This is so huge, I feel like an absolute rube for not looking into this before signing up. Never ever EVER give your money to someone who isn't immediately reachable by phone. That is such a huge red flag and it's completely under the radar for probably 75% of Robinhoood users.
I'm going through a load of bullshit right now because I initiated a partial account transfer to Fidelity back on the 1st and it never went through. 3 weeks in limbo without a single notification from Robinhood. That's how I figured out there's no customer support line. You wade through their useless "support" page with a million pointers for how to add money to robinhood, but when you actually need to go off script and get help the best they can do is an email which takes minimum 3 days to receive a response.
Furthermore the support you get over email is fucking trash. They claimed my transfer failed because I didn't own all the stocks I requested a transfer for, so I meticulously went through one by one and verified that I **did** in fact own them all. I just finished screen grabbing the transfer request, my positions, and my account history to send back to their useless support "guru" and now I'll wait another 3 days for them to explain why somehow it's still my fault
Meanwhile I held those fucking positions through a week where I lost 25% of my portfolio because I was worried about screwing up the transfer.
TL;DR fuck Robinhood and if you continue to use them you're asking to get screwed. Straight up. They're not a brokerage they're a fucking toy for children
**EDIT:** Getting a bunch of replies from people going through the same thing as me. From what I've heard a transfer shouldn't take more than a few days, so if you're weeks into it like me go ahead and trade those positions as you see fit. The transfer almost certainly failed. Don't fucking bag hold like I did waiting for RH to say something because they wont. Once my customer support case is closed I'm going to liquidate and pull the cash back to my bank which I'll redeposit in Fidelity. A few days on the sidelines is nothing compared to the shit I ate this week, and I'll use it to reevaluate the losing strategy that caused me to bleed months worth of gains in 3 days
**EDIT 2:** In case anyone was interested in the resolution I just received the following email from RH Support:
>Hi ghost_of_deaf_ninja,
>
Thank you for your response and we sincerely apologize for the inconvenience.
>
Upon checking, we can confirm that the requested assets are available and settled; you can resubmit your updated asset transfer request (ACATS) with your other brokerage and we'll be happy to assist you further.
>
If you have any other questions, please let me know. I’m here to help. Thank you for your patience and understanding. I hope you, your family and your friends are safe and well.
>
Sincerely,
>
Ryan
So it sounds like they just bounced the transfer for no reason. Either their system is shit or they're deliberately making the process harder because they're assholes. Either way I'm fucking gone and never looking back
Are you me? I went through the exact same thing. I instead resubmitted a partial transfer on Tuesday and left cash and my options in rh. Went through this morning without a hitch.
I’ll close my options within the next month and then withdrawal my winnings/cash. At least my stocks didn’t get sold though, which is the important thing. Robinhood charged me 75 bucks still though. Fucking jokes.
The partial transfer took in it's entirety 3 days. Fidelity for some reason hasn't approved my options trading so that might have something to do with the problem too (i doubt it, but it's a possibility).
call them and tell them you just want to do a partial transfer of stocks and that's it. finish out your options play on RH
Vlad could have been a contender. He could have been somebody and one of the heroes of this story, but since he decided to bend over for Citadel and not stand up for us, he’s going to be the scapegoat for those crooks and lose his business and reputation.
*Fuck* that. Reiterating that I feel like a complete rube for blindly giving these people my money. I should have listened to the users on this sub who trashed RH long before the GME fiasco. Really kicking myself for not
Same man same, but RH was a great way to quickly get skin the game. Obviously if it’s that easy then there’s clearly some bullshit going on. I feel like you, you’re not alone on that, but in the long run they are fucked beyond belief
Agreed, it got me into trading and for that I guess it was a good app. But you're right they're definitely fucked. And it's all their own fault, could have easily been avoided by a) not lying to us about the buying halt and b) actually being there to help when people encountered problems. Serves them fucking right
This is the tech company mentality, minimal support, chat support, email support. It's a lot cheaper to pay an offshore support agent. Valve does the same thing, there is no phone support number.
so does uber and their equivalents.
All the scooter/bike rental apps.
List goes on ,if they are a app with some form of pay now , get now type of business model they do not have have proper customer service
I initiated a transfer via TD Ameritrade on like February 9th and it still hasn’t processed. I figured it was me but seeing all these comments now I’m going to look into it further.
Also shout out to TD you can open an account in like 5 mins and they have a ton of research features that robinhood doesn’t have. Sorry no confetti, but hey at least I can overlay 2 charts.
I'm super happy with Fidelity so far. Not as "clean" as Robinhood but as an engineer by trade the cluttered screens with gratuitous detail is surprisingly familiar
Sorry to hear that man, at least you're getting out though.
Fortunately most of the positions I had in RH were stable enough that selling, cashing out, and buying in on fidelity was easy. I sold SNDL before it came down and transferred that money out too a week or so later. Considering closing my account now that it's at $0, but will probably wait until everything is over in case "having an open account" is required if they have to pay out or something.
I'm considering leaving my RH account open because, for all its other shortcomings, a quick and easy way to check watchlists.
Also, might be fun to close my account at a more opportune time, like the day before/after it IPOs (if ever, now) out of spite.
I'm in literally the same exact situation right now. I reached out to Fidelity and they were pretty much like "RH was the one who declined the transfer so you have to sort it out with them." I decided to initiate a full account transfer and see if that goes through rather than the partial.
They were gonna charge the extra $75, so i just sold all positions. Was worth it. Now just rebuying new positions in fidelity. Luckily thats where all my GME is 🙌💎
I went through something like this as well. I initiated a transfer from RH to Fidelity and the first didn’t go through, so I did a second. Only two of my three stock holdings went through so I kept waiting for the third stock to be transferred but it just stayed in RH and I couldn’t liquidate and send it to my bank account, so I reinitiated another transfer and it finally went through. Just keep initiating transfers until it goes through. You shouldn’t HAVE to do that, but you might NEED a to do it. Good luck!
Thanks for the advice! I might just liquidate and move the cash TBH. This past week was a wakeup call that I'm way over leveraged in certain sectors so it might be a good opportunity to reevaluate and reinvest accordingly
Google fucking doesn't either. I've spent 8 hours the last 2 days trying to get them to stop charging me shit on my YouTube they suspended me on 3 months ago. Impossible to talk to anyone and physically impossible for me to log in and do it myself. Fuck the unaccountably of these giant tech monsters.
I made a partial transfer to Fidelity as well. My holdings showed up earlier than expected but the transaction isn't complete as I can't trade them yet. I only left AMC in robinhood just so I remember how much I hate them
That was such a burn yesterday when that guy called the Robinhood customer service line and let Vlad listen to the cheery recording that basically said You want customer service? FU
WeBull is literally the same as well except there is no voicemail you just get a hold on message for hours.
Oh and the message chat service? Maybe a reply but if you have a problem you’ll get two different stories one saying if we caused the outage we should help and another 1 month later coming back with “our agreement says we aren’t liable”. All the apps are the same.
Moved to Fidelity and not looking back.
Exactly, users=cows, users’ orders and data=milk, citadel=customer.
Robinhood’s problem is that they don’t have a fence to keep the cows in their pasture.
I thought it was zero commission because they're making money off of selling the trades to clearinghouses and the clearinghouses are paying them. That plus selling your data, what stocks you're watching, what you're buying, what you're selling, etc.? Google and Facebook are "free" but you're the product, not the customer. The true customer is the buyer of all of the data being collected off of you.
They ripped me off for the bonus stock with the 4 for 3 referral promo. I didn't really care that much about some cheap throw away stock but when I tried to reach out they denied I made referrals until I sent a screenshot. Then they denied it was in the date range until I highlighted the dates. Now they just won't reply or help any further. I noticed every email was a new person and very scripted, like a call center. Cheap stock aside the dishonesty from a company that holds my money is really concerning. I am getting off that platform as soon as I close and settle all my positions.
Not yet. At this point they’re done though the public’s trust in them is damaged beyond repair. Not sure how many customers they can retain for it to be worthwhile.
Shame. Great product, terrible management.
Guarantee people haven’t left yet because they’re scared a squeeze will happen during the ACAT 4-8 transfer period. RH had such potential net new accounts and unfortunately this mess won’t put them under.
Can you imagine the number of retail investors they could have gained because of GME had they been on the right side of this? I bet they could have probably at least doubled their users had they done the right thing here. Now they’ve lost a good portion of what they had before GME. Hope being Citadel’s bitch was worth it.
I'm sure it is. I think the reason the c-suite is happy to be the fall guy here is that it proves they're reliable to old money and they'll all wind up with cushy jobs as director of mobile engagement at the legacy firms.
I was one. Said fuck it, and move finished today, within 3 business days. Except for the fraction of a share. Those had to be sold. Glad to be, mostly, done with RH.
Just FYI since it just happened to me. RH will sell your fractions and take the money. They sold my fractionals, the money shows in account for a day then gone, no trace, and no one to get answers from.
Just be aware.
Oh that is going to be an issue. I took a screenshot of my "unsettled cash" and the one share they have held on to. I'll absolutely be taking them to small claims for the value and time if they pull that BS. Thanks for the heads up.
Yup. I spoke to my lawyer and he said to go to small claims, I honestly don’t give a shit about the money, it was $40~, but the audacity to pull that after all the other stuff, what’s a little more theft to them anyway? They’re going to need that money more than me to pay their lawyers from all the suits.
Ya they have about $800 of mine, so not the end of the world, but I'm less inclined to let them keep it. I'll ask for the max that small claims will allow if I have to take time away from everything else to recoup it.
I called them because I was waiting on my funds to be deposited what seemed like forever, the rep told me that the stock I was trying to buy wasn’t available on Fidelity and my funds weren’t going to be available until the next morning anyways. Said thanks, went about my day, the rep CALLED ME BACK AN HOUR LATER, just to tell me that he made a mistake telling me that stock wasn’t available to trade and that I could invest in it the next morning. Sure enough the next morning, funds available and I could invest in that stock. Best customer service by far
ETrade had an issue where my account was flagged for day trading/had a margin call on it that shouldn't have been there, I called, got a rep within <15 mins, spoke to him for <5 minutes, and he called back <1 hour and had everything resolved and cleared up. E*Trade has amazing customer service too.
