I recently opened a Robinhood account moving on from E*TRADE. I’m still using Acorns for some safer investing but I have mostly used E*TRADE the past couple years. I used to have a Sharebuilder account and one or two others. E*TRADE was the best and when they stopped charging for a lot of stocks they seemed to be even better. I think they stopped charging because of Robinhood’s popularity. I didn’t think about switching to Robinhood at the time because I didn’t take the time to learn about the app. The feature that got me to join was fractional shares. I started a trade plan a couple months ago and started buying EOD because it was cheap, paying a dividend, and I considered it a safe place to put my money while I was looking for something else. Robinhood’s fractional shares feature allows me to focus on buying the company I actually like regardless of the the price of a share as long as I have at least $1. I feel like I missed a lot of trades last year just because I was thinking I didn’t have enough money to buy shares.
This hasn’t been too much of a big deal to me but they either have slow trade executions or they take a long time to provide notifications that the trade was executed. Currently I’m buying shares of T and FSR since GME was restricted. I would think there would be no issue but it seemed like it took up to a half hour for the trade to execute. This might not be true but it definitely wasn’t instant. I also do not like the chart design and I think if you are older than 50 years old you will struggle with navigating the app. In my opinion, the older you get the less curiosity you have and struggle without things being explicitly and repeatedly explained to you. Just having an app with no text labels and the navigation seems to feel like you should already know what you are doing to get around. I feel like Etrade has almost everything you could ever want to trade but E*TRADE seems to be worse in its own ways and their recent update didn’t help.
It seems like Robinhood lacks the ability to edit some orders. Currently I like setting a trailing stop loss on my positions. When I increase my position I would like to be able to add those shares to that trailing stop loss but instead I have to cancel the whole order and increase it in a new order. I’m not sure if other brokers can do this but I don’t see the feature in Robinhood and I think it would be great if they could add it.
A lot of people are upset they were unable to buy GME yesterday. I definitely put together a trade plan Wednesday night. There was too much money being made even though buying GameStop didn’t seem to make sense if you were investing in the company. I don’t believe they were going out of business but I do believe there will be a decline in the future without a lot of changes. I just wanted in on all the money that was being made. I was looking for a pull back and then the that green candle that to me says go! I had the day off from work and noticed the night before that Robinhood would not let me buy shares after hours. Thursday morning I noticed that I either couldn’t search for GME or if it was already loaded I started getting errors. I noticed Etrade wouldn’t let me buy and WeBull and another broker would not either. I saw a lot of people on Twitter upset and claiming they were leaving Robinhood but eventually I found out clearing house firms were responsible. Who didn’t see this coming? Like everyone else, I didn’t see it coming even though I probably should have. Everybody had their eyes on the stock. It was bound to go crazy Thursday morning.
The Robinhood CEO got on CNBC and said basically nothing. I wonder if he would’ve been better off not speaking. It sounded like he was trying to avoid pointing the finger and so it made him sound guilty. WeBull’s CEO did an interview that was much clearer. Even though I disagreed with his Acorns review I think Graham Stephan also broke this down and really good detail on YouTube.
Regardless I’m sticking with Robinhood and I think you should give it a try. I think WeBull might be similar but I don’t know much about it at the moment.