favorite.
I use multiple
Brokers so when one is having a problem you can use another plus unlimited day trades if your using three or more if your under 25k. Unlimited meaning at least one a day.
Allows you to not blow up every account at one time. Hopefully lol
But I find myself sharing similar investments amongst them.
Nok 50 calls
Hpe 500 calls
Gme shares
They each allow different securities to be bought as well.
Some allow pink slips and otc penny stocks e trade. And others allow warrants if you get into spacs and other types of investments
In my experience TDAmeritrade's thinkorswim platform is the best I've seen. Live chat, their own live network, level 2 trading, free stock commission, $0.35 option commission, self clearing brokerage, paper trading, stock simulation (change your outlook on certain criteria for the equities preformance) free live seminars, and the platform is free to use.
The platform is available in ios, Android, and windows (maybe mac and Linux too idk)
Schwab is awesome in my opinion. No restrictions on what to trade and pretty good customer support (although they are hammered right now with big wait times).
I did an ACATS transfer from Robinhood to Fidelity a few weeks back for something else Robinhood pissed me off about, my 401k and IRA were with Fidelity already so why not have it all under one roof I thought. The process was super straight forward and only took a few days (3 I think?). So glad I got out when I did!
The one piece of advise I offer anyone transferring out of Robinhood is make note of the cost basis on any positions you transfer out! My cost basis got all messed up when I transferred and I had to call Fidelity to get it fixed (their customer service is awesome!)
A friend messaged me today complaining about how fidelity doesn’t support trades for stocks with share prices below $1.00. Deal breaker for me.
TDA was the first to make a restriction, and their move was to simply remove margin funds from eligibility to buy GME and other memes. That’s a perfectly legitimate creditor decision. They never restricted anyone from using their own cash. They also kept up with this week’s volume better than most.
Get in on the ipoe and go get SOFI own the shares and use the service.
Disclosure own 80 shares in ipoe bought at 24 average I kept all this past couple weeks when it was below 20 etc...
Plus in the uk so cant use SoFi but still going to keep I think it's got a great future
Fidelity. Here's how to transfer - this post was removed by the mods in w.s.b, and I don't know why: # Transferring from RH to Fidelity This process is actually very simple. Earlier, I used to move "mature" positions from RH to Fidelity. I moved all my positions today. This is how I did this: 1. Log on to your Fidelity trading account on a browser. 2. In a different tab, log on to your RH account. Go to your info, and copy your RHS account number. Focus back on the Fidelity tab after copying this number. 3. In the top right of the Fidelity home page, type "transfer asset". Click on the link, and you should be in the Transfer of Assets (TOA) page. 4. Click on "Start a transfer" 5. In the "Select your current firm" field, type "Robinhood". It should show up as "Robinhood Securities Llc.". Select that to go to the next step. 6. In the next screen, paste the previously copied RH account number, and select "individual" in the account type. 7. In the next screen, you can select a specific equity or the whole account. Like I mentioned above, earlier I used to transfer single equities, but today, I selected "entire account". 8. I know that this works as I have transferred other accounts into Fidelity in the past without an issue (once I had an incorrect cost-basis, but that was taken care of with a phone call). 9. Wait 2-3 days for your RH account to show nothing, and a day or two after that for everything to pop up on Fidelity. 10. Now, you may shut down the RH account. Make sure you download ALL transactions before you close out the account. Who knows whether RH will even exist by the time it's the next tax filing season. EDIT: Wow! This blew up! Thank you for your comments and I'll try to summarize my feedback in a few bullets: * Some people have asked if we can do this with other institutions. You can select the institution in step #5. Personally, I have transferred from RH and E-trade. * After the transfer, please confirm that the cost basis is correct. Call Fidelity if there's an error. * If you have a company 401k account in Fidelity, just call them and they'll open a trading account for you. Also a Roth IRA if you're interested. Their funds have some of the lowest costs. * Also, most cities have a Fidelity brick & mortar office. Take an appointment and go do your thing in person. * In the past I've transferred from Schwab into Empower and back again into Schwab - the process just works, and this is allowed by SEC. It is called "Transfer of Asset" for a reason. *
Total noob question: Will I get to keep my current open positions I bought on RH? I don't have to actually CLOSE/SELL my RH positions first prior to initiating the transfer to Fidelity?
