RobinHood Exchange

[pugman]

I wanted to hear thoughts on robinhood, nerdwallet gives them a 5 star rating but I didn't find much about them on the forum. Also, they have somewhat of a randomized referral, where they provide a stock worth from around 3$ to 150$, something like gambling. How's the trading experience so far for the current users over there?

Update:

An update to the thread:

Is there any way to withdraw robinhood funds to a paypal or a non US bank account? Please let me know.

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[squatter]

I wanted to hear thoughts on robinhood, nerdwallet gives them a 5 star rating but I didn't find much about them on the forum. Also, they have somewhat of a randomized referral, where they provide a stock worth from around 3$ to 150$, something like gambling. How's the trading experience so far for the current users over there?

The first thing to mention is that they don't allow cryptocurrency deposits and withdrawals. They have 17 cryptocurrencies listed, but you're only buying exposure to the market, similar to a CFD instrument. You can't use Robinhood as a way to buy and hold real bitcoins.

They're very popular in the stock trading world, especially among millennials. People like their "commission-free" model, but in reality, Robinhood is just increasing the price spread and profiting from its users that way.

[TimtheYoutuber]

As another user has said when you buy cryptocurrency on Robinhood you are not given the actual asset, so you can transfer the bitcoin off etc.


As for the other aspects of it, I just Robinhood to mess around on and trade individual stocks and have had a great experience so far. I have referred a few people and gotten like $30 on 4 people. And in return, they have made around $30 too.

[pugman]

The first thing to mention is that they don't allow cryptocurrency deposits and withdrawals. They have 17 cryptocurrencies listed, but you're only buying exposure to the market, similar to a CFD instrument. You can't use Robinhood as a way to buy and hold real bitcoins.

They're very popular in the stock trading world, especially among millennials. People like their "commission-free" model, but in reality, Robinhood is just increasing the price spread and profiting from its users that way.

I did hear about the withdrawal and deposit, and I'm fine with that, although I'd love if they would allow crypto in and out, but they have their policies and I genuinely respect that.

I actually wanted to get into Robin hood because of their stock trading option, frankly speaking. But it's just too damn very overwhelming to get into, I'm still juggling between options.

As another user has said when you buy cryptocurrency on Robinhood you are not given the actual asset, so you can transfer the bitcoin off etc.


As for the other aspects of it, I just Robinhood to mess around on and trade individual stocks and have had a great experience so far. I have referred a few people and gotten like $30 on 4 people. And in return, they have made around $30 too.

Thank you for sharing your experience, it's kinda something I actually was looking forward on hearing!

[pugman]

An update to the thread:

Is there any way to withdraw robinhood funds to a paypal or a non US bank account? Please let me know.

[The Sceptical Chymist]

The first thing to mention is that they don't allow cryptocurrency deposits and withdrawals. They have 17 cryptocurrencies listed, but you're only buying exposure to the market, similar to a CFD instrument. You can't use Robinhood as a way to buy and hold real bitcoins.

That was what I was going to write myself, but apparently I missed this thread for a week and you beat me to it. 

If you're looking to buy bitcoin, buy it from a crypto exchange--and Robinhood is not a crypto exchange.  I see them as more of a bucket shop for crypto, where you can speculate on the price of bitcoin (and whatever else they offer), but you never actually own the crypto you paid for.  You're basically just betting on whether bitcoin is going to go up when you buy it through Robinhood, as I don't think they offer the option to short it.

Robinhood did one awesome thing since they went into business, however: they forced online stock brokers to basically do away with trading fees, which I find amazing.  So even though I'm neutral toward them as far as bitcoin goes, I applaud them for disrupting the stock brokerages' fee structures.

I actually wanted to get into Robin hood because of their stock trading option, frankly speaking. But it's just too damn very overwhelming to get into, I'm still juggling between options.

I'm not sure what you mean by 'overwhelming' but I do know that trading options takes a bit of time to get used to.  I've never done it, but I do know that it can get very complex--and personally, I'd rather own a stock outright than just bet on where its price is headed.

[pugman]

That was what I was going to write myself, but apparently I missed this thread for a week and you beat me to it. 

