Current Events > So did robinhood commit suicide yesterday?

(+) Yeah! (+)

Kind of hard to promote yourself as making investing more accessible after a stunt like that.

Do you have a robinhood account? Are you staying or leaving the platform?

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I have a TDAmeritrade account

Funny thing

I had a friend send me a Robinhood referral link like Sunday evening but I passed on it.

I'm moving to Fidelity soon.

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Probs. I'm getting out as soon as I get my tax docs from last year. Open to suggestions on who to switch to.
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I do have a Robinhood account. I got one free stock from them, and then I never touched them again.
Can I transfer stocks from broker to broker?

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Robinhood...how ironic

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I don't have a brokerage account, but yes

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lilORANG posted...

Probs. I'm getting out as soon as I get my tax docs from last year. Open to suggestions on who to switch to.

I use fidelity, pretty happy with them. TDA is a popular one as well. Think they're user interface is supposed to be friendlier to newer investors.

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lilORANG posted...

I'm getting out as soon as I get my tax docs from last year. Open to suggestions on who to switch to.

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Grubhub posted...

I do have a Robinhood account. I got one free stock from them, and then I never touched them again.
Can I transfer stocks from broker to broker?

Yes but Robinhood has a flat $75 fee for transferring regardless of asset count. If you call a new company some will cover that cost for you, doubt it's worth it for one stock though lmao

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Im staying i dont think Ill find a better price for when I got in on doge yesterday morning if it goes up to $1 Im withdrawing my totals

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Grubhub posted...

I do have a Robinhood account. I got one free stock from them, and then I never touched them again.
Can I transfer stocks from broker to broker?

It's more than likely going to be cheaper to just sell that and close the account than to transfer.
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lilORANG posted...

Probs. I'm getting out as soon as I get my tax docs from last year. Open to suggestions on who to switch to.

You don't need to wait for tax documentation.

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Solid Snake07 posted...

You don't need to wait for tax documentation.

It's just not clear on their site, they say I'd you do a full asset transfer then they close your account. In that case do they mail the tax paperwork to you?

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lemondrop7 posted...

Im staying i dont think Ill find a better price for when I got in on doge yesterday morning if it goes up to $1 Im withdrawing my totals

lmao don't be greedy dude

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Hexenherz posted...

Solid Snake07 posted...

You don't need to wait for tax documentation.

It's just not clear on their site, they say I'd you do a full asset transfer then they close your account. In that case do they mail the tax paperwork to you?

Yes. They're legally required to send you tax documents.
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I just got a notice from ameritrade that they're restricting these stocks too. Trading platforms may band together.

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They're likely gonna have a hard time getting their ads on every podcast in the world like they've been doing.

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Jagr_68 posted...

lmao don't be greedy dude

its at 6 cents right now when should I sell? I put in $25 when it was at a penny for 1271 shares that 25 is now 75. Not sure if this is gonna tank or not

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It seems they were basically screwed either way. Watched the hoeglaw video on it and it seems that they would have been screwed by the SCC if they didn't. Also other places are doing the same as robinhood.

https://www.youtube.com/watch?v=B8y1H3IMt6I

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lemondrop7 posted...

its at 6 cents right now when should I sell? I put in $25 when it was at a penny for 1271 shares that 25 is now 75. Not sure if this is gonna tank or not

It was at 8 cents last night and hasn't come close since then. Not saying it won't go back up again but it more than likely reached its ceiling.

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lemondrop7 posted...

its at 6 cents right now when should I sell? I put in $25 when it was at a penny for 1271 shares that 25 is now 75. Not sure if this is gonna tank or not

It's not going to hit $1 ever. It sucks you didn't invest much, but you got lucky and made a huge gain. Take what you can and invest more next time you get in on an opportunity. Once something goes up by that much that fast it isn't really going to go anywhere but down. If it could somehow hit $1 it would be rivaling Ethereum. No one has the capital to blow on making that happen.

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What's a brokerage account?!

Robinhood is just a victim of it's own success at this point. The spot lights on them and they cant just ignore it. And if the GME fiasco goes wrong along with most other crap wanna be warren buffets are investing in. People are going to complain(to the goverment) and its robinhood who'll likely be the fall guy.

Anyways I moved over to M1 Finance a year ago and have not regretted it.

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i decided to withdraw $15 (260 shares) and keep the remaining 1000 shares on the off chance it does beat .08 at some point. Profit either way now

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Hexenherz posted...

I'm moving to Fidelity soon.

this

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NeonOctopus posted...

this

Same. Already opened my account. Just waiting for the transfer to go through.
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I have like half of my "net worth" in Robinhood. I don't see any reason as of now to switch over, but I do feel a bit unsure about Robinhood still being around 50 years from now.