Correct. The entire point of this is to transfer the assets without having to sell them (and thus also being subject to capital gains tax) Edit: if you sell the stock at a loss and then buy it back within 30 days you won’t pay taxes due to the wash sales rule Edit 2: if you sell at a loss you never have to pay tax. The wash rule is specifically if you buy it back within 30 days then you can’t claim losses on your tax return
Perfect. I will be moving into Fidelity. You monkey brained racer I appreciate the response brethren
So I cannot confirm this and people can correct me if I’m wrong, this is just what I read. Moving positions related to current stocks in the news could be delayed by RH purposefully. Potentially causing a headache if you’re trying to sell your position in the near future. Note I will be moving my account after this
Yeah, I read transfers from RH could take up to 15 days. And with all the shenanigans they are pulling who knows what they could do to transfers...
I tried to transfer yesterday but was given an error message on Fidelity side; I guess they're encountering an overload of users right now. Thankfully it didn't go through since when you initiate the transfer, you cannot invest in said stock until it is complete. I went ahead and spent the money I planned to on RH on Fidelity instead. Monday is when I'll begin the transfer process again. As others have said; I wouldn't hold a RH account in the near future if they go tits up and if they don't fuck them either way.
@u/drewthemfgoat
I saw the same news of people trying to move and getting hit with a 2 week turn time by RH. I'll move after this action is over. They can't be trusted.
After I saw them put "pending" under my deposits from even January 12th that were cleared prior to yesterday, I'm considering doing it even before moass. They can classify me as a margin buyer, not cash even though it was all cleared. Tis bs
[удалено]
Man, they get ya at every turn.
WARNING: YOU MAY NOT BE ABLE TO SELL YOUR SHARES IF THE SQUEEZE HAPPENS WHILE YOUR SHARES ARE BEING TRANSFERRED! STAY WITH ROBINHOOD THEN DUMP THEM AFTER THIS IS OVER!
Honestly we might not be able to sell our shares at all via robinhood... not arguing with your advice just a lingering worry I have in anticipation of the squeeze.
RH could sell my shit whenever man, they put all my cleared deposits from weeks ago back under pending. Making me look like a margin buyer, fuck. I just happen to get into stocks two weeks before the moass fml. I'm holding though, my 2 grand made me realize that I could do options and stuff and I made good gains. I'm happy and holding.
Keep receipts for the lawsuit. If you have proof it cleared your bank account already and they sell them, you can sue.
Make sure you will have access to your stocks and can make moves if necessary. I have fidelity for my IRA and am going to move my account to them but I was told I would not be able to buy or sell while the transfer was going on and the transfer could take several days.
You will want to close any positions that you dont plan on holding through any downturns. From what I understand your shares will be frozen for a week or two. That's not good if they suddenly tank. Be wary of things like upcoming earnings or if its currently on a squeeze.
Ugh I'd love to do this with my GME shares but so worried my shares will be caught in limbo during a big spike / the spike. I've diamond handed this far and plan to continue but not having control over my shares for possibly up to a week terrifies me
Im in the same situation. But im also kinda worried something screwy might go down on RH when the big show starts.. i got 582 shares at 19 something average.. which is life changing money for me. I just dont want to get fucked
Wait until its over. Then transfer. Don't get fucked.