If you're looking to buy bitcoin, buy it from a crypto exchange--and Robinhood is not a crypto exchange.  I see them as more of a bucket shop for crypto, where you can speculate on the price of bitcoin (and whatever else they offer), but you never actually own the crypto you paid for.  You're basically just betting on whether bitcoin is going to go up when you buy it through Robinhood, as I don't think they offer the option to short it.

Robinhood did one awesome thing since they went into business, however: they forced online stock brokers to basically do away with trading fees, which I find amazing.  So even though I'm neutral toward them as far as bitcoin goes, I applaud them for disrupting the stock brokerages' fee structures.

Yeah no, I don't want to use Robinhood for crypto, just for normal stock trading.

I'm not sure what you mean by 'overwhelming' but I do know that trading options takes a bit of time to get used to.  I've never done it, but I do know that it can get very complex--and personally, I'd rather own a stock outright than just bet on where its price is headed.

Yeah I meant getting into stock market trading precisely, its extremely overwhelming when your 2 brain cells can't decide what to eat for dinner, let alone trade stocks.

TP, would you happen to know the answer for this:

An update to the thread:

Is there any way to withdraw robinhood funds to a paypal or a non US bank account? Please let me know.

[figmentofmyass]

Is there any way to withdraw robinhood funds to a paypal or a non US bank account? Please let me know.

they only offer bank transfers---no paypal. in fact, it sounds like they may only support ACH transfers (no wires), which probably means no foreign bank accounts either. robinhood is only for USA citizens and residents so i wouldn't be surprised.

https://robinhood.com/us/en/support/articles/link-your-bank-account/
https://robinhood.com/us/en/support/articles/withdraw-money-from-robinhood/

If you're unsure of your bank account status, please check with your bank representative to be sure your account supports ACH transfers.
Unfortunately, we can’t accept debit cards that function as checking accounts. You’ll know it’s a valid checking account if it provides monthly statements addressed to you, the account holder.

[pugman]

Is there any way to withdraw robinhood funds to a paypal or a non US bank account? Please let me know.

they only offer bank transfers---no paypal. in fact, it sounds like they may only support ACH transfers (no wires), which probably means no foreign bank accounts either. robinhood is only for USA citizens and residents so i wouldn't be surprised.

https://robinhood.com/us/en/support/articles/link-your-bank-account/
https://robinhood.com/us/en/support/articles/withdraw-money-from-robinhood/

If you're unsure of your bank account status, please check with your bank representative to be sure your account supports ACH transfers.
Unfortunately, we can’t accept debit cards that function as checking accounts. You’ll know it’s a valid checking account if it provides monthly statements addressed to you, the account holder.

Is there, ANY possible way for a non-US resident to withdraw funds if he/she doesn't have a US bank account? Any Virtual bank accounts that might help?

I have been looking for an alternative for hours, still haven't found anything .

[HKRJT]

I got you

Have you heard about chime bank???

They currently provide a virtual bank account, and I'm assuming you have a lot of referrals (yeah it's dead now).

But anyway back to the point, chime bank does allow you to have a virtual bank account, and you can transfer those funds to Payoneer or transferwise and withdraw your funds.
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I wish it were this easy, but people started abusing stimulus payment system, and therefore they enforced KYC for all accounts. I have seen people selling verified accounts for 40-50$, and you can withdraw from multiple Robinhood accounts to a single account (not sure how many you bought as I had a lot).

Movobank is what I used, but they almost got their license cancelled because of the number of scams people did. Nevertheless, I do have a few other ways that might work but don't wanna spill it in public. Dm me maybe I can help you with withdrawal.

[pugman]

Robinhood confirms crypto wallet feature on app starting in October

The company did not specify which tokens the digital wallet would support, but the app currently provides commission-free trading for BTC, ETH, LTC, BCH, BSV, DOGE, and ETC.
https://cointelegraph.com/news/robinhood-confirms-crypto-wallet-feature-on-app-starting-in-october

Yeah fuck robinhood I lost access to my account and they won't even respond back to my emails 

And oh fuck your BSV Shit+ ratio+ didn't ask + you fell off + no one uses BSV+ bitcoin is better.

Don't necrobump my threads I didn't ask for your opinion nor did I ask if it's gonna have its own crypto wallet.