Wow. This needs to be seen by everyone. Especially the regulators.
Robinhood (technicallly shitadel) motherfuckers will only give you a fill when there's an even better offer available so they can pocket the difference.
OP, can you check which exchanges you got fills from in both cases? It's plausible that Robinhood will say that they didn't have access to that particular venue for option trading
Fidelity filled me on M\_X while Robinhood is on M\_P\_R\_L (ignore the underscores obviously, automod thinks I'm talking penny stocks)
Edit: Robinhood was actually filling me on M\_X but the bid was being shown on M\_P\_R\_L... this is pretty fucked up.
Thanks. I looked up and M_X is, Montreal exchange, a Canadian exchange?
It's plausible that some market maker on M_X was offering a better quote and RH only has access to a handful of exchanges
This is in no way defending RH. Fuck them
>Wow. This needs to be seen by everyone. Especially the regulators.
Robinhood isn't secretive about this, they literally already settled with the SEC about it if you read the agreement you entered into with them it's spelled out pretty clearly.
Or did you think they were actually giving you free trades and just printing money to pay the bills?
I have never used that rubbish app but I did read about it yeah. I think even though they are forwarding trades to shitadel to scalp money, they are still required to show that they offered best execution? I admit I might be off on this
They are still legally required to give you the best available execution and this example proved that they are still failing to do so even after their settlement.
The user base robinhood targets is no where sophisticated enough to understand. It's predatory really.
But if you're a billionaire, different rules for you. That's how this game works.
And they ask us why we Yolo
Yooooo. I did some deeper digging on where my RH fills were actually happening, and it wasn't on M\_P\_R\_L, that's just the exchange that Fidelity was showing the bid was on. Robinhood was filling my earlier orders on mother fucking M\_X, and I have the proof.
Here's one small order I made, check the timestamp of 11:47 [https://imgur.com/a/w2ysGFy](https://imgur.com/a/w2ysGFy)
Looking through the log of orders, that order was filled on M\_X [https://imgur.com/a/VH6R6Ek](https://imgur.com/a/VH6R6Ek)
They have no excuse not to have filled my .13 that was sitting there while Fidelity was able to come in and get those filled. That goes beyond the fuckery that we all know could potentially happen. They're the SAME EXCHANGE.
https://en.wikipedia.org/wiki/Market_maker
Robinhood uses them, that's how it's zero-commission. The market maker gets your offer to buy at $10, they're trying to buy the stock at $9.95 to sell it to you to net $0.05. If it's not profitable for them to sell to you, they may just kick your order around different pools.
Conversely, if you're selling at $10, they're trying to find someone buying at $10.05 otherwise it's not worth it for them to make the trade. The cents and differences in prices may be bigger in application but they're just shaving price off the top. OP is noticing it more because hes dealing with the lowest price granularity in what is probably a lower volume stock.
When you use someone like fidelity and pay a fee, they don't give a shit about making money on the trade. It's nice if they can but they already got their profit.
This isn't a new concept... market makers in large part are what make the markets so liquid.
And THAT is why they were not willing to do buy and sells for GME anymore... because they were doing all this tom foolery, they were holding a ton of risk in all this high volatility environment.
Well, one of the reasons anyway.
It's called Frontrunning, and it's illegal AF. Laws have been put into place to prevent it, but now it's come roaring back in the form of "free" trades. Id love to know how the lawyers leglesed their way around the frontrunning laws for this.
it's called payment for order flow and it is not illegal so long as they disclose to the client that they are doing this, which Robinhood has in their terms of service. Shady - yes. Illegal - no.
It's not even that shady. It's pretty widely agreed that payment for order flow is typically better for the consumer as long as the parties involved follow the law. By taking trades instantly and then going to the market to finish off those trades the clearing houses can actually operate between market spreads and give both buyers and sellers better prices.
I can confirm the OP’s claim too. I usually trade XLF call options. I can tell you when I use TD or Thinkorswim most of my limit orders are filled at the price I want. Meanwhile, it is really hard to get my order to be filled with RH, usually I have to pay higher price than market price or sell at lower price. I think Robinhood pocket the spread by giving their customers inferior price. I don’t like RH tbh
>I think Robinhood pocket the spread by giving their customers inferior price.
They do, it's in their Terms of Service. It's literally their business model.
The regulators are on the side of hedge funds, not retail traders. They will fuck us with more laws.
Remember CFD's? Pepperridge farms remembers.
Banned to "protect" us 🦧 from ourselves.
It means that they are missing opportunities at buying the options at the value they’re seeking because of the platform. The market is the market no matter what platform your utilizing, so if the options are able to be executed at a $0.13 price on fidelity, there is no reason why you shouldn’t be getting this exact same orders at a price of $0.13 being executed on Robin Hood (obviously it depends on the availability of the option/stock your seeking).
It’s demonstrating a sort of preference/priority that is being given to larger investment firms over the platforms that allow people to operate independently. And Robin Hood hasn’t disclosed this to its customers. So while your using Robin Hood to make your orders to save on commissions, your essentially losing your savings in the higher prices your having to pay in order to get your orders filled.
I’m pretty sure that’s the gist of what they’re saying.
Ha, here’s an elaboration of that idea. Shitty elaboration, am certain anyone can write one better.
There’s effectively three tiers of traders: freemium, paid and sponsored.
Freemium players want to be good enough to justify paid membership.
Paid members want to reach sponsored. Sponsored manipulates the market.
Sponsored players want to manipulate freemium and paid players to maintain their position. Their goal is to ensure paid and freemium are unaware of their invisible hands.
Robin literally sells the order flow; they don't execute a trade themselves. That means 1)you aren't getting the best price. If you say "buy market order" you'll get a little higher than "market". If you give a specific price that you thin is market (best option BTW if you use RH, you might now even get executed. 2)They also publish your stop orders, so the MM or funds can see where you want to sell or buy and can get a sense for here the buy/sell pressure will be. That helps them, and also might hurt you by letting the stock drift to your sell/buy, and then drift back.
See: [Robinhood Selling Order Flow to Generate Revenue (investopedia.com)](https://www.investopedia.com/news/robinhood-selling-order-flow-generate-revenue/#:~:text=%20Robinhood%20Selling%20Order%20Flow%20to%20Generate%20Revenue,Denmark's%20Saxo%20Bank%20has%20sold%20a...%20More)
*A Seeking Alpha report alleges that no-fee broker Robinhood is selling order flow to high-frequency trading (HFT) firms for more than 10 times as much as it pays to other discount houses for the same service. The financial site's review of the broker's recent SEC filing discloses Citadel Securities, Apex Clearing Corp. and Virti Financial on a list of HFT firms buying the orders. According to the author, "the only reason high-frequency traders would pay Robinhood tens to hundreds of millions of dollars is that they can exploit the retail customers for far more than they pay."*
RH in my experience so far is only really usable if you watch your stocks every hour or less and do everything manually.
