RobinHood APP Investment Trust or don't trust?

[poyaiscoin]

I am investing on the RobinHood app.  Anyone else?  You can now buy Bitcoin on there as I already have a week ago.  Now I am up a little bit....

Anyone else have experience with it?

[Johnzky]

I am investing on the RobinHood app.  Anyone else?  You can now buy Bitcoin on there as I already have a week ago.  Now I am up a little bit....

Anyone else have experience with it?

Is this the app you are saying?https://robinhood.com/

Well upon checking the site it looks fine though I haven’t try using the app and i will not also recommend this for using to buy bitcoin because theres alot of exchange that legit and being available all the time

Let us not explore some sites to purchase cryptocurrency whos new to the community and proven nothing yet,we need to remember that our cryptocurrency is precious thing that always vulnerable from hacking and scamming

[pakhitheboss]

The website looks perfect. But, why would you buy Cryptos from them. I simply do not understand what motivates you to buy Bitcoin from a new source. They need to prove that they are legit and want to help the community. If you are looking to buy Bitcoins then buy from those, who have been selling for a long time. There are a lot of scammers around, why take a risk?

[mk4]

I wouldn't. If I remember correctly, you can "buy" bitcoin on RobinHood, but as far as I know, you can't withdraw them to your own wallet, which is a huge huge red flag in my opinion. How do we know that you actually bought bitcoin? It might even just be IOUs.

Can you confirm if you can transfer the funds to your own bitcoin non-custodial wallet or not?

[Erickan]

you can't withdraw them to your own wallet, which is a huge huge red flag in my opinion.

I will never buy bitcoin on any application that cannot be withdrawn to personal wallet, it sounds ridiculous. We can't put bitcoin on any app, exchange too long, we can't control it, it's dangerous. Why don't we buy bitcoin in the usual way from exchange, we can buy it with fiat quite easily and then withdraw it to personal wallet. I think this is the best way for us to buy bitcoin.

[leonair]

Anyone can make a well presented website nowadays so even though there's no bad reviews regarding to Robinhood it's better safe than sorry. You can buy Bitcoin from well known/stable crypto exchanges, just don't be too lazy.

[mk4]

I will never buy bitcoin on any application that cannot be withdrawn to personal wallet, it sounds ridiculous. We can't put bitcoin on any app, exchange too long, we can't control it, it's dangerous. Why don't we buy bitcoin in the usual way from exchange, we can buy it with fiat quite easily and then withdraw it to personal wallet. I think this is the best way for us to buy bitcoin.

Based on a few minutes of reading online, apparently bitcoin investing on RobinHood is said to be for people who are only betting on the price, and are not planning on withdrawing their funds. While this quite makes sense especially for the older non tech savvy folks, I'm still hugely skeptical if they're actually holding real bitcoin.

[figmentofmyass]

I am investing on the RobinHood app.  Anyone else?  You can now buy Bitcoin on there as I already have a week ago.  Now I am up a little bit....

Anyone else have experience with it?

i've used their stock trading platform a bit in the past but not the crypto platform. it's got a nice interface, i like the commission-free setup they have, and they seem like a well-backed and capitalized company.

keep in mind though, unless things have recently changed, you cannot deposit/withdraw crypto from the robinhood platform. in that sense, you can't "invest" using it (buying and holding coins) and you can't be your own bank. it's really just for gambling on the price.

[antisocial77]

you better use well-known platforms to buy.buying bitcoin is ok, almost scam sites do it.but the problem is withdraw, i hope they will not cause any problem or i hope you bought small amount.

[Bitinity]

I have never heard about this APP before, curious to know how it works but it gives me Server Error 500 when I clicked the sign up button. So what is this all about, previous poster said that it is just a gambling game on predicting the price (sounds like binary) but what makes me confuse is that how to invest where there is no option to deposit and withdraw like what is being said by figmentofmyass?

[alisafidel58]

I have never heard about this APP before, curious to know how it works but it gives me Server Error 500 when I clicked the sign up button. So what is this all about, previous poster said that it is just a gambling game on predicting the price (sounds like binary) but what makes me confuse is that how to invest where there is no option to deposit and withdraw like what is being said by figmentofmyass?