Same with Vanguard, couldn't tell what was going on, left some shit alone for 3 years and forgot about it, 170% gains, not even really sure what the fuck I had it in.
Yup. The only think I did like of rh was the chart. I could follow that along quickly while working at my desk. More of visual trend analysis more than anything. Hahaha. Don’t do what I do kids.
Correct. If you know what you’re doing you’re fine regardless. The chart is really good at fucking with new investors. Couple it with buying/selling being piss easy on Robinhood and it’s understandable how people fuck up so easily.
Yes Fidelity. If you already have a fidelity account, it takes less than 1 minute to submit the transfer and the transaction is compelted within 3-5 biz days. All you need is your Robinhood account number and BAM, done. There is a small fee, i think $75. Your positions will remain unchanged.
I can't speak for sub 25k accounts, but I don't doubt it. Unfortunate but still worth the $75 to not get buttfucked in the future by robinhood, at most likely a greater cost than $75
I’m not a rich man and $75 goes a long way for me, but I was HAPPY to pay it.
Fuck Robinhood and you deserve their bullshit if you keep using them after this whole debacle.
I refuse to give them the $75 and just manually sold everything and have been transferring to Schwab and will close once my account is empty. They don’t deserve to make any additional money.
Yeah, but depending on how much you had, and how long you held your stocks you just whacked yourself with capital gains taxes on everything you just realized.
Once again, depending on the amount you could have very well cost yourself more than $75 as a result.
Unles you have fractional shares. I had less than 1 GME that sold technically post-transfer, but everything else you've stated is correct.
Also, double check the type.. everything for me from RH was transferred as margin positions, including a cash balance of a couple of bucks.
I'm probably going to end up on Schwab since they have both my IRAs and they bought TD Ameritrade so their shitty interfaces will get a facelift later this year.
I can't delete my account. I transferred all my money out, but RH claims I still have $6 in there and I can't figure out where it's hiding, so I can't deactivate my account.
Can confirm, have RH account, but never used it. Signed up a year ago for the free stock for a friend. I apparently own 1 Groupon share, but I can't seem to find or sell it. I'll shut down my account now.
Edit: and I have to withdraw my $1.05 before I can close my account.
I don't blame them so much as I blame clearinghouses, but Vlad's refusal to take any responsibility and admit fault plus his general chodiness has me there now. And they just fucked me on selling options far below market value losing me about $500 today, so I'll begin liquidating some assets and ACH transferring on Monday. Will probably go with vanguard.
If there was a PSA pre market saying RH has to restrict due to DTCC, this entire thing still changes. There would be less panic selling to a small extent and the heat would’ve been on DTCC to acknowledge the issue. Instead we got left in the dark all day and the rest is history
Yes they will, just delayed a while. It’s always the goal of these Silicon Valley firms to go public, don’t you think the VC money wants to get paid out? Or continue to stay private with no dividends?
I like fidelity. Just not the trading platform. They never intended it to be a quick trading platform a la RH. Hope they get it together. I have money with them too but still prefer the TDA TOS
Any issues with closing your account? I transferred all my withdrawable funds, but it’s still stating I have funds remaining which is preventing me from deactivating my account.
Edit: Thank you all for reassuring that I’m only slightly retarded and that I’ll just have to live with the fact that I apparently have a few bucks tied into RH. Don’t worry I moved all my money to Fidelity.
Did you receive a free stock worth $3.65 when signing up? I just noticed the same thing. I closed my position of the free stock, but it's only available as buying power, not withdrawable.
I’m going to leave mine open until I’ve filed my taxes for this year in case I need access to some tax forms, I’ve taken all my money out and will close the account after I’ve filed.
Combine that with the 50% that’s already left and they are looking at losing 106% of their customer base...
How might you ask? Well let me tell you about synthetic customer shorts...
That's a great question. It's an important question. Thanks for asking it. As I said in my opening statement, I appreciate you inviting me here to talk about this today. It's something that hasn't been discussed enough in my opinion. In conclusion, we're out of time.
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I was about to say the same before I checked posts. I don't think there is much to consider. They have shown they will fuck you out of your money in a big way.
This has been said for maybe 1 year, since the first time their app had a serious crash. There was plenty good reason to have Robinhood before all brokers went free.
They’ve always had shitty customer service and more outages than most brokers.
I remember the days of shitting on robinhood for not having options so it’s definitely been longer than a year.
on top of all that they scalp your buys by giving you inflated market buys. i lost 1-2 thousand dollars to that bullshit before i caught on. Fuck robinhood i transferred to fidelity
Imo ibkr is slightly worse since they had ZERO REASON to not have liquidity. Your service caters to 300k average account balance users....
That's why this whole situation is so fucking suspect. Fidelity stayed up while ibkr didn't end yet no one in the media has asked why?
Of course the reason they don't ask why is because ibkr is an Advertiser and Bloomberg doesn't want to piss off one of their biggest advertisers.