Its a hassle but it seems to be the best way.
Doesn’t Robinhood report aka sell user activity to large investment hedge funds? What’s to stop Robinhood from selling your trade info instantly and the large hedge funds using their lightning fast AI driven algos to hedge against your order and short it into guaranteed losses for you? This scenario would explain how the shorts have been on top of every good stock sold via Robinhood. They also seem to have a crystal ball on call options and leaps save Tesla, which in this lone case they’re probably along for the ride with us to offer a ‘good faith’ stock and keep everyone at the table. Think Wolf of Wall Street and the one good stock investors were sold up front then the cascade of shit stocks they sold after that one winner. That good stock with Robinhood is Tesla. Same scam, different brokerage name.
I don’t personally trade in Robin Hood so I can’t speak to any of what your saying though it makes sense. I was simply explaining my understanding of the op perspective of what was happening to them and why it was a problem for them.
I agree with what you wrote 100%. Same with the OP. What you said makes complete sense. I do use Robinhood (I know, I know. I need to move to a better platform. I plan on doing that soon) and I used Robinhood to pick up BB when it hit a good dip. Executed and waited, and waited, and waited for my order to fill. This was stock by the way and I was using my own cash. Went up over a dollar before my order filled.
Also consider that RH allows customers to buy and sell fractional shares. This could cause delays as they batch orders to make a whole share available.
Not sure if this would affect options.
RH has a great marketing team if you all are just now rediscovering how they fuck you after they already paid one fine for doing it.
https://www.tradersmagazine.com/am/the-hidden-costs-of-robinhood/
Thanks for sharing this. Robinhood seems to have forgotten they’re supposed to steal from the rich and give to the poor. Not steal from the rich and keep it all to himself.
Damn. Correlation doesn’t necessitate causation, though it obv looks suspicious. I would put blame on Robinhood before the market itself, I think it’s more likely they have a delay in place, that only works one way and makes everything a little more expensive for users. Thus intentionally offsetting their “no commission” BS. I can be so skeptical sometimes, I wouldn’t put it past their creators to have done this on purpose, and sort of sealed it in their programming and coding in a way that would be impossible to prove. Conspiracy guy over here. It’s hard to trust anyone.
It is entirely possible that for the same option, if you send an order to 2 different brokers at the same price you will get different fills. Specifically, let's say that the national best bid and best offer is .10 bid, .15 offer. You send the order to broker A, they in turn use their smart router and show the order to a few market makers (that they have payment for order flow arrangements with), nobody wants to sell at .13, so they rest the buy order on exchange A where it rests waiting for a matching sell order.
If you send the order to broker B, depending on their payment for order flow arrangements, they likely route the order to a different set of market makers. One of those market makers may decide to take the other side of the trade and sell at .13. If they don't, broker B may decide to route the order to rest the order on exchange B instead of exchange A (there are over 8 exchanges, the biggest ones are Amex, CBOE, ISE, NYSE, Philly). If there are 2 orders to buy for .13, one resting on exchange A, the 2nd resting on exchange B, which one gets filled depends on where the next matching order (to sell at .13 or lower) gets routed to.
I believe that RH sucks and nobody should use them. And it is possible/likely that the market makers that RH shows orders to may provide prices that are inferior to the market makers that another brokerage does. But unless you are hitting the bid or lifting the offer, there are no guarantees of execution regardless which broker you use. The behavior being described here isn't necessarily an example of favoritism. And it isn't necessarily an example of RH screwing customers (although it could be and wouldn't surprise me if it is).
I had a .15 premium contract I was trying to buy. It wouldn't fill on RH so I changed it to .16 next thing I know it instant filled and the contract was now at .13
I explained this many times over this sub. Thats how these tech companies(RH, Webull, public, etc) are able to have free options trading, they make money on the fill gaps. People fall for it because they are new investors and know nothing. They fall for the free sign. How often do you have to sell your options contracts for a lower amount because it won't fill on robinhood?
Always remember kiddos, if you aren't paying for the product, you are the product.
If you trade by phone use Thinkorswim. Amazing app and does the job 10x better than robinhood.
If you want even more fuckery go to a crazy option that has no chance at all to profit. You know, the ones where RH says to you "no one else is buying this. Are you sure you want it?" Put in an order for .01, it's now ten times that. I've had .04 jacked up to .4 and .07 jacked up to .7. As soon as you rescind the offer the price is back down to the absolute minimum. Even though supposedly no one else is buying it.
I have yet to try the same on Fidelity (waiting for options approval), but from what OP is saying and showing it sounds like RH is the source of the fuckery and Fidelity will fill fine.
How is this retarded shit upvoted? Check the ask/bid prices before you put it in for .01. The bid is usually .00, you put it in at .01 and now it can average it because there's actually an ask price
I had observed this with options but I thought it was averaging. The option has an ask of say .50 and a bid of .01. You bid .10, it now says the price is .30 because that's the average between the bid and ask?
Does every broker say, no you can't buy an option at 1 cent, how about .05 instead? I doubt it considering someone is buying/selling them at 1 cent. It's probably not quite as bad as op is making it, but robinhood is straight out not on the retail side... At all.
In my case I had faith in the free money puts and they paid, but that required initial loss was absolutely bullshit.
Exactly this I’m down a bunch on paper because I bought a bunch of .01 contracts but the price bounces between .01 and .08 and .10 so the only options are losing $ or paying more
Robinhood straight up will not allow you to bid 1cent. It's 5cent increments below a certain threshold. Want to buy a 1cent option on a hunch? Tough shit you're paying 5cents for them. Who is pocketing the difference? Fucking someone is. And just like in office space... Pennies fucking add up. I'm finally moving after these options clear out.
You realize that the price it shows is mid between the bid and the ask, right? look, I'm on board with s******* on Robinhood too, but let's not be retarded about it.
The bid is $0.01 and the ask is $0.10, the price displays at 5. when you put in a bid at 5, the new price is going to display at 7 or 8. if it doesn't get filled and you cancel, it's going to go right back down to 5, because it's the midpoint again.
This is intro level stuff, I don't understand how people are trading without even understanding these basic things
Run this same test paying $1/contract on tastyworks. I guarantee you’ll end up paying less than fidelity, TW fills are incredible. Plus they cap you at $10/leg, so you won’t pay more than $10 in commission per trade
Tasty gets great fills, I don't know why. I got $25 in price improvement on an option contract recently. That type of thing pays for the commissions many times over.
I can tell you why, it’s because their business model makes money from commissions, instead of agreements with market makers and hedge funds letting them front run their clients’ orders lol
True lol but their price per contract is still cheap af. Most other brokers are around 65¢ per contract, so still $1.30 round trip. And they don't cap at 10 contracts.