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Why would anyone stay with Robin Hood?

you know next time theres a once in a lifetime opportunity to make money they will block you so their financier buddies have dibs instead of you either

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Damn_Underscore posted...

I have like half of my "net worth" in Robinhood. I don't see any reason as of now to switch over, but I do feel a bit unsure about Robinhood still being around 50 years from now.

Everything will transfer over either as-is (in the form of stocks and ETFs and shit) or get cashed out at market value if the new platform you move to doesn't support something. Either way you're not necessarily losing anything by transferring unless you have a lot of weird shit on RH that won't cleanly transfer over.

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Hexenherz posted...

Everything will transfer over either as-is (in the form of stocks and ETFs and shit) or get cashed out at market value if the new platform you move to doesn't support something. Either way you're not necessarily losing anything by transferring unless you have a lot of weird shit on RH that won't cleanly transfer over.

I'm not afraid of losing my investments but it would just be a huge annoyance.

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Fidelity is the only broker who has retained their fidelity

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NeuralLaxative posted...

Fidelity is the only broker who has retained their fidelity

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Fidelity is all you need.

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NeuralLaxative posted...

Fidelity is the only broker who has retained their fidelity

How?

TDAmeritrade is good, Schwab is good.

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Fidelity is what I have. I want to get something for crypto coins though. Put some money in Doge and sees if that takes off. If it doesnt oh well. Anyone know a good place you can purchase doge that doesnt take a long verification process?

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Im staying. Been with them for 3 years at this point and have been through similar hate like this in the past. With what my investment strategy is and how I purchase, these types of things never have caused any issues or inconvenience for me personally.

I support anyone who is frustrated and looking to move out, but for me personally it works great. I also use margin borrowing in substitution for other outside loans since the interest rate is just 2% now. Borrowing doesnt get much cheaper than that. Id consider moving if another brokerage could come anywhere close to that rate, but I just havent seen anything close.

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Damn_Underscore posted...

How?

TDAmeritrade is good, Schwab is good.

ameritrade and schwab also placed restrictions on certain trading i believe, feel free to correct if wrong

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Yup, I was already pretty much done with them since this isn't close to their first screw up, but jumped back in for GME since it was convenient. After I sell that I will definitely be moving to Fidelity or Vanguard.

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CE_gonna_CE posted...

Im staying. Been with them for 3 years at this point and have been through similar hate like this in the past. With what my investment strategy is and how I purchase, these types of things never have caused any issues or inconvenience for me personally.

I support anyone who is frustrated and looking to move out, but for me personally it works great. I also use margin borrowing in substitution for other outside loans since the interest rate is just 2% now. Borrowing doesnt get much cheaper than that. Id consider moving if another brokerage could come anywhere close to that rate, but I just havent seen anything close.

If there's a big SEC action or they get sure to oblivion you're not going to want all your money with them.
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lilORANG posted...

If there's a big SEC action or they get sure to oblivion you're not going to want all your money with them.

I dont have all my money with them (technically, its stocks, not money at all, since Im on margin). And my stocks are my stocks, regardless of what brokerage they are housed at. If there was some sort of SEC action or something and they went under, then Id transfer them elsewhere at that point.

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lilORANG posted...

If there's a big SEC action or they get sure to oblivion you're not going to want all your money with them.

The whole point Robinhood even did what they did was to prevent SEC action, which they believe is worse than getting the public pissed at them.

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LightHawKnight posted...

The whole point Robinhood even did what they did was to prevent SEC action, which they believe is worse than getting the public pissed at them.

Please don't believe their obvious bs.
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Unless something has changed, Ameritrade is only restricting certain stocks from being bought on margin or options. You can still buy them outright.

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Serious Cat posted...

Unless something has changed, Ameritrade is only restricting certain stocks from being bought on margin or options. You can still buy them outright.

Same with Schwab. AFAIK you could always buy GME stock if you have money in your account (or could during trading hours)

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i moved the $1200 in assets I had in there and deleted the app

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Yeah that platform is a graveyard. Anyone still using it needs to reevaluate their money.

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lilORANG posted...

Same. Already opened my account. Just waiting for the transfer to go through.

I'm kinda scared to transfer my shit over yet >_> because idk if it's gonna take long with all the traffic. Plus what if the squeeze happens and I don't have access to my stocks?

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NeonOctopus posted...

I'm kinda scared to transfer my shit over yet >_> because idk if it's gonna take long with all the traffic. Plus what if the squeeze happens and I don't have access to my stocks?

Yeah, you're frozen out during the transfer. I'm not actually going after the meme stocks. I just don't like how RH handled this so I'm not supporting them
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