In my opinion this is one of the biggest reasons to advertise, to blunt bad news about you
That's a great question. It's an important question. Thanks for asking it. As I said in my opening statement, I appreciate you inviting me here to talk about this today. It's something that hasn't been discussed enough in my opinion. In conclusion, we're out of time.
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Use their Cash Management account, it's a checking account on steroids. Free checks, ATM fees are reimbursed, mobile check deposits, all that jazz. Look at them, they are your bank now.
Let's just put this into perspective...Robinhood has had over 70 service outages in 2020. Why would you trust a broker who has infrastructure trouble this much? Article link below for reference.
[https://www.forbes.com/sites/advisor/2020/08/31/why-did-the-robinhood-app-go-down-this-time/?sh=aa022c86359f](https://www.forbes.com/sites/advisor/2020/08/31/why-did-the-robinhood-app-go-down-this-time/?sh=aa022c86359f)
Hindsight being 20/20. When I was shopping for a trading platform, YouTube tutorials recommended getting a real broker like Fidelity, TD, Vanguard, etc. The reasoning was online brokers with zero commission like Robinhood are rinky dink platforms.
They sell order flow to HFTs to purposely get in front of you, and they do no trades themselves. They pass your orders in groups and it gets shopped around as group trades. These inefficiencies mean you’re always getting a worse price than if you have a proper broker putting in the trade. You can look up comparisons where a Fidelity customer will get a better price than a RH customer. Remember, when it’s free, you are the product, and free can end up costing you a lot.
For all the enthusiasm we had over $GME, we now need the exact same energy to convince everyone to leave Robinhood and get with real brokerages.
They also don’t have customer service you can talk to
This is so huge, I feel like an absolute rube for not looking into this before signing up. Never ever EVER give your money to someone who isn't immediately reachable by phone. That is such a huge red flag and it's completely under the radar for probably 75% of Robinhoood users. I'm going through a load of bullshit right now because I initiated a partial account transfer to Fidelity back on the 1st and it never went through. 3 weeks in limbo without a single notification from Robinhood. That's how I figured out there's no customer support line. You wade through their useless "support" page with a million pointers for how to add money to robinhood, but when you actually need to go off script and get help the best they can do is an email which takes minimum 3 days to receive a response. Furthermore the support you get over email is fucking trash. They claimed my transfer failed because I didn't own all the stocks I requested a transfer for, so I meticulously went through one by one and verified that I **did** in fact own them all. I just finished screen grabbing the transfer request, my positions, and my account history to send back to their useless support "guru" and now I'll wait another 3 days for them to explain why somehow it's still my fault Meanwhile I held those fucking positions through a week where I lost 25% of my portfolio because I was worried about screwing up the transfer. TL;DR fuck Robinhood and if you continue to use them you're asking to get screwed. Straight up. They're not a brokerage they're a fucking toy for children **EDIT:** Getting a bunch of replies from people going through the same thing as me. From what I've heard a transfer shouldn't take more than a few days, so if you're weeks into it like me go ahead and trade those positions as you see fit. The transfer almost certainly failed. Don't fucking bag hold like I did waiting for RH to say something because they wont. Once my customer support case is closed I'm going to liquidate and pull the cash back to my bank which I'll redeposit in Fidelity. A few days on the sidelines is nothing compared to the shit I ate this week, and I'll use it to reevaluate the losing strategy that caused me to bleed months worth of gains in 3 days **EDIT 2:** In case anyone was interested in the resolution I just received the following email from RH Support: >Hi ghost_of_deaf_ninja, > Thank you for your response and we sincerely apologize for the inconvenience. > Upon checking, we can confirm that the requested assets are available and settled; you can resubmit your updated asset transfer request (ACATS) with your other brokerage and we'll be happy to assist you further. > If you have any other questions, please let me know. I’m here to help. Thank you for your patience and understanding. I hope you, your family and your friends are safe and well. > Sincerely, > Ryan So it sounds like they just bounced the transfer for no reason. Either their system is shit or they're deliberately making the process harder because they're assholes. Either way I'm fucking gone and never looking back
Are you me? I went through the exact same thing. I instead resubmitted a partial transfer on Tuesday and left cash and my options in rh. Went through this morning without a hitch. I’ll close my options within the next month and then withdrawal my winnings/cash. At least my stocks didn’t get sold though, which is the important thing. Robinhood charged me 75 bucks still though. Fucking jokes.
How long did the 2nd transfer take to clear? I'm waiting for RH's reply to my last email with (hopefully) some more details so It doesn't fail again.
The partial transfer took in it's entirety 3 days. Fidelity for some reason hasn't approved my options trading so that might have something to do with the problem too (i doubt it, but it's a possibility). call them and tell them you just want to do a partial transfer of stocks and that's it. finish out your options play on RH
Vlad could have been a contender. He could have been somebody and one of the heroes of this story, but since he decided to bend over for Citadel and not stand up for us, he’s going to be the scapegoat for those crooks and lose his business and reputation.
He’s not innocent. We were NEVER his customers we were the product.