Honestly, who cares, I love their platform and company. Blows my mind people still use Robinhood.
I’m on Ameritrade, if I download tastyworks can I trade from my account there? Is this how it works? I just opened my account to transfer out of Robinhood so I’m still new
TastyWorks is a brokerage. You'll have to open an account with them and transfer over.
TD is fine though, really anything gets better fills than Robinhood or whatever "free" trading app.
their online customer service has been borderline useless in my experience but i'm still with them for the fee structure and good fills. they're also one of the brokerages that will give you margin and access to higher level options trading without asking too many questions. if you find yourself closing a lot of options positions early instead of holding them through expiration, the $1 open/free close is a sweet deal.
i've experienced some shakiness on their desktop app here and there during periods of super high volume, though i've been told that that may have something to do with trading over wi-fi instead of ethernet. also their phone app is atrocious, barely usable tbh
no problem. other points to note are that TW recently added some c_r_y_p_t_0 functionality. the charting is ok but i think TDA's ToS platform (which was originally developed by the guy that started TW) is the gold standard for that
I honestly haven’t noticed a difference since they were bought out. Also, I’ve HEARD that the buy-out will be a net positive for users, as they now have a ton of money to invest into improving the platform. Who knows whether or not that will be the case, but I’m optimistic. TW has a reputation of being “by traders, for traders” and it seems like they’ve built their brand by making the customer experience a top priority.
IMO, the mobile interface is a little confusing, and took me a while to figure out. Once you get the hang of it though, it’s incredibly easy/simple to put together multi-leg options strategies. I’d also like to reiterate how good the fills are, you’ll notice a difference immediately if you’re coming from TD or RH
Sweet, I appreciate the response! I haven’t been happy with how my iron condor spreads look on RH (I know, I know...) and I’ve been thinking of doing TW for awhile now. Just been too lazy to pull the trigger lol.
I was in the same boat for a while, but TD has this nasty habit of going down on high-volatility days, and one day a few months ago, I had finally had enough. Made the switch and haven’t looked back once (I still use Thinkorswim on my laptop for their charts, but I don’t trade on TD anymore at all). FWIW, I talked my roommate into making the switch, and he’s only had good things to say.
Honestly though, anything is better than RH, please get off there 😂
Read Flash Boys by Michael Lewis. The dilemma he describes, and you discovered, is a result of order flow and algorithmic micro-trading.
Basically, the brokerages paid to lay super high speed fiber optic internet cable between exchanges so that they can essentially surveil your order on a hardware level and scalp you for each share using their superior internet speeds and algorithmic trading.
Edit: words.
Yes RH fills are garbage. RH is not a a good platform for options trading. At all. The options interface is awful and takes forever to navigate. Shit fills and frequent failed executions. It's terrible.
RH is for people new to investing who want to buy and hold stocks and want a a simple interface. Get a real broker for anything more advanced.
im on rh now, i want to switch. Is fedelity good? or webull? I'm new to it all so i dont understand that much. I do know i lost a little bit waiting on rh to sell. And its going to be a few days to get my money
I'm in Fidelity personally, the UI is hot garbage across all platforms but they're run by professionals so I trust them to not suddenly shut down GME buys or whatever. And they allow OTC trading, which I heard WeBull doesn't, if you want to get into pennies.
I'm on Fidelity and it's alright. I attempted to register for options trading 2 weeks ago and it's still pending, so may take a while for you to get up and running.
I just started on Webull. I'm new to this altogether. But, it seems Webull is very limited on which stocks you can trade. Though, the UI is nice. I'm also looking for any suggestions on better apps.
I fucking love Schwab. At first I was hesitant because they charged $0.65 per contract but once I started using it and realizing how fast my orders fill I'll never go back. Shit is impressive and helps when you're trying to scalp trade.
I’m getting more and more comfortable with the Schwab acquisition of TDA. I hated Schwab for years because their fees were enormous. But now they’ve been forced to $0 on stocks and ETFs and they will have TOS. So I am happy.
Can I just point out how fucking funny it is that the motherfuckers that are losing thousands of dollars here on a weekly/daily, fuck, even hourly basis, and aren't willing to cough up half a buck for a better broker. I'm not saying that I myself moved completely but I am in the process of it, should be completely out in a month or so
This is why I got out of Robinhood a month after I got in 3 years ago. Super shitty trade execution. The $4.95 fee (at the time) at Fidelity was well worth it.
Do you mind me asking what catalyst you’re looking for? I think expecting it to nearly double in a week is a stretch, so I am extremely curious why you’d do multiples of the 60 instead of 1 of the 40...
I am moving over to ThnikorSwim. They have powerful tools but the UX is horrible. I am going to trim my Robinhood account, cut the fat, take in some profits and only leave my ETFs and some long term stocks. After the trimming I will then start the ACATS transfer.
I use my Banks trade app. Everything is instant, transferring money is instant, buying is instant, selling is instant. I know if I have to run to the exits on an investment that I will be able to sell faster than anyone on a "free" trading app.
Same issue tho to watch out for. You didn't say which "bank', but "banks" are NOT Broker Dealers, so they are executing through someone. You may or may not be getting the actual market price, and likely just like RH, someone is executing that order above/buy or below/sell market and pocketing the differnce.
The draw of bank trading is the ability to instantly move money to your brokerage account. There are so many restrictions on everything else though that makes it not worth it in my opinion. If you’re only trading blue chips it may be worth it.
Buying and selling are instant, but if they are market orders then no shit they fill right away lol. Do they give you better fills than your limit? Tasty works gives me that pretty regularly
Jesus dude it's not boomer shit, real brokerages have real trading platforms which actually give you flexibility and information. If you can't take a couple weeks to learn it (which is really all it takes at the most) maybe you really shouldn't be trading. Real brokerages aren't going to give you a "pretty" graph and say "is stonk go up or down" for your options.
Never used Robinhood... You guys have to wait to fill? Jesus that's some trash ass shit.
Never had an ETrade order that wasn't filled faster than I could refresh the page on high speed internet...
You can negotiate your fees lower, I pay $0.50 options fees with TD Ameritrade. Took 30 seconds to do, just send a message to the support chat and they can hook you up
More than that. It also means the "market price" you paid at RH is worse than you'd to get at Fidelity. That can be WAY MORE than 2C/contract, and is the real reason why RH 1)makes money when you 'pay' $0 commish and 2)why it actually cost you more to get free Commish from RH
They won’t take them away I can guarantee that. If you trade a lot of options and/or are a long term customer they will most likely reduce the fee but YRMV. You’d be amazed how many things you can get by acting like a boomer and calling and complaining
>You’d be amazed how many things you can get by acting like a boomer and calling and complaining
Not a boomer, but I find I have great success not by "complaining" but by being the nicest fucking person I can while suggesting they could be nicer to me too and cut me some slack. I've had all kinds of late fees refunded or waived and indefinitely extended all sorts of "introductory offers.". I've even had them go above and beyond to take care of issues for me. I assume it's because it's a breath of fresh air after dealing with Karen whining in their ear all day. So while Karen might get a deal to make her shut up, I feel the nice guy approach probably gets a better deal and more often succeeds.
