• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Anyone here use Robinhood?

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by MJ DeMarco, Sep 30, 2018.

  1. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    26,515
    Likes Received:
    81,763
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $344,549
    Admin Post
    Kinda hard to beat ZERO cost trades in either options or stocks.

    Robinhood

    I made a small deposit there but haven't traded anything because the interface isn't really that great. But then again, maybe a wonky interface is better than spending a fortune on commissions, which I'm doing at a variety of other places.

    With this platform, there is really no excuse to start building your passive income money system.

    upload_2018-9-30_18-54-5.png
     
    andyhaus44, 100k, Dramolion and 2 others like this.
  2. Solais
    Offline

    Solais Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    22
    Likes Received:
    34
    Joined:
    Sep 14, 2018
    Gender:
    Male
    Rep Bank:
    $172
    Been using it since 2016. Not good for day traders IIRC but useful if you're "trade once every month" type
     
    Dramolion and ZF Lee like this.
  3. lludwig
    Offline

    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    102
    Likes Received:
    430
    Joined:
    Aug 18, 2018
    Gender:
    Male
    Location:
    New York
    Rep Bank:
    $4,472
    FYI they make their money primarily from order flow.
     
    ZF Lee likes this.
  4. topherea
    Offline

    topherea Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    1,706
    Likes Received:
    740
    Joined:
    Apr 27, 2010
    Gender:
    Male
    Rep Bank:
    $4,013
    There's a Facebook group called "Robