Current Events > I'm holding my stocks but they're in Robinhood. What do I do?

(+) Yeah! (+)

I don't want to support RH anymore but I want to hold my stocks. Is there a way to transfer my stocks to another online broker?

https://www.shacknews.com/article/122449/how-to-transfer-stocks-from-robinhood-to-other-brokers

https://robinhood.com/us/en/support/articles/transfer-stocks-out-of-your-robinhood-account/

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kage_53 posted...

https://www.shacknews.com/article/122449/how-to-transfer-stocks-from-robinhood-to-other-brokers

RIP Robinhood lol


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kage_53 posted...

https://www.shacknews.com/article/122449/how-to-transfer-stocks-from-robinhood-to-other-brokers

Thanks. $75 fee? Boo...

Dark_Koopatrol posted...

Thanks. $75 fee? Boo...

thats how they get ya.

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Certain brokers will refund that $75 fee if you call and ask nicely. Fidelity did it for me.

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DarkProto05 posted...

Certain brokers will refund that $75 fee if you call and ask nicely. Fidelity did it for me.

How did you do it? Did you set up the fidelity account first and then call or set it all up over the phone?

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A different firm would love to transfer your account over to them

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Why do people want to transfer out of Robinhood? They going out of business?

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Sell now for big profits

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Damn_Underscore posted...

Why do people want to transfer out of Robinhood? They going out of business?

Cause they're a subpar service and dey shady.

Only reason they have such a large user base is because they pioneered commission free trades which attracted a lot of new investors who have stuck around. If they lose them they're fucked.

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Damn_Underscore posted...

Why do people want to transfer out of Robinhood? They going out of business?

You living under a rock?
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Yeah I have like half of my valuation in Robinhood. Don't really want to pay a $75 fee to leave them, though, I'd rather just hold onto those stocks for however long and eventually trade out and transfer the money out.

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voldothegr8 posted...

You living under a rock?

he is trolling

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Damn_Underscore posted...

Why do people want to transfer out of Robinhood? They going out of business?

They might conveniently go down at critical market turning points.

They already showed their hand so they will double down.

Fyi, they getting sued and possibly subpoenad before congress and other things for blatant manipulation and collusion.

darkphoenix181 posted...

They might conveniently go down at critical market turning points.

They already showed their hand so they will double down.

Fyi, they getting sued and possibly subpoenad before congress and other things for blatant manipulation and collusion.

That is pretty scary.

How likely is that to happen? I'm pretty sure it's very illegal for a brokerage to just shut down and take all the stocks everyone bought.

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Damn_Underscore posted...

That is pretty scary.

How likely is that to happen? I'm pretty sure it's very illegal for a brokerage to just shut down and take all the stocks everyone bought.

No, they won't shut down and take the stocks, I mean they might go down when the stock peaks preventing you from selling for example. Then come back later when you missed the opportunity.

Why do that? To be petty. GME is losing their bosses loads of money.

darkphoenix181 posted...

No, they won't shut down and take the stocks, I mean they might go down when the stock peaks preventing you from selling for example. Then come back later when you missed the opportunity.

Eh not a big deal then. I mainly use another brokerage now.

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I mean, that's not the only reason.

They make a lot of their money from selling user data and trade orders to big financial firms.

One of those firms, Citadel, which got involved in the GME mess this week is responsible for 40% of Robinhood's profits. You can see where there'd be a conflict of interest there.

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Hexenherz posted...

How did you do it? Did you set up the fidelity account first and then call or set it all up over the phone?

@Hexenherz

I made the account online with them first, and then initiated the asset transfer online. Then I made the phone call and politely said "hey I want to do business with you because robinhood sucks, can you please refund the $75 they charged me". And they did it. I transferred over $5000 of assets though. Don't know if they'd comply if you don't have much.

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DarkProto05 posted...

@Hexenherz

I made the account online with them first, and then initiated the asset transfer online. Then I made the phone call and politely said "hey I want to do business with you because robinhood sucks, can you please refund the $75 they charged me". And they did it. I transferred over $5000 of assets though. Don't know if they'd comply if you don't have much.

I have almost 70k lol. So they just credited your account basically?

@DarkProto05 Also I'm probably overthinking things but did you have $75 in cash in your RH account or did they just charge it to your connected bank account or what?

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Hexenherz posted...

I have almost 70k lol. So they just credited your account basically?

@DarkProto05 Also I'm probably overthinking things but did you have $75 in cash in your RH account or did they just charge it to your connected bank account or what?

Nice. You're definitely good then.

Yeah I had cash in Robinhood so they took it from my balance. Now sure how it works if you have less than $75.

Fidelity credited the new brokerage account I made with them with $75 after everything was processed. Which took about a week.

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Awesome thanks for all the info man.

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Dark_Koopatrol posted...

Thanks. $75 fee? Boo...

Does your hated for robinhood exceed $75?
If not, just leave it alone.

Questionmarktarius posted...

Does your hated for robinhood exceed $75?
If not, just leave it alone.

Longer you use rhood for trading the more money they get regardless, I'd rather pay $75 to get out than continue being free money for them.

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Robinhood is looking great.

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Hexenherz posted...

Longer you use rhood for trading the more money they get regardless, I'd rather pay $75 to get out than continue being free money for them.

Well there you go.

So... should I cancel my robinhood account?

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SaltyDogGum posted...

So... should I cancel my robinhood account?

I wouldnt support them after this. Theyre protecting the people who are gleefully ruining our country. Its ironic that they were literally robbing from the rich to give to the poor, yet they were stopped by a company called Robin Hood.

Being born in the USA today is like joining a game of monopoly late when one person controls every dollar and piece of property on the game board. You dont even have a fair chance.

I jumped shipped last year during the market crash and robinhood ......conveniently glitched during what would have been a essential trading and money making or saving opportunity for people.

Even paid the $75 transfer fee and never looked backed or regretted it. Speaking of the fee if your investments are low then it's easier to just sell, and reinvest that money in whatever brokerage you choose next.

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So Fidelity is trustworthy right?

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Who would you guys recommend right now for low money investors. Say $50-300?

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Jagr_68 posted...

So Fidelity is trustworthy right?

That's what I'm going with personally, so far the interface is way more serious than Robinhood's lmao. Feel like I graduated from kindergarten to college.

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Hexenherz posted...

That's what I'm going with personally, so far the interface is way more serious than Robinhood's lmao. Feel like I graduated from kindergarten to college.

Hmm okay I'll keep that in mind because I'm between that and M1 finance. Just comparing features before I even decide to make an account.

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Lunar_Savage posted...

Who would you guys recommend right now for low money investors. Say $50-300?

I've been good with Ally

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Lunar_Savage posted...

Who would you guys recommend right now for low money investors. Say $50-300?

idk if it's going to make a huge difference for that tbh since all the major players now seem to offer commission-free trading for regular purchases and sells of regular stocks and ETFs and stuff.

I would just explore, look at the big players (minus robinhood fuck them lol) and see what you like most. So far just playing around on the Fidelity website it's a little more convoluted from an interface perspective but you can already pull up way more information right off the bat, which is a huge step up from robinhood.

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