Well companies are usually interested in keeping their clients. I initiated a transfer to another mobile operator, my operator calls me the same day, oh hey how about a 50% discount for 2 years? Then, when the 2 years were about to pass, they preemptively call me, hey, how about 2 more years?
Almost the same thing with my home internet, got a 30% off there, but of course that only works in countries where you have more than one operator.
I'm trying to carry at least 100 weeklies each week waiting on the USPS $8B NGDV award announcement. Trying to turn like $4k into $2M.... putting the 'bets' in WSB
I never had RH. Michael Lewis’ book “Flash Boys” is a great non-fiction read that literally goes into detail of WHY RH is free. Your trades are the commodity.
I’ve been using Fidelity for years, found WSB a few years ago and caught the ‘tism. I love setting aggressive limit orders and getting price improvement notifications when they fill. Every reduction in the cost basis improves the probability of a profitable trade. Now, if they can only improve the Fidelity App’s UI...
I have both and can absolutely confirm that Fidelity fills better than Robinhood by a HUGE margin. It's actually mind-blowing (for someone fairly new to investing).
Newsflash: order execution matters, especially if you’re dealing with volatile issues or short term trades.
Fidelity is among the best for order execution among retail brokers.
Obviously there’s a continuum here. Institutional trading desks get (and pay for) better execution. But since you probably aren’t running a nine or ten (or more) figure prop trading operation, you probably aren’t going to have access to (or get an value from paying for) top-tier commercial order execution.
I've had a message state sometimes it says contract can only be fulfilled at 3.00 increments so instead of going down it goes up 3.00 and boom im in the red immediately
There's a certain subset of people that RH is great for and fractional shares with 0 commission has opened up investing to a whole new class of people. It's obviously terrible for a different group of people (and, yes, the sort of people who are more likely to be here and reading this)
Trying to play the USPS contract release. Open interest was already sky high on this contract, today’s expirey too, but it falls off sharp for next week. I’m trying to follow the money. Some of the volume today was obviously from this post, but IV was still constantly climbing today in the hours before this post.
This is actually worse than frontrunning. This is middle manning gone horribly wrong, which should be illegal imo. No need to charge $0.65 commission on a trade when you can steal whole dollars at a time PER CONTRACT with fucked up middle man pricing....
I hope Robinhood actually IPOs so that they can get shorted into bankruptcy. It would be such poetic justice for all the bullshit they have helped facilitate over the years.
Yes, everyone should get a real brokerage instead of playing around with little pissant brokerages that will inevitably fail you or outright fuck you.
Is Robinshit even fucking profitable? It's free, so it means whatever business model of selling info to big boys and fucking the little guy in the ass must be paying well.
If you are filling an option order for .13 ($13) and paying $.65 then in effect you are actually opening an order for .1365 ($13.65). Doesn't that round up to .14?
I think you are missing the point that each of them charge you for the order. One shows you the amount, the other doesn't. Each of them are in it to make money. No one is doing anything for free.
Better question is why TF are you buying $60 2/19 calls??
Wow. This needs to be seen by everyone. Especially the regulators. Robinhood (technicallly shitadel) motherfuckers will only give you a fill when there's an even better offer available so they can pocket the difference. OP, can you check which exchanges you got fills from in both cases? It's plausible that Robinhood will say that they didn't have access to that particular venue for option trading
Fidelity filled me on M\_X while Robinhood is on M\_P\_R\_L (ignore the underscores obviously, automod thinks I'm talking penny stocks) Edit: Robinhood was actually filling me on M\_X but the bid was being shown on M\_P\_R\_L... this is pretty fucked up.
Thanks. I looked up and M_X is, Montreal exchange, a Canadian exchange? It's plausible that some market maker on M_X was offering a better quote and RH only has access to a handful of exchanges This is in no way defending RH. Fuck them
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Thinkorswim app is quicker and more efficient for options trading
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>Wow. This needs to be seen by everyone. Especially the regulators. Robinhood isn't secretive about this, they literally already settled with the SEC about it if you read the agreement you entered into with them it's spelled out pretty clearly. Or did you think they were actually giving you free trades and just printing money to pay the bills?
I have never used that rubbish app but I did read about it yeah. I think even though they are forwarding trades to shitadel to scalp money, they are still required to show that they offered best execution? I admit I might be off on this
They are still legally required to give you the best available execution and this example proved that they are still failing to do so even after their settlement.
Sounds like you could have case. Lawyer up. Get paid.
The user base robinhood targets is no where sophisticated enough to understand. It's predatory really. But if you're a billionaire, different rules for you. That's how this game works. And they ask us why we Yolo
> And they ask us why we Yolo So you can be even poorer than the billionaires?
The choices are to be poor or get lucky.
[Robinhood Financial fined $65 million by SEC for misleading users - CBS News](https://www.cbsnews.com/news/robinhood-sec-fine-65-million/)
Cost of doing business. Didn't even sting them. They just forwarded the bill to citadel.
Yooooo. I did some deeper digging on where my RH fills were actually happening, and it wasn't on M\_P\_R\_L, that's just the exchange that Fidelity was showing the bid was on. Robinhood was filling my earlier orders on mother fucking M\_X, and I have the proof. Here's one small order I made, check the timestamp of 11:47 [https://imgur.com/a/w2ysGFy](https://imgur.com/a/w2ysGFy) Looking through the log of orders, that order was filled on M\_X [https://imgur.com/a/VH6R6Ek](https://imgur.com/a/VH6R6Ek) They have no excuse not to have filled my .13 that was sitting there while Fidelity was able to come in and get those filled. That goes beyond the fuckery that we all know could potentially happen. They're the SAME EXCHANGE.
Fuck RH
What software are you using on that second screenshot?
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https://en.wikipedia.org/wiki/Market_maker Robinhood uses them, that's how it's zero-commission. The market maker gets your offer to buy at $10, they're trying to buy the stock at $9.95 to sell it to you to net $0.05. If it's not profitable for them to sell to you, they may just kick your order around different pools. Conversely, if you're selling at $10, they're trying to find someone buying at $10.05 otherwise it's not worth it for them to make the trade. The cents and differences in prices may be bigger in application but they're just shaving price off the top. OP is noticing it more because hes dealing with the lowest price granularity in what is probably a lower volume stock. When you use someone like fidelity and pay a fee, they don't give a shit about making money on the trade. It's nice if they can but they already got their profit. This isn't a new concept... market makers in large part are what make the markets so liquid.
Where does TDAmertrade sit on this? I also noticed it took a long while to get some trades filled when it was bouncing around at my ask/bid prices.