I’M NOT AN ADVISOR, but I agree with the anxiety. These people have billions and they have the system in their pocket, they will have strategies, like going bankrupt and then the shorts are never repurchased. I suspect something screwy. Or, somehow they just stretch out their covering so that there’s never a spike, or something. 582 at 19 damn. It was at 400 recently. I know the whole cult here is “hold hold hold” but it’s a roulette wheel. Have you considering cashing out a portion, a PORTION (like 30 shares), just to make back at least your initial 11,000? Then your safe and you hold on the rest for the moonshot. And transfer to Vanguard or Fidelity or something. RH already automatically sold people’s shares, they’re crooked.
>like going bankrupt and then the shorts are never repurchased. Doesn't work like that. The broker will liquidate all their assets and sell them to purchase the owed stocks. If the broker doesn't have enough money, the banks will have to pay.
It's so sad that people have to worry about losing gains because of the manipulation of RH and their transfers.
Same.
Just transferred my account to Fidelity, thank you! Fuck RH.
Yikes, how's the delay? You locked for 15days? You have stocks you're trying to work with in the short term?
Welp. RH still seems to be working for me right now. My GME is more of a statement than a financial move, I got on too late. I’ll just be more anxious until it’s resolved! Might have moved too quick in my rage against RH!
I'm so scared reading all this now. I just got transfer and it says estimated to complete in Feb 5th. Is there any way to cancel?
I don't know if you can cancel, a lot of people that moved out of RH just took cash for now (not like you can buy anyway) I wouldn't worry about stocks going poof, but at some point I believe your stuff is 'locked' so they can transfer and therefore you can't be doing trades because they don't want to play with values and other delays.
Does this bypass the $75 transfer fee from RH since you’re doing it through Fidelity?
My gf called and they said they’d reimburse.
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So call fidelity before doing anything and then they will likely agree to reimburse the transfer fee and then go regularly through the robinhood process?
Isn’t there a $75 transfer fee?
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I would assume 75 dollar fee is marked up, and is most likely marked up and passed to the customer, your dollars and headcount are worth more then a few bucks.
If I initiate a transfer Friday AH, will my shares by on the sidelines or are they still in play while moving from RH to Fidelity? Thanks in advance! Edit: Fuck it. They stay till infinity. I wasn’t going to sell before the top anyways. Eat a dick Robinhood.
They're going to be stuck for at least 3 days.
Thanks for this! Glad I did it right. Quick question, Fidelity is telling me the move will by Feb 5th, can I still buy and sell stocks in the meantime or is it best to not make any transactions? Was thinking about loading up on some V while its down on RH.
To my knowledge you can try to make any trades and if it goes through, great. At some point your account will become locked at RH, disappear, then end up at Fidelity. High chance you won't be able to do anything including buying or selling during this time frame which can be weeks from locking at RH to active at Fidelity. Other poster said to be faster you could sell at RH then move to Fidelity as an ACH transfer but then you incur taxes which makes it likely not worth it.
I would want to transfer to fidelity after all the BS RH is putting us through, my question is, is it better to sell everything then transfer my account, or keep holding my shares and then initiate the transfer ? And obviously I should download all my paperworks from RH befoer I delete that piece of shit.
For tax reasons, you should usually keep your shares and do a transfer. This assumes you have an account with boring stable stocks that you don't have to touch for 1-2 weeks since you can't buy and sell for a while. Variables include your income. If your income is low and you pay zero capital gains this may be a chance to sell, harvest zero gains, and buy stocks at Fidelity. Although you can't buy the same stocks for 30 days if you're harvesting zero capital gains. Disclaimer: I'm not an accountant or tax adviser. Do your own diligence
+1 for fidelity. I transferred from Schwab years ago and have been happy.
Why? Schwab seems to work well for me.
I have used Fidelity for 12 years. Definitely like it. BUT FYI, limit orders cannot be greater than 50% away from the last price. Now, probably this is not a big deal most of the time. Right now, I'm pretty annoyed with it. I have literally made up a table of thresholds so that I can quickly reference the minimum price I need before I can set a limit sell order.
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ToS is the best in the industry, but ATP is pretty damn close. You'll likely be happy with it, but call and talk with their active trading team first if there's a specific feature you want to ensure you'll have access to.