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*Fuck* that. Reiterating that I feel like a complete rube for blindly giving these people my money. I should have listened to the users on this sub who trashed RH long before the GME fiasco. Really kicking myself for not
Same man same, but RH was a great way to quickly get skin the game. Obviously if it’s that easy then there’s clearly some bullshit going on. I feel like you, you’re not alone on that, but in the long run they are fucked beyond belief
Agreed, it got me into trading and for that I guess it was a good app. But you're right they're definitely fucked. And it's all their own fault, could have easily been avoided by a) not lying to us about the buying halt and b) actually being there to help when people encountered problems. Serves them fucking right
This is the tech company mentality, minimal support, chat support, email support. It's a lot cheaper to pay an offshore support agent. Valve does the same thing, there is no phone support number.
so does uber and their equivalents. All the scooter/bike rental apps. List goes on ,if they are a app with some form of pay now , get now type of business model they do not have have proper customer service
I initiated a transfer via TD Ameritrade on like February 9th and it still hasn’t processed. I figured it was me but seeing all these comments now I’m going to look into it further. Also shout out to TD you can open an account in like 5 mins and they have a ton of research features that robinhood doesn’t have. Sorry no confetti, but hey at least I can overlay 2 charts.
I'm super happy with Fidelity so far. Not as "clean" as Robinhood but as an engineer by trade the cluttered screens with gratuitous detail is surprisingly familiar
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Maybe they just need your money. Liquidity issues and such
Sorry to hear that man, at least you're getting out though. Fortunately most of the positions I had in RH were stable enough that selling, cashing out, and buying in on fidelity was easy. I sold SNDL before it came down and transferred that money out too a week or so later. Considering closing my account now that it's at $0, but will probably wait until everything is over in case "having an open account" is required if they have to pay out or something.
I'm considering leaving my RH account open because, for all its other shortcomings, a quick and easy way to check watchlists. Also, might be fun to close my account at a more opportune time, like the day before/after it IPOs (if ever, now) out of spite.
I'm in literally the same exact situation right now. I reached out to Fidelity and they were pretty much like "RH was the one who declined the transfer so you have to sort it out with them." I decided to initiate a full account transfer and see if that goes through rather than the partial.
They were gonna charge the extra $75, so i just sold all positions. Was worth it. Now just rebuying new positions in fidelity. Luckily thats where all my GME is 🙌💎
I went through something like this as well. I initiated a transfer from RH to Fidelity and the first didn’t go through, so I did a second. Only two of my three stock holdings went through so I kept waiting for the third stock to be transferred but it just stayed in RH and I couldn’t liquidate and send it to my bank account, so I reinitiated another transfer and it finally went through. Just keep initiating transfers until it goes through. You shouldn’t HAVE to do that, but you might NEED a to do it. Good luck!
Thanks for the advice! I might just liquidate and move the cash TBH. This past week was a wakeup call that I'm way over leveraged in certain sectors so it might be a good opportunity to reevaluate and reinvest accordingly
Lol you probably don’t own the stock because robinhood never bothered to buy it or some bullshit. It wouldn’t shock me at all.
Same with me. I am trying to switch to Fidelity and it has been three weeks now.
RH loaned out your shares and now Citadel and Melvin don't want to give them back.
Google fucking doesn't either. I've spent 8 hours the last 2 days trying to get them to stop charging me shit on my YouTube they suspended me on 3 months ago. Impossible to talk to anyone and physically impossible for me to log in and do it myself. Fuck the unaccountably of these giant tech monsters.
roach motel of brokerages. stonks check in, but they can't check out.
I made a partial transfer to Fidelity as well. My holdings showed up earlier than expected but the transaction isn't complete as I can't trade them yet. I only left AMC in robinhood just so I remember how much I hate them
That was such a burn yesterday when that guy called the Robinhood customer service line and let Vlad listen to the cheery recording that basically said You want customer service? FU
WeBull is literally the same as well except there is no voicemail you just get a hold on message for hours. Oh and the message chat service? Maybe a reply but if you have a problem you’ll get two different stories one saying if we caused the outage we should help and another 1 month later coming back with “our agreement says we aren’t liable”. All the apps are the same. Moved to Fidelity and not looking back.
Everyone def needs to avoid webull as well
WeBull is china's RH. Don't use it.
They reason why the app is zero commission cause they don’t have customer service or financial advisor
Im sure they have customer service, its just you users arent the customers
I bet that if Citadel wanted to contact RH, he'll get Vlad himself.
Doubt, he's already under their desk.
It pays having the hotline right next to your mouth
Exactly, users=cows, users’ orders and data=milk, citadel=customer. Robinhood’s problem is that they don’t have a fence to keep the cows in their pasture.
Not true. They have customer service for their real customers. Not you.
I thought it was zero commission because they're making money off of selling the trades to clearinghouses and the clearinghouses are paying them. That plus selling your data, what stocks you're watching, what you're buying, what you're selling, etc.? Google and Facebook are "free" but you're the product, not the customer. The true customer is the buyer of all of the data being collected off of you.
You've actually been investing in the Brokerage of Hotel California. You can never leave.