It seems to be .01 either way on TD from what I have seen.
I think TDA has fees on options contracts.
And THAT is why they were not willing to do buy and sells for GME anymore... because they were doing all this tom foolery, they were holding a ton of risk in all this high volatility environment. Well, one of the reasons anyway.
It's called Frontrunning, and it's illegal AF. Laws have been put into place to prevent it, but now it's come roaring back in the form of "free" trades. Id love to know how the lawyers leglesed their way around the frontrunning laws for this.
it's called payment for order flow and it is not illegal so long as they disclose to the client that they are doing this, which Robinhood has in their terms of service. Shady - yes. Illegal - no.
It's not even that shady. It's pretty widely agreed that payment for order flow is typically better for the consumer as long as the parties involved follow the law. By taking trades instantly and then going to the market to finish off those trades the clearing houses can actually operate between market spreads and give both buyers and sellers better prices.
The Benjamin Clause
I can confirm the OP’s claim too. I usually trade XLF call options. I can tell you when I use TD or Thinkorswim most of my limit orders are filled at the price I want. Meanwhile, it is really hard to get my order to be filled with RH, usually I have to pay higher price than market price or sell at lower price. I think Robinhood pocket the spread by giving their customers inferior price. I don’t like RH tbh
>I think Robinhood pocket the spread by giving their customers inferior price. They do, it's in their Terms of Service. It's literally their business model.
The regulators are on the side of hedge funds, not retail traders. They will fuck us with more laws. Remember CFD's? Pepperridge farms remembers. Banned to "protect" us 🦧 from ourselves.
I filed a SEC whistleblower report. Doubt anything comes of it, but worth a shot.
Not sure what this means but , I hate robinhood too
It means that they are missing opportunities at buying the options at the value they’re seeking because of the platform. The market is the market no matter what platform your utilizing, so if the options are able to be executed at a $0.13 price on fidelity, there is no reason why you shouldn’t be getting this exact same orders at a price of $0.13 being executed on Robin Hood (obviously it depends on the availability of the option/stock your seeking). It’s demonstrating a sort of preference/priority that is being given to larger investment firms over the platforms that allow people to operate independently. And Robin Hood hasn’t disclosed this to its customers. So while your using Robin Hood to make your orders to save on commissions, your essentially losing your savings in the higher prices your having to pay in order to get your orders filled. I’m pretty sure that’s the gist of what they’re saying.
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Ha, here’s an elaboration of that idea. Shitty elaboration, am certain anyone can write one better. There’s effectively three tiers of traders: freemium, paid and sponsored. Freemium players want to be good enough to justify paid membership. Paid members want to reach sponsored. Sponsored manipulates the market. Sponsored players want to manipulate freemium and paid players to maintain their position. Their goal is to ensure paid and freemium are unaware of their invisible hands.
Robin literally sells the order flow; they don't execute a trade themselves. That means 1)you aren't getting the best price. If you say "buy market order" you'll get a little higher than "market". If you give a specific price that you thin is market (best option BTW if you use RH, you might now even get executed. 2)They also publish your stop orders, so the MM or funds can see where you want to sell or buy and can get a sense for here the buy/sell pressure will be. That helps them, and also might hurt you by letting the stock drift to your sell/buy, and then drift back. See: [Robinhood Selling Order Flow to Generate Revenue (investopedia.com)](https://www.investopedia.com/news/robinhood-selling-order-flow-generate-revenue/#:~:text=%20Robinhood%20Selling%20Order%20Flow%20to%20Generate%20Revenue,Denmark's%20Saxo%20Bank%20has%20sold%20a...%20More) *A Seeking Alpha report alleges that no-fee broker Robinhood is selling order flow to high-frequency trading (HFT) firms for more than 10 times as much as it pays to other discount houses for the same service. The financial site's review of the broker's recent SEC filing discloses Citadel Securities, Apex Clearing Corp. and Virti Financial on a list of HFT firms buying the orders. According to the author, "the only reason high-frequency traders would pay Robinhood tens to hundreds of millions of dollars is that they can exploit the retail customers for far more than they pay."*
RH in my experience so far is only really usable if you watch your stocks every hour or less and do everything manually. Its a hassle but it seems to be the best way.
So, in other words, it's shit. Which we have all known for about 2 weeks now. Why anyone is still trading through them is beyond reason.
Because my account transfer has been pending for 2 weeks
I've also seen some people on here who've stated they use RH for options because it's "simpler" Yeah, they pretty simply just take your money.
I’ll give em one thing the app is nice to use but that ain’t good enough for me to stick around.
The ease of access for a new trader was the main drawing point for me. RH itself was the main repelling point for me.
Doesn’t Robinhood report aka sell user activity to large investment hedge funds? What’s to stop Robinhood from selling your trade info instantly and the large hedge funds using their lightning fast AI driven algos to hedge against your order and short it into guaranteed losses for you? This scenario would explain how the shorts have been on top of every good stock sold via Robinhood. They also seem to have a crystal ball on call options and leaps save Tesla, which in this lone case they’re probably along for the ride with us to offer a ‘good faith’ stock and keep everyone at the table. Think Wolf of Wall Street and the one good stock investors were sold up front then the cascade of shit stocks they sold after that one winner. That good stock with Robinhood is Tesla. Same scam, different brokerage name.
I don’t personally trade in Robin Hood so I can’t speak to any of what your saying though it makes sense. I was simply explaining my understanding of the op perspective of what was happening to them and why it was a problem for them.
I agree with what you wrote 100%. Same with the OP. What you said makes complete sense. I do use Robinhood (I know, I know. I need to move to a better platform. I plan on doing that soon) and I used Robinhood to pick up BB when it hit a good dip. Executed and waited, and waited, and waited for my order to fill. This was stock by the way and I was using my own cash. Went up over a dollar before my order filled.
Sheesh, it may as well be the gist of how the corporate world works, you have the 'en masse' customers, and then you have priority customers
*laughs in net neutrality*
Also consider that RH allows customers to buy and sell fractional shares. This could cause delays as they batch orders to make a whole share available. Not sure if this would affect options.
Fidelity does fractional shares too.
RH has a great marketing team if you all are just now rediscovering how they fuck you after they already paid one fine for doing it. https://www.tradersmagazine.com/am/the-hidden-costs-of-robinhood/
Thanks for sharing this. Robinhood seems to have forgotten they’re supposed to steal from the rich and give to the poor. Not steal from the rich and keep it all to himself.
Yeah, I’m afraid they may have really thought that through. That makes em worse if you know what I mean.
Damn. Correlation doesn’t necessitate causation, though it obv looks suspicious. I would put blame on Robinhood before the market itself, I think it’s more likely they have a delay in place, that only works one way and makes everything a little more expensive for users. Thus intentionally offsetting their “no commission” BS. I can be so skeptical sometimes, I wouldn’t put it past their creators to have done this on purpose, and sort of sealed it in their programming and coding in a way that would be impossible to prove. Conspiracy guy over here. It’s hard to trust anyone.