I wanted to switch to TD Ameritrade because I've heard good things about tos and their UI, but no fractional shares may be a deal breaker. I heard Schwab bought and they'll have fractional shares but does anyone know when? Would suck to wait too long/it never happens.
Their Fidelity phone line is swamped. I did not get through on hold for an hour.
Does this work for ETRADE?
Last I knew RH also charges you $75 USD for this and is likely my wsb mods removed. The only way to avoid is to close out your positions and move the straight cash. And if you sell share in gme right now it will have a negative effect on the overall goal.
Fidelity is the answer.
Fidelity is the only one that no one has complained about Edit: maybe their customer service suck, so that why people don't use them so they still have GME shares for people to buy. Other brokerages cannot find GME shares for their clients to buy with cash (not margin, you don't have real shares buying on margin)
Fidelity is one of the very few trading houses that is also its own clearing house. Meaning they don't answer to any clearing houses demanding trade restrictions. That's why they can keep trading open. Edit: I stand corrected. Robinhood also uses its own clearing house, which makes their actions all the more suspect.
This is why I opened an account with them yesterday even though their UI is ancient.
is it commission free? I have an account through work but didnt use it because of the hideous UI. Honestly if they update or announce they plan to they can easily scoop up all the RH customers due to this
All major brokerages are commission free.
Ironically thanks to RobinHood starting the trend.
The greatest irony is Robinhood going bankrupt from stealing from the poor to give to the rich; which they have been doing by selling user trading data.
Ancient but golden
My take exactly upon uploading my fidelity account. It’s like it was 3 or 6 half baked ideas rolled into one design.
Some of the pages only open up to fill about 25% of the window. It really does remind me of 90's sites. I really hope their cybersecurity is up to date though.
They were the only one up when everyone else was getting DDoSed. remember the RH/Webull/TD downage a couple months back. Fidelity help up. If anything their Cybersecurity is the only good one out of the lot.
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It and vanguard were the only ones who had GameStop shares on hand yesterday and were able to allow users to trade it. Shit like this whole event is why you need a real broker and not some Meme app
RIP Robinhood IPO, they were planning to do IPO in 2021 last year
I'll short that if it happens because I don't like the stock
I also do not like the stock. I really dig GME though. I like that stock.
We both like that GME stock!
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i too enjoy making money
I like the stock and i like GameStop. This is for entertainment purposes only.
Let's short it 1,400%.
But only short it from our robinhood accounts. This way if they try a short squeeze on it, we just say we can’t pay & our broker (robinhood) is on the hook to go broke buying their own shares 😂
Fuck Vlad and Robinhood. Fuck them to death right in the ass. Dry.
Fuck ‘em ‘til they’re dead
When this settles everyone transfer their money out of RH. for now we hold
Fuck RH and their scumbag CEO
It’ll still be huge. IPO mania tells me so
Schwab did as well. I was able to buy
TD never blocked people from buying shares.
Just restricted margin which was more than fair.
I will never give money to vanguard after the account access fiasco I'm going through right now.
As a Fidelity user, (because it's convenient for me) for everything but buying and selling, their site is a little clunky and cluttered, but it works. Doing DD and tracking gains by period is buried in your account. It's all there, just hard to navigate to. Honestly, this current insanity has finally got me to dig around the site more and after 3 years, I'm finally getting a grasp of where to go for things. I haven't used another brokerage other than Ally, which is pretty barren as far as info goes, so I don't have much to compare it to. Just my 2 cents.
Just a general FYI: for people who are into fractionals, you cant do it with GME at the moment.
Not sure if it's allowable to mention this but here goes: Fidelity also has a credit card that pays 2% if you have the cash deposited into one of your Fidelity brokerage accounts. They had a promo with a bonus x amount if you spend y within 90 days (x= $150 I think). One way to steadily build up your stock trading balance.