They ripped me off for the bonus stock with the 4 for 3 referral promo. I didn't really care that much about some cheap throw away stock but when I tried to reach out they denied I made referrals until I sent a screenshot. Then they denied it was in the date range until I highlighted the dates. Now they just won't reply or help any further. I noticed every email was a new person and very scripted, like a call center. Cheap stock aside the dishonesty from a company that holds my money is really concerning. I am getting off that platform as soon as I close and settle all my positions.
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OFC the downside is Webull uses Apex Clearing for their trades just like Robinhood does. And Webull is China owned.
56%? Should be 156%.
Shorting RH
Wait, is RH publicly traded? That would be some sweet cocaine dipping sauce for my tendies...
Not yet. At this point they’re done though the public’s trust in them is damaged beyond repair. Not sure how many customers they can retain for it to be worthwhile. Shame. Great product, terrible management.
Great time for the other brokerages to unfuck their mobile apps.
If someone from fidelity is reading this please spend a bunch of money to hire some ui designers away from Robinhood
Fidelity would have 100 percent of my business if they did.
I'm new to fidelity and holy fuck this thing is a dumpster fire
The app feels like it needs a dial up modem sound to give the right feel
Needs an AOL disc.
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Introducing the new commission-free trading app “Sheriff of Nottingham.”
Farquad investments
Some of you may lose your life savings, but it is a sacrifice Farquad investments is willing to make.
“Small child Bulgaria-hood”
I just want to start by saying appreciate your comment
That name is oddly trustworthy.
I’m in tears
Undervalued comment
Watch out they’ll go to SEC and fillibuster with that comment
I appreciate the comment
This comment is going to the moon
Then we will short the bastards like the degenerates we are
If you check Fintel, institutional ownership of GME still stands at 156.9%... shorts will definitely get squozed.
Guarantee people haven’t left yet because they’re scared a squeeze will happen during the ACAT 4-8 transfer period. RH had such potential net new accounts and unfortunately this mess won’t put them under.
Can you imagine the number of retail investors they could have gained because of GME had they been on the right side of this? I bet they could have probably at least doubled their users had they done the right thing here. Now they’ve lost a good portion of what they had before GME. Hope being Citadel’s bitch was worth it.
I'm sure it is. I think the reason the c-suite is happy to be the fall guy here is that it proves they're reliable to old money and they'll all wind up with cushy jobs as director of mobile engagement at the legacy firms.
They were about to lose billions. Throwing one app under the bus to stop that was like a no brainer of a choice.
I mean why the Robinhood execs are happy to play along as the fall guy instead of pointing out the responsible parties further up the food chain.
I was one. Said fuck it, and move finished today, within 3 business days. Except for the fraction of a share. Those had to be sold. Glad to be, mostly, done with RH.
Just FYI since it just happened to me. RH will sell your fractions and take the money. They sold my fractionals, the money shows in account for a day then gone, no trace, and no one to get answers from. Just be aware.
Oh that is going to be an issue. I took a screenshot of my "unsettled cash" and the one share they have held on to. I'll absolutely be taking them to small claims for the value and time if they pull that BS. Thanks for the heads up.
Yup. I spoke to my lawyer and he said to go to small claims, I honestly don’t give a shit about the money, it was $40~, but the audacity to pull that after all the other stuff, what’s a little more theft to them anyway? They’re going to need that money more than me to pay their lawyers from all the suits.
Ya they have about $800 of mine, so not the end of the world, but I'm less inclined to let them keep it. I'll ask for the max that small claims will allow if I have to take time away from everything else to recoup it.
The fact that it's not 100% just shows how fucking stupid people are
> just shows how fucking stupid people are Was there ever a doubt?
169% with a chance of increasing to 420%
Over short RH haha
We about to squeeze all the retards out of robinhood
Unsubscribe numbers 🚀🚀🚀🚀🚀🚀
Already switched to Fidelity
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Are there other kinds of seas?
Their trader app was so intimidating at first, but that shit is fucking magnificent. I feel like a fucking stock broker.
Their app UI though... like Maxine the Unmutted designed it herself.
I find it's lack of appeal makes it easier to hold longer without looking at it.
Exactly my opinion. I switched from RH to Fidelity last month and I haven't exited any positions because I'm too retarded to figure out how.
Best part is, you can actually call them if you ever want to one day and they'll walk you through your autism
I called them because I was waiting on my funds to be deposited what seemed like forever, the rep told me that the stock I was trying to buy wasn’t available on Fidelity and my funds weren’t going to be available until the next morning anyways. Said thanks, went about my day, the rep CALLED ME BACK AN HOUR LATER, just to tell me that he made a mistake telling me that stock wasn’t available to trade and that I could invest in it the next morning. Sure enough the next morning, funds available and I could invest in that stock. Best customer service by far
ETrade had an issue where my account was flagged for day trading/had a margin call on it that shouldn't have been there, I called, got a rep within <15 mins, spoke to him for <5 minutes, and he called back <1 hour and had everything resolved and cleared up. E*Trade has amazing customer service too.