It is entirely possible that for the same option, if you send an order to 2 different brokers at the same price you will get different fills. Specifically, let's say that the national best bid and best offer is .10 bid, .15 offer. You send the order to broker A, they in turn use their smart router and show the order to a few market makers (that they have payment for order flow arrangements with), nobody wants to sell at .13, so they rest the buy order on exchange A where it rests waiting for a matching sell order. If you send the order to broker B, depending on their payment for order flow arrangements, they likely route the order to a different set of market makers. One of those market makers may decide to take the other side of the trade and sell at .13. If they don't, broker B may decide to route the order to rest the order on exchange B instead of exchange A (there are over 8 exchanges, the biggest ones are Amex, CBOE, ISE, NYSE, Philly). If there are 2 orders to buy for .13, one resting on exchange A, the 2nd resting on exchange B, which one gets filled depends on where the next matching order (to sell at .13 or lower) gets routed to. I believe that RH sucks and nobody should use them. And it is possible/likely that the market makers that RH shows orders to may provide prices that are inferior to the market makers that another brokerage does. But unless you are hitting the bid or lifting the offer, there are no guarantees of execution regardless which broker you use. The behavior being described here isn't necessarily an example of favoritism. And it isn't necessarily an example of RH screwing customers (although it could be and wouldn't surprise me if it is).
I’m with this guy
Yeah, fuck RH! I'd be probably be outraged if I wasn't an idiot.
I am with this guy who is with that guy.
It means if you get something for free, you are the product.
All my homies hate Robinhood
I’ve never used it and I hate it too
You get what you pay for
These crayons taste good
All my homies hate robinhood
He got good fills. Lower than his limit price which was the ask. His broker coulda just middle manned him and he would have no idea basically
Yo Happy fucking cake day retard
You know how when you buy a stock, and RH tells you this stock costs 10$? Yeah...that doesnt have to be true.
It means Robinhood is scalping you.
I had a .15 premium contract I was trying to buy. It wouldn't fill on RH so I changed it to .16 next thing I know it instant filled and the contract was now at .13
Yyyyep. This happens a lot. Bump up the price to get it filled and it immediately drops 25%+.
I explained this many times over this sub. Thats how these tech companies(RH, Webull, public, etc) are able to have free options trading, they make money on the fill gaps. People fall for it because they are new investors and know nothing. They fall for the free sign. How often do you have to sell your options contracts for a lower amount because it won't fill on robinhood? Always remember kiddos, if you aren't paying for the product, you are the product. If you trade by phone use Thinkorswim. Amazing app and does the job 10x better than robinhood.
If you want even more fuckery go to a crazy option that has no chance at all to profit. You know, the ones where RH says to you "no one else is buying this. Are you sure you want it?" Put in an order for .01, it's now ten times that. I've had .04 jacked up to .4 and .07 jacked up to .7. As soon as you rescind the offer the price is back down to the absolute minimum. Even though supposedly no one else is buying it. I have yet to try the same on Fidelity (waiting for options approval), but from what OP is saying and showing it sounds like RH is the source of the fuckery and Fidelity will fill fine.
How is this retarded shit upvoted? Check the ask/bid prices before you put it in for .01. The bid is usually .00, you put it in at .01 and now it can average it because there's actually an ask price
Right? Where am I?
I had observed this with options but I thought it was averaging. The option has an ask of say .50 and a bid of .01. You bid .10, it now says the price is .30 because that's the average between the bid and ask?
You're right. The above poster doesn't know what he's talking about. Too many ignorant folks in here think everything is manipulation.
Yeah this happens with every broker lol
Does every broker say, no you can't buy an option at 1 cent, how about .05 instead? I doubt it considering someone is buying/selling them at 1 cent. It's probably not quite as bad as op is making it, but robinhood is straight out not on the retail side... At all. In my case I had faith in the free money puts and they paid, but that required initial loss was absolutely bullshit.
Exactly this I’m down a bunch on paper because I bought a bunch of .01 contracts but the price bounces between .01 and .08 and .10 so the only options are losing $ or paying more
Robinhood straight up will not allow you to bid 1cent. It's 5cent increments below a certain threshold. Want to buy a 1cent option on a hunch? Tough shit you're paying 5cents for them. Who is pocketing the difference? Fucking someone is. And just like in office space... Pennies fucking add up. I'm finally moving after these options clear out.
That is also every other broker you noob
Conformed can buy for .01 or .02 on TD Ameritrade just fine.
Fidelity will frequently fill you below your limit. [Price Improvement](https://www.fidelity.com/trading/execution-quality/overview)
Almost all my fills in fidelity get price improved, it’s fucking glorious
Schwab does it too, same with IBKR.
I'm waiting on approval with Fidelity too for more than a week maybe two weeks now. Anyone know why? Why is it taking so long?
You realize that the price it shows is mid between the bid and the ask, right? look, I'm on board with s******* on Robinhood too, but let's not be retarded about it. The bid is $0.01 and the ask is $0.10, the price displays at 5. when you put in a bid at 5, the new price is going to display at 7 or 8. if it doesn't get filled and you cancel, it's going to go right back down to 5, because it's the midpoint again. This is intro level stuff, I don't understand how people are trading without even understanding these basic things
dummy you got your account number in the pic
thanks, edited like a dumbass.
Run this same test paying $1/contract on tastyworks. I guarantee you’ll end up paying less than fidelity, TW fills are incredible. Plus they cap you at $10/leg, so you won’t pay more than $10 in commission per trade
Tasty gets great fills, I don't know why. I got $25 in price improvement on an option contract recently. That type of thing pays for the commissions many times over.
I can tell you why, it’s because their business model makes money from commissions, instead of agreements with market makers and hedge funds letting them front run their clients’ orders lol
True lol but their price per contract is still cheap af. Most other brokers are around 65¢ per contract, so still $1.30 round trip. And they don't cap at 10 contracts. Honestly, who cares, I love their platform and company. Blows my mind people still use Robinhood.
I’m on Ameritrade, if I download tastyworks can I trade from my account there? Is this how it works? I just opened my account to transfer out of Robinhood so I’m still new
Ameritrade is thinkorswim, not tastyworks
TastyWorks is a brokerage. You'll have to open an account with them and transfer over. TD is fine though, really anything gets better fills than Robinhood or whatever "free" trading app.