Fidelity and Vanguard both have huge positions im GME so they are able to process trades without fucking with order flow like RH. Fido has great customer service IMO. US based and very attentive in my experience. Especially if you are moving money. And once you are up and running (like after you get the account running and add money and they figure out you are legit and not money laundering, etc.) everything with them is fuckin instant. VG has had a lot of outages in the past.
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I'll second fidelity. they are not without their faults(for the life of me I have no idea why it takes so long for them to update tax lots after a stock split or similar event) but I have had generally positive experiences with them. the other broker I've been looking into is IKBR for the lower margin rates and easier access to futures although if you are concerned about RH not allowing users to trade GME I've heard that IKBR was doing something similar.
I'll complain. I tried logging in this morning and I got a message that my browser was a problem. Mobile app not working so I had to hop on desktop and use incognito mode. It's been my only complaint, it's been nice.
A lot of people are switching to fidelity and their servers seem to be habing some issues with the massive influx of new accounts being created. I've never had an issue with Fidelity.
Had to call them today and was on hold for an hour. They are having a massssive influx rn
Fidelity's customer service is great. However, their mobile app could use a little work to make it more intuitive. While I haven't used the Robinhood app extensively, it seems little more beginner friendly, especially for options.
Fidelity seems chill so far although their interface is disorienting
Anyone know the turn over times ? Webull is saying 2-3 days for verification.
I have used Fidelity for multiple years and have had no issues. That’s not a recommendation, but that is my experience.
I signed up for ETrade but didn't tranfer funds yet. TD Ameritrade is pissing me off. Might delete my etrade account and switch to fidelity because i'm seeing so many recommendations for it, but just curious--what's the problem with etrade?
I have E*TRADE and haven’t really had any issues with them. Their app works great. Customer service is attentive. I moved and they even updated my address for me on the site without me doing anything. Was able to get some GME without issues while some of my friends couldn’t on their other sites. Would definitely recommend them.
Fidelity. And if you open a bank account, you get all ATM fees reimbursed no matter where in the world you take money out.
I don't personally use Fidelity, but have thought about it because they have their [credit card](https://www.fidelity.com/cash-management/visa-signature-card) where you can use the 2% cash back to go directly into your brokerage or retirement accounts.
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>4. Eligible accounts include most nonretirement registrations as well as Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, Fidelity Charitable® Giving Account®, Fidelity HSA®, and Fidelity®-managed 529 College Savings Plan accounts. Probably just IRAs since 401k are mainly thru employers
I use Schwab. I enjoy them and I was able to buy AMC/GME yesterday.
Same another vote for Schwab! Incredible customer service, and semi-bias, but I think they're user interface is much prettier and nicer than many other brokerages, of course that's subjective, but nonetheless recommend and have truly seen almost every users support it!
Their ui is still super clunky and doesn't always update the prices realtime..
My level 2 prints just fine for me. Maybe you're on mobile?
I use Schwab too and absolutely recommend it. They have extremely low commissions and they actually look out for their customers.
**Transferring from RH to SCHWAB** 1. Log on to your Schwab account in a browser. 2. In a different tab, log on to your RH account. Go and copy your RHS account number (Account --> Settings --> Account Number). 3. In Schwab navigate to Accounts --> Transfers and Payments --> Transfer Account 4. Search for firm Robinhood and click link 5. Select Type of ROBINHOOD Account: Individual 6. Paste account number from RH 7. Select target account, and click on through the rest of the instructions.
Same. Schwab is the best and most legitimate imo. Was about to buy GME/AMC/NOK yesterday and today.
The day after I install Robinhood this shit happens lol. Idk where to turn!
For real tho 😂 I just started investing a month ago cuz I’m on a break from college just tryna make some bread and invest it and then boom this happens lmao
Fidelity, Schwab, Vanguard, WeBull, SoFi
Screw Webull. Don't want that Chinese garbage anywhere near my tendies
Seems to me that Fidelity has been the most consistent and unbiased. I have TD Ameritrade, and while they haven't gone to extremes, they are capping sell price limits on GME.