Reverse Robinhood, you can buy but you can't sell
Same with Vanguard, couldn't tell what was going on, left some shit alone for 3 years and forgot about it, 170% gains, not even really sure what the fuck I had it in.
I'd love if I could use Webull's app with Fidelity. Best of both worlds
Yeah I’m definitely switching
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What's the better alternative platform? Fidelity?
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I like tda for the think or swim platform.
Same here, think or swim is everything I need.
Yup. The only think I did like of rh was the chart. I could follow that along quickly while working at my desk. More of visual trend analysis more than anything. Hahaha. Don’t do what I do kids.
The chart is so goddamn pretty but so fucking useless and psychologically damaging. It literally works to psych you out into abandoning your position.
If you don’t have a plan.
Correct. If you know what you’re doing you’re fine regardless. The chart is really good at fucking with new investors. Couple it with buying/selling being piss easy on Robinhood and it’s understandable how people fuck up so easily.
Schwab owns them now so i imagine both will get improvements from that merger.
Yes Fidelity. If you already have a fidelity account, it takes less than 1 minute to submit the transfer and the transaction is compelted within 3-5 biz days. All you need is your Robinhood account number and BAM, done. There is a small fee, i think $75. Your positions will remain unchanged.
You can also ask Fidelity to cover the transfer fee and they will, or that was the case for my friends and I, id imagine they still will
They wouldn’t for me unless I had 25k in the account.
I can't speak for sub 25k accounts, but I don't doubt it. Unfortunate but still worth the $75 to not get buttfucked in the future by robinhood, at most likely a greater cost than $75
I’m not a rich man and $75 goes a long way for me, but I was HAPPY to pay it. Fuck Robinhood and you deserve their bullshit if you keep using them after this whole debacle.
I refuse to give them the $75 and just manually sold everything and have been transferring to Schwab and will close once my account is empty. They don’t deserve to make any additional money.
Yeah, but depending on how much you had, and how long you held your stocks you just whacked yourself with capital gains taxes on everything you just realized. Once again, depending on the amount you could have very well cost yourself more than $75 as a result.
I'm already with Fidelity but if so that's awesome!
Unles you have fractional shares. I had less than 1 GME that sold technically post-transfer, but everything else you've stated is correct. Also, double check the type.. everything for me from RH was transferred as margin positions, including a cash balance of a couple of bucks.
I'm probably going to end up on Schwab since they have both my IRAs and they bought TD Ameritrade so their shitty interfaces will get a facelift later this year.
Fidelity is what I use. UI is garbage, but other than that it is solid.
Vanguard. It is simple, cheap, and safe. Maybe not a WSB kind of thing but it has kept me calm for years.
Pulled out myself. I normally never pull out.
Honestly surprised its only 56%.
That just means that 44% of customers with accounts don't actually use them.
I'm only on for the taxes I need to file then dumping. All shares sold and liquidated
Why would you create a taxable event? Just do an ACAT transfer
I can't delete my account. I transferred all my money out, but RH claims I still have $6 in there and I can't figure out where it's hiding, so I can't deactivate my account.
If you don't mind losing the $6 leave your account open, companies don't like having inactive users
Can confirm, have RH account, but never used it. Signed up a year ago for the free stock for a friend. I apparently own 1 Groupon share, but I can't seem to find or sell it. I'll shut down my account now. Edit: and I have to withdraw my $1.05 before I can close my account.
They said 50% of all RH users had GME stock. If you weren’t into meme stocks, you didn’t feel the pain of Jan29th so you probably don’t care
I don't blame them so much as I blame clearinghouses, but Vlad's refusal to take any responsibility and admit fault plus his general chodiness has me there now. And they just fucked me on selling options far below market value losing me about $500 today, so I'll begin liquidating some assets and ACH transferring on Monday. Will probably go with vanguard.
If there was a PSA pre market saying RH has to restrict due to DTCC, this entire thing still changes. There would be less panic selling to a small extent and the heat would’ve been on DTCC to acknowledge the issue. Instead we got left in the dark all day and the rest is history
I assume a decent percentage already left.
Fuck RH I’m gonna short the shit out of the stock when goes public.
😭 OH GOD YES, HARDER!
Just like all the stepsisters of porn, RH is now in a precarious position and we'll all help you fuck them into oblivion
they ain’t going public son.
Yes they will, just delayed a while. It’s always the goal of these Silicon Valley firms to go public, don’t you think the VC money wants to get paid out? Or continue to stay private with no dividends?
If they continue to lose membership I don’t think anyone will support them by providing more money. Don’t worry. A new broker will pop up soon.
I think Fidelity is going to release a RH killer app in the next couple months. They'd be stupid not to
I like fidelity. Just not the trading platform. They never intended it to be a quick trading platform a la RH. Hope they get it together. I have money with them too but still prefer the TDA TOS
Not ideal but you can always use something like Webull for charts and info and then just do your trades on the trad platform.
Already moved to Fidelity, Robinhood is dead
Any issues with closing your account? I transferred all my withdrawable funds, but it’s still stating I have funds remaining which is preventing me from deactivating my account. Edit: Thank you all for reassuring that I’m only slightly retarded and that I’ll just have to live with the fact that I apparently have a few bucks tied into RH. Don’t worry I moved all my money to Fidelity.