I too want to know how this platform works but apparently, this is only available in the US so if you want to register you will be needing to use a VPN for this. I'm sure they will be requiring a KYC and knowing that you are not from the US it's hard to get things to start in this platform.

[okala]

RobinHood I have not used it before but going through the website try to see they pricing and at the same time fee but could not fine them, and from the reviews it clear that it better you buy your bitcoin on an exchanges where you can store and withdraw your found easily.

[Haunebu]

https://www.nerdwallet.com/reviews/investing/robinhood

https://www.investopedia.com/robinhood-review-4587919

https://www.stockbrokers.com/review/robinhood

https://investorjunkie.com/stock-brokers/robinhood-review/

As you can see, the reviews are completely mixed which is why I would not use this service when there are much better alternatives like Coinbase out there.

[jseverson]

It depends on what you mean by trust.

Can you trust them in a sense that they won't run away with your money? Probably. They haven't existed long but they have a pretty solid track record of not stealing.

Can you trust them in a sense that they won't sell out? Probably not. I mean, if something is offered for free (trading in this case), it has to come with a catch. The catch is, they appear to be doing this.

At the end of the day, it's not a wallet, so you can't actually touch the coins you purchase, but that probably doesn't matter if you're in it purely for investment. It's great if you want to access a huge chunk of your portfolio with a single app, but if you purely want to go after crypto, there are several better options.

[traderethereum]

I never tried that app because I used TabTrader until now and I feel satisfied to use the apps. Besides that, I am not too often trade using apps, and I feel it still better to trade using a computer or laptop.
But I curious with the investing links on the website and I want to know more about that. Maybe later I will try to sign up as a free member because I see that they offer a Gold which offers subscription worth of $5.

[MakeMoneyBtc]

I was thinking about trying their platform but I found out a few negative things about them that changed my mind. As any other brokerages they are using your money to buy low risk bonds in order to make some profit. The problem here is that they keep all they money for themselves instead of giving you an interest of the profit like other platforms do. Another bad thing I've found is about them is their poor customer support where users complain of waiting weeks to get an answer.

[Bitinity]

keep in mind though, unless things have recently changed, you cannot deposit/withdraw crypto from the robinhood platform. in that sense, you can't "invest" using it (buying and holding coins) and you can't be your own bank. it's really just for gambling on the price.

I just checked the site again and there is an option to deposit by linking our bank account and one other option to transfer to our account. I think it is dangerous to link our bank account into such application, and I will not do it anywhere. I'm not quite sure about the other one funding method, but I cant find any info about deposit using crypto (maybe I miss it).

[poyaiscoin]

I bought $150 USD of BTC a couple weeks ago.  When I login and check, it is up about $25 now. 

I think I will stick to Coinbase for now.  It is true, you CANNOT pull out the BTC or send it anywhere.  I have to sell it on the platform to get my money back.

[feryjhie]

I have never heard about this APP before, curious to know how it works but it gives me Server Error 500 when I clicked the sign up button. So what is this all about, previous poster said that it is just a gambling game on predicting the price (sounds like binary) but what makes me confuse is that how to invest where there is no option to deposit and withdraw like what is being said by figmentofmyass?

the Robinhood app is just like a forex trading which you can trade Stocks, ETF, and crypto.
but you need to be a US citizen to register in the Robinhood.
after a few searches on google and i found out that you need to submit a tax document, so if you make more than 10$ in dividends so you need to pay a tax
so Robinhood they have an option to count your tax from the profit you got from trading

[Kakmakr]

The only reason why you cannot withdraw bitcoins to your own Bitcoin address might be that the bitcoins that you bought, were only a ledger entry and not actual bitcoins. So they create a bitcoin entry, but they do not have those bitcoins in cold storage. 

This is very dodgy and not what Bitcoin is all about. Remember, if you do not have the Private key to your bitcoins, you own no bitcoins at all. <If you share the Private keys with someone or some centralized service, those bitcoins are vulnerable>