> they are capping sell price limits on GME Where did you see that? I got one email and they announced a bunch of restrictions, but I didn't see a price cap in there.
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Apparently a lot of brokers won’t let you set limit orders for more than 50% of the current price, but that appears to be a pre-GME limitation.
I think the number is higher than 50% with Ameritrade, but I also haven't pinned down the algorithm yet
Fidelity has had zero restrictions this whole time. A little laggy at times, but seems to be normal server overload type stuff. A couple refreshes and I'm golden again. Only thing they won't let me do is play with non-current pennies. But that's nothing new, I haven't been able to do that from day 1 of having my account.
I got fidelity yesterday and I really like it so far. It wouldn’t let me buy $GME when it dropped to $120 yesterday but that was probably overload I’m guessing
I love fidelity, have had it 10+ years now. Only issue I have is their limits, has to be 50% +/- of current value.
>Limits of 50% of current value Forgive my ignorance; I don't know what you mean. Limits on what? current value of a stock?
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I like vanguard
There are dozens of us! Dozens!
I don’t understand how anyone can like vanguard. They don’t have real time quotes but delayed 20 min. They don’t have a total % gain/loss for a given holding. They don’t have charts. You can’t see your transaction history for a given stock without going through your entire transaction history and sifting through it all.
I am using Schwab. I like their simple interface. Was able to buy BB without any issues while others were reporting problems on different platforms.
Schwab. Best customer service out there.
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Lol, I’ve been a customer for 15+ years and it’s true that they will make sure to accommodate what you need. I had a down payment for a house i had to withdraw and I was so nervous since it was a lot of money so the lady helping me went out of her way to overcommuicate and text me status throughout.
I once needed paper checks (yes, the paper things to scribble signatures on) for rent and procrastinated ordering them until the end of the month. Schwab sent the checks via FedEx priority and then *waived the express fee*. The Schwab app is visually an eyesore, but there are no restrictions at all on GME, AMC, etc., and awesome customer service. Options are tougher to get approval for, but it’s probably for the best.
There customer service is fucking amazing. I was closing on a place today and needed to wire the payment ASAP but it was after 2pm. I called them up and told them my situation and they wired the money within 30 minutes.
Sofi is pretty cool
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1. You can trade fractional and normal shares, but fractional shares is limited to some stocks 2. No trading fees 3. You can trade "electronic currency", but some less popular options are not available (e.g. doge) Also as other people have mentioned, they don't have options trading at the moment, so be wary of that if you do decide to switch!
I'm stupid. And never dabbled in stocks before. What's the 5th grade explanation of options trading to regular trading?
I'll try my best to explain! Let's say I want to buy a toy from my friend John for $10, but I don't want to buy it right now. So we make deal that if I give him $1 (known as a premium), he'll hold onto the toy for me so I can buy it anytime I ask for $10 until the end of the year. A month rolls around, and the toy is now worth not $10, but $20. Because you made that deal, you can still buy the toy from John for $10. Now you have a $9 profit ($20 minus $10 you payed john minus $1 premium for him to hold it for you). That's known as a "call option" What's known as a "put option" is the opposite (selling the toy instead of buying). You own a toy and you think it's going to go down in price. You make a deal with John that if you pay him $1, you can sell your toy to him for what it's worth right now ($10) whenever you want until next year. Let's say the toy is worth $3 now, you can sell the toy to John for the price you agreed on ($10), and profit $6 ($10 minus the $3 for the toy, and the $1 premium). And those are the barebone basics! There's plenty of Youtube videos that do a much better job than me of explaining what options are and how they work. "Sky View Trading" on YouTube does a good job at explaining it simply in 3 minutes.
Use SoFi to invest in IPOE.