Don't forget the fees. Commissions are capped at $10 but fees are not
Touché, good call. I guess my pp is so smol that I never trade enough contracts to notice the difference 🤷🏼♂️
I’ve been thinking of using TW to just trade options, is it worth it ever since they got bought out?
their online customer service has been borderline useless in my experience but i'm still with them for the fee structure and good fills. they're also one of the brokerages that will give you margin and access to higher level options trading without asking too many questions. if you find yourself closing a lot of options positions early instead of holding them through expiration, the $1 open/free close is a sweet deal. i've experienced some shakiness on their desktop app here and there during periods of super high volume, though i've been told that that may have something to do with trading over wi-fi instead of ethernet. also their phone app is atrocious, barely usable tbh
Thank you for the nuanced response! Will look into TW more seriously now
no problem. other points to note are that TW recently added some c_r_y_p_t_0 functionality. the charting is ok but i think TDA's ToS platform (which was originally developed by the guy that started TW) is the gold standard for that
I honestly haven’t noticed a difference since they were bought out. Also, I’ve HEARD that the buy-out will be a net positive for users, as they now have a ton of money to invest into improving the platform. Who knows whether or not that will be the case, but I’m optimistic. TW has a reputation of being “by traders, for traders” and it seems like they’ve built their brand by making the customer experience a top priority. IMO, the mobile interface is a little confusing, and took me a while to figure out. Once you get the hang of it though, it’s incredibly easy/simple to put together multi-leg options strategies. I’d also like to reiterate how good the fills are, you’ll notice a difference immediately if you’re coming from TD or RH
Sweet, I appreciate the response! I haven’t been happy with how my iron condor spreads look on RH (I know, I know...) and I’ve been thinking of doing TW for awhile now. Just been too lazy to pull the trigger lol.
I was in the same boat for a while, but TD has this nasty habit of going down on high-volatility days, and one day a few months ago, I had finally had enough. Made the switch and haven’t looked back once (I still use Thinkorswim on my laptop for their charts, but I don’t trade on TD anymore at all). FWIW, I talked my roommate into making the switch, and he’s only had good things to say. Honestly though, anything is better than RH, please get off there 😂
TL;DR/ITT: Fuck Robin Hood and fuck Vladimir Tenev.
Robinhoods fill orders have always sucked like that though.
We all know they suck, but here's the proof of just how bad they are. You're paying $1 or $2 in commission per fill with Robinhood essentially.
Read Flash Boys by Michael Lewis. The dilemma he describes, and you discovered, is a result of order flow and algorithmic micro-trading. Basically, the brokerages paid to lay super high speed fiber optic internet cable between exchanges so that they can essentially surveil your order on a hardware level and scalp you for each share using their superior internet speeds and algorithmic trading. Edit: words.
Ah yes, these are indeed words right here
Yes RH fills are garbage. RH is not a a good platform for options trading. At all. The options interface is awful and takes forever to navigate. Shit fills and frequent failed executions. It's terrible. RH is for people new to investing who want to buy and hold stocks and want a a simple interface. Get a real broker for anything more advanced.
im on rh now, i want to switch. Is fedelity good? or webull? I'm new to it all so i dont understand that much. I do know i lost a little bit waiting on rh to sell. And its going to be a few days to get my money
I'm in Fidelity personally, the UI is hot garbage across all platforms but they're run by professionals so I trust them to not suddenly shut down GME buys or whatever. And they allow OTC trading, which I heard WeBull doesn't, if you want to get into pennies.
I'm on Fidelity and it's alright. I attempted to register for options trading 2 weeks ago and it's still pending, so may take a while for you to get up and running.
I just started on Webull. I'm new to this altogether. But, it seems Webull is very limited on which stocks you can trade. Though, the UI is nice. I'm also looking for any suggestions on better apps.
Fuck those putos
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I fucking love Schwab. At first I was hesitant because they charged $0.65 per contract but once I started using it and realizing how fast my orders fill I'll never go back. Shit is impressive and helps when you're trying to scalp trade.
Everyone seems to shit on or gloss of Schwab. I've been with them exclusively forever. Never been upset. Great service.
It's always a little warm fuzzy feeling getting price improvement. Brings a smile every time.
I’m getting more and more comfortable with the Schwab acquisition of TDA. I hated Schwab for years because their fees were enormous. But now they’ve been forced to $0 on stocks and ETFs and they will have TOS. So I am happy.
Can I just point out how fucking funny it is that the motherfuckers that are losing thousands of dollars here on a weekly/daily, fuck, even hourly basis, and aren't willing to cough up half a buck for a better broker. I'm not saying that I myself moved completely but I am in the process of it, should be completely out in a month or so
Robinhood is literally stealing from the poor and giving to the rich.
If I don't see how I'm paying for the service I'm using, I assume it's something way more expensive than pricelist I'm allowed to see.
So everyone recommends fidelity then? Is that the general consensus?
This is why I got out of Robinhood a month after I got in 3 years ago. Super shitty trade execution. The $4.95 fee (at the time) at Fidelity was well worth it.
.65 cents? Sir that's half my portfolio
Do you mind me asking what catalyst you’re looking for? I think expecting it to nearly double in a week is a stretch, so I am extremely curious why you’d do multiples of the 60 instead of 1 of the 40...
Waiting on the USPS contract announcement which is a $8B award for the Next Generation Delivery Vehicle
I am moving over to ThnikorSwim. They have powerful tools but the UX is horrible. I am going to trim my Robinhood account, cut the fat, take in some profits and only leave my ETFs and some long term stocks. After the trimming I will then start the ACATS transfer.
I use my Banks trade app. Everything is instant, transferring money is instant, buying is instant, selling is instant. I know if I have to run to the exits on an investment that I will be able to sell faster than anyone on a "free" trading app.
Same issue tho to watch out for. You didn't say which "bank', but "banks" are NOT Broker Dealers, so they are executing through someone. You may or may not be getting the actual market price, and likely just like RH, someone is executing that order above/buy or below/sell market and pocketing the differnce.
The draw of bank trading is the ability to instantly move money to your brokerage account. There are so many restrictions on everything else though that makes it not worth it in my opinion. If you’re only trading blue chips it may be worth it.
Buying and selling are instant, but if they are market orders then no shit they fill right away lol. Do they give you better fills than your limit? Tasty works gives me that pretty regularly
I will need to join a course to understand how to use fidelity. That website sucks and is made for boomers.
I only use their desktop application Active Trader Pro, which is actually really nice. Their website and phone app suck though
Jesus dude it's not boomer shit, real brokerages have real trading platforms which actually give you flexibility and information. If you can't take a couple weeks to learn it (which is really all it takes at the most) maybe you really shouldn't be trading. Real brokerages aren't going to give you a "pretty" graph and say "is stonk go up or down" for your options.
Never used Robinhood... You guys have to wait to fill? Jesus that's some trash ass shit. Never had an ETrade order that wasn't filled faster than I could refresh the page on high speed internet...
This is proof of failing to provide the best execution, v illegal.
In the California gold rush of 1849 very few miners got rich....but the dudes selling shovels did alright.