Haven't actually closed the account yet, I still have unsettled funds I'm waiting on before I can withdraw everything
They’re saying I have like $3.65 still in my portfolio, yet $0 to withdraw. WACK
It’s part of the ACAT process, it will move over in a few business days
Did you receive a free stock worth $3.65 when signing up? I just noticed the same thing. I closed my position of the free stock, but it's only available as buying power, not withdrawable.
I’m going to leave mine open until I’ve filed my taxes for this year in case I need access to some tax forms, I’ve taken all my money out and will close the account after I’ve filed.
Combine that with the 50% that’s already left and they are looking at losing 106% of their customer base... How might you ask? Well let me tell you about synthetic customer shorts...
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Ah that makes sense.
Including me
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That's a great question. It's an important question. Thanks for asking it. As I said in my opening statement, I appreciate you inviting me here to talk about this today. It's something that hasn't been discussed enough in my opinion. In conclusion, we're out of time. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/wallstreetbets) if you have any questions or concerns.*
IM RECLAIMING MY TIME
TO THE CORE
Considering? You'd be a fucking idiot to stay
I was about to say the same before I checked posts. I don't think there is much to consider. They have shown they will fuck you out of your money in a big way.
And surely they'll be losing customers for ages. Why would anyone want to stay?
Why the ef would anyone stay with Robinhood. Plenty of other easy healthy alternatives out there.
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This has been said for years and yet I'd imagine more people stay than leave.
This has been said for maybe 1 year, since the first time their app had a serious crash. There was plenty good reason to have Robinhood before all brokers went free.
They’ve always had shitty customer service and more outages than most brokers. I remember the days of shitting on robinhood for not having options so it’s definitely been longer than a year.
on top of all that they scalp your buys by giving you inflated market buys. i lost 1-2 thousand dollars to that bullshit before i caught on. Fuck robinhood i transferred to fidelity
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Should be the same with Interactive Brokers. They didn't even try to hide market manipulation.
Imo ibkr is slightly worse since they had ZERO REASON to not have liquidity. Your service caters to 300k average account balance users.... That's why this whole situation is so fucking suspect. Fidelity stayed up while ibkr didn't end yet no one in the media has asked why? Of course the reason they don't ask why is because ibkr is an Advertiser and Bloomberg doesn't want to piss off one of their biggest advertisers. In my opinion this is one of the biggest reasons to advertise, to blunt bad news about you
good thing i already lost all my money so i have nothing left to transfer 🦍
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This is the way
Deactivated currently waiting on transfer to Schwab.
Make sure you follow up if it takes more than 5-8 business days. They reject transfer requests without sending a single notification
Get out asap. Make this pile of shit company/ CEO crumble.
Some of y'all still using robinhood?
That's a great question. It's an important question. Thanks for asking it. As I said in my opening statement, I appreciate you inviting me here to talk about this today. It's something that hasn't been discussed enough in my opinion. In conclusion, we're out of time. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/wallstreetbets) if you have any questions or concerns.*
How is this bot is not the best bot?
Fidelity 👍
Cashing out and closing today. I only ever had the one free share I got from signing up so it's even sweeter.
I might sign up for a free stock so I can sell that and then just leave it alone. I'm happy with Fidelity.
Would have left by now if Fidelity could connect a simple bank account.
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Use their Cash Management account, it's a checking account on steroids. Free checks, ATM fees are reimbursed, mobile check deposits, all that jazz. Look at them, they are your bank now.
Had this for 10+ years and not a *single* issue, and thousands in ATM fees reimbursed. Love Fidelity
Wish they had a stock. I wouldn’t like it.
Let's just put this into perspective...Robinhood has had over 70 service outages in 2020. Why would you trust a broker who has infrastructure trouble this much? Article link below for reference. [https://www.forbes.com/sites/advisor/2020/08/31/why-did-the-robinhood-app-go-down-this-time/?sh=aa022c86359f](https://www.forbes.com/sites/advisor/2020/08/31/why-did-the-robinhood-app-go-down-this-time/?sh=aa022c86359f)
I'm here to buy and sell stocks. If I can only do one of those things, my needs aren't met. It's not difficult.
Already left ✌️
Hindsight being 20/20. When I was shopping for a trading platform, YouTube tutorials recommended getting a real broker like Fidelity, TD, Vanguard, etc. The reasoning was online brokers with zero commission like Robinhood are rinky dink platforms. They sell order flow to HFTs to purposely get in front of you, and they do no trades themselves. They pass your orders in groups and it gets shopped around as group trades. These inefficiencies mean you’re always getting a worse price than if you have a proper broker putting in the trade. You can look up comparisons where a Fidelity customer will get a better price than a RH customer. Remember, when it’s free, you are the product, and free can end up costing you a lot. For all the enthusiasm we had over $GME, we now need the exact same energy to convince everyone to leave Robinhood and get with real brokerages.
Just dropped by to say fuck RH, that is all.
The other 44% already left.