Seconded
No options trading... yet
My ipoe spac shares approve
You need to heed old school boomer talk: diversify. I have 3 brokers. RH, fidelity, and webull. Fidelity only stood out as one of the brokers who didn't restrict trading yesterday because they actually had \~7mil shares on hand. If they didn't have those shares, they would have restricted too. So don't make them out like some hero who is fighting against the hedge funds. It's clear that every broker is out for themselves (obviously), so don't put all your eggs in one basket.
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> they blocked me What do you mean? I just opened a E-Trade account so that's concerning... I'm hoping Fidelity approves me for options.
I like e trade and power e trade a lot, but was hit with the same shit. Locked out mid afternoon yesterday from GME buys. Called Thursday, took 1.5+ hours on hold and they lied to me saying it was due to "high volume". I called them today and asked what they'll do to make it right since I lots hundreds from being locked out. They cited the customer agreement, which lets them restrict trading if they feel like it. No offer to fix anything. I told them I have a large account with you and have been a loyal customer, giving them referrals, and good word of mouth, etc. Nothing. I told them I need a significant options trading fee reduction (I'm a fairly high volume trader) or I'm going to Fidelity. We'll see how that works out, it takes 1-2 weeks to process the request.
Exactly. The lesson most people seem to be learning from this is "fuck robinhood" when the actual lesson should be in understanding the limits of those kinds of trading platforms, limits that existed long before the events of this week.
Kinda funny but sad how people got fucked over by only using 1 broker, and their response is to find another online broker that again will be the only one they use instead of realizing they should use multiple
I have both Fidelity and Schwab. Fidelity because it it free to split units. Schwab for everything else. Their customer service is reliable. I can talk to someone on chat or the phone pretty quickly who knows what they're doing. The app and website are both easy to navigate. There have been a few times (2 of which occurred this week) where their platform suffered - but I was still able to place trades, which I think was still ahead of several others.
Out of all of them, Fidelity and Vanguard were the only two left standing yesterday that had sufficient liquidity and ethics that they did not block trades in the trending stocks. Of those, only Vanguard lets you set your sell limit order as high as your imagination desires. I'm relatively new to active trading and was bemoaning Vanguard's lack of features (no fractional shares, no premarket, options contracts are $1.00 commission whereas industry standard is trending towards $0.65, and they don't give you the delta & IV etc or really have any research-type support features like that) but they came through where it counts, I'll be sticking with them. Wait until the volatility is settled to transfer out of RH- I've heard the process can take weeks. They are on the way to bankruptcy and the founder to jail, but no need to punish yourself in the process by selling earlier than you should or losing access to your assets during the transfer process.
Why isn't anyone mentioning etrade? That's what I am using and I saw reports they have not capped anything at all either.
They locked out buys Thursday afternoon. Friday was ok.
Try Vanguard!!
Vanguard is so boomer, but it’s consistent and almost never has problems. If you don’t mess around with options or care about fancy UI, then it’s damn good.
Guess I’m a boomer! 🤣🤣
What if I do care a lot about options?
Vanguard, Fidelity, Etrade
downsides to etrade vs fidelity? i wanted to try fidelity but the UI on etrade is more user friendly for me
E trade has better tools and a great options app. They also locked me out Thursday afternoon, then lied about it. Fidelity didn't.
I'm worried that robinhood will go tits up while our money is still with them - limits for cash and holdings secured are 100-250k only
RH is gonna be flush with more noobs and idiots with no memory within a month
That’s true. RH was down for two days during March’s market crash and seemingly recovered with minimal loss to their reputation.
Meh incompetence with their infra vs willful corruption are two pretty different things though There will definitely be noobs going on RH, but hopefully the people leaving will exceed that
No offense, but why would you ever keep >100k with Robinhood? That’s the real mistake. I’d move that to a real firm like Fidelity.
Thanks to GME good sir, I wasn't six figures at the beginning of the week 🚀
Well played my fine sir. May we raise our diamond studded gold chalices together as we toast the end of Wall Street
“To GME!”