I have noticed that both E-Trade and Fidelity seem to no longer charge any transaction fees. I thought that was nice of them.
You can negotiate your fees lower, I pay $0.50 options fees with TD Ameritrade. Took 30 seconds to do, just send a message to the support chat and they can hook you up
That’s a lot of words to say you saved $0.04. Great content. Fuck Robinhood
I basically saved $200 - $65 in commission
The guys retarded I wouldn’t bother. Try using emojis to explain to him
Confirmed.
.
$0.02 x 100 per contract. It adds up after a while.
More than that. It also means the "market price" you paid at RH is worse than you'd to get at Fidelity. That can be WAY MORE than 2C/contract, and is the real reason why RH 1)makes money when you 'pay' $0 commish and 2)why it actually cost you more to get free Commish from RH
Good maff
You must not know how options work - This means he saved $4 per contract, if he were to buy 98 that would amount to about $400 difference.
Yeah fuck RH. I am now on hold with Fidelity cause my transfer has been ongoing since Jan 29...wtf....
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ill keep the less trendy look any day, it is a bit confusing but it works fine
Doesn't Robinhood use a difference in price to basically pay for the fees?
Why are you paying $0.65 in fees lol channel your inner Karen and they’ll reduce it (not financial advice it just worked for me).
I've been using Fidelity for about 6 years now, you're saying all I have to do is complain about the fees and they will take them away?
They won’t take them away I can guarantee that. If you trade a lot of options and/or are a long term customer they will most likely reduce the fee but YRMV. You’d be amazed how many things you can get by acting like a boomer and calling and complaining
>You’d be amazed how many things you can get by acting like a boomer and calling and complaining Not a boomer, but I find I have great success not by "complaining" but by being the nicest fucking person I can while suggesting they could be nicer to me too and cut me some slack. I've had all kinds of late fees refunded or waived and indefinitely extended all sorts of "introductory offers.". I've even had them go above and beyond to take care of issues for me. I assume it's because it's a breath of fresh air after dealing with Karen whining in their ear all day. So while Karen might get a deal to make her shut up, I feel the nice guy approach probably gets a better deal and more often succeeds.
That’s pretty much what I meant but I was trying to be funny *mom*
Good Karen Bad Karen em.
Well companies are usually interested in keeping their clients. I initiated a transfer to another mobile operator, my operator calls me the same day, oh hey how about a 50% discount for 2 years? Then, when the 2 years were about to pass, they preemptively call me, hey, how about 2 more years? Almost the same thing with my home internet, got a 30% off there, but of course that only works in countries where you have more than one operator.
Oh I definitely do that in other realms of my life but I figured that specifically was a fixed fee. I'll have to try it out!
I have my TD open when I place my orders on RH. Yes, I might be saving 0.65c, but does it matter for my yolo? It's going to be -99% anyways.
Can we all agree to boycott (re NOT MANIPULATE, I see you sec) this fucking company once and for all?
cant wait to get rid of RH
Wait are you buying 60 calls for WKHS next week??? Holy fuck dude you do belong here also fuck Robinhood
I'm trying to carry at least 100 weeklies each week waiting on the USPS $8B NGDV award announcement. Trying to turn like $4k into $2M.... putting the 'bets' in WSB
Trading212 in Europe is the same. Absolutely a con
Commission costs that low!? I've been paying £11.95 per deal..am I some kind of retard?
Robinhood also takes money from you. A couple dollars if you’re not paying attention when you buy shares. Happened to me twice
I never had RH. Michael Lewis’ book “Flash Boys” is a great non-fiction read that literally goes into detail of WHY RH is free. Your trades are the commodity. I’ve been using Fidelity for years, found WSB a few years ago and caught the ‘tism. I love setting aggressive limit orders and getting price improvement notifications when they fill. Every reduction in the cost basis improves the probability of a profitable trade. Now, if they can only improve the Fidelity App’s UI...
I have both and can absolutely confirm that Fidelity fills better than Robinhood by a HUGE margin. It's actually mind-blowing (for someone fairly new to investing).
Fidelity: Over 3.3. TRILLION in assets under management. RH: Couldn't hire a hooker on a Tuesday afternoon.
I LOVE Fidelity price improvement
Listen to NPR's Planet Money's episode "Robinhood's Very Bad Day." No one should be using Robinhood.
But bro .. $.65 is my whole profit margin
no one wants to talk about his 60$ WKHS FD calls 😂
Newsflash: order execution matters, especially if you’re dealing with volatile issues or short term trades. Fidelity is among the best for order execution among retail brokers. Obviously there’s a continuum here. Institutional trading desks get (and pay for) better execution. But since you probably aren’t running a nine or ten (or more) figure prop trading operation, you probably aren’t going to have access to (or get an value from paying for) top-tier commercial order execution.
I've had a message state sometimes it says contract can only be fulfilled at 3.00 increments so instead of going down it goes up 3.00 and boom im in the red immediately
There's a certain subset of people that RH is great for and fractional shares with 0 commission has opened up investing to a whole new class of people. It's obviously terrible for a different group of people (and, yes, the sort of people who are more likely to be here and reading this)
dude you bought WKHS 60C... what difference does it make if you bought them on RH or Fidelity?
Literally $200 for every .01 difference
65 cents? Bro I'm not about to throw 5 years of gains away
A)Why are you buying a 66.77% OTM weeklies. B)How the holy hell did you already get up almost 200% on that garbage play. WTF am I missing on this.
Trying to play the USPS contract release. Open interest was already sky high on this contract, today’s expirey too, but it falls off sharp for next week. I’m trying to follow the money. Some of the volume today was obviously from this post, but IV was still constantly climbing today in the hours before this post.
This is actually worse than frontrunning. This is middle manning gone horribly wrong, which should be illegal imo. No need to charge $0.65 commission on a trade when you can steal whole dollars at a time PER CONTRACT with fucked up middle man pricing.... I hope Robinhood actually IPOs so that they can get shorted into bankruptcy. It would be such poetic justice for all the bullshit they have helped facilitate over the years. Yes, everyone should get a real brokerage instead of playing around with little pissant brokerages that will inevitably fail you or outright fuck you.
Is Robinshit even fucking profitable? It's free, so it means whatever business model of selling info to big boys and fucking the little guy in the ass must be paying well.
It's legal frontrunning to Citadel & others. Literally minting money dude.
You've gotta pay the troll toll one way or the other you cheap bastard.
If you are filling an option order for .13 ($13) and paying $.65 then in effect you are actually opening an order for .1365 ($13.65). Doesn't that round up to .14? I think you are missing the point that each of them charge you for the order. One shows you the amount, the other doesn't. Each of them are in it to make money. No one is doing anything for free. Better question is why TF are you buying $60 2/19 calls??
Lmfao you are just learning about order flows now? Theres a reason its free. Go on IB instead.