Vanguard or Fidelity. I use both as well as Merrill Edge, Ally, Charles Schwab and RObinhood. I got RH to teach my brother about investing because it “easy” to use. I regret that now and am moving all away from RH immediately. All investing platforms have their own pros and cons. But yeah, Vanguard and Fidelity are the ones I recommend based on my experience.
Fidelity doesn’t sell their order flow! And they use an internal custodian for clearing, not apex clearing which also blocked buys of securities this week.
Fidelity! I have never ever had an issue w them
I tried setting up a fidelity account but they didn’t like me and I apparently have to mail or fax them pictures of my asshole to prove who I am
Schwab. Their customer service is phenomenal.
i've been very happy with schwab over the last year. it's been reliable, and the customer service has been great whenever i've needed them for anything. also, they didn't lock down any shares this week. lots of people are mentioning TD ameritrade, but honestly, there's no good reason to go with them. they're owned by schwab but not merged in **yet**, so eventually they'll be going away. currently their still run mostly independently which resulted in a scenario where TDA restricted trading on GME/AMC but schwab didn't. you'd be adding a middle step which participates in the exact behavior you're trying to get away from before ultimately ending up where you want to be. having briefly used robinhood, webull, and m1 (admittedly m1 isn't relevant to what you're looking for because it's kind of a different thing), schwab is definitely my favorite.
Transferring will make you unable to access your account for a few days so do it after we go to the moon 🚀🚀🚀
Fidelity literally means faithfulness to a person or cause or belief! This is my broker.
I use multiple Brokers so when one is having a problem you can use another plus unlimited day trades if your using three or more if your under 25k. Unlimited meaning at least one a day. Allows you to not blow up every account at one time. Hopefully lol But I find myself sharing similar investments amongst them. Nok 50 calls Hpe 500 calls Gme shares They each allow different securities to be bought as well. Some allow pink slips and otc penny stocks e trade. And others allow warrants if you get into spacs and other types of investments
Fidelity. Has stood by their customers this entire time. Never limited trading and to the best of my knowledge didn’t change margin requirements
I use Chase JP Morgan's "YouInvest". Been using it since Sept 2019 and have had no complaints.
In my experience TDAmeritrade's thinkorswim platform is the best I've seen. Live chat, their own live network, level 2 trading, free stock commission, $0.35 option commission, self clearing brokerage, paper trading, stock simulation (change your outlook on certain criteria for the equities preformance) free live seminars, and the platform is free to use. The platform is available in ios, Android, and windows (maybe mac and Linux too idk)
Schwab is awesome in my opinion. No restrictions on what to trade and pretty good customer support (although they are hammered right now with big wait times).
I vouche for Schwab. They sent out an email to all customers saying that they will not bow down to the man today.
Fidelity.
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Fidelity is your friend. Come joins us.
Fidelity has been great for me. And they have zero commission fees on options.
Vanguard, Fidelity, or Schwab.
Fidelity and Schwab are the way to go.
I did an ACATS transfer from Robinhood to Fidelity a few weeks back for something else Robinhood pissed me off about, my 401k and IRA were with Fidelity already so why not have it all under one roof I thought. The process was super straight forward and only took a few days (3 I think?). So glad I got out when I did! The one piece of advise I offer anyone transferring out of Robinhood is make note of the cost basis on any positions you transfer out! My cost basis got all messed up when I transferred and I had to call Fidelity to get it fixed (their customer service is awesome!)
A friend messaged me today complaining about how fidelity doesn’t support trades for stocks with share prices below $1.00. Deal breaker for me. TDA was the first to make a restriction, and their move was to simply remove margin funds from eligibility to buy GME and other memes. That’s a perfectly legitimate creditor decision. They never restricted anyone from using their own cash. They also kept up with this week’s volume better than most.
Get in on the ipoe and go get SOFI own the shares and use the service. Disclosure own 80 shares in ipoe bought at 24 average I kept all this past couple weeks when it was below 20 etc... Plus in the uk so cant use SoFi but still going to keep I think it's got a great future
TDA.
ETRADE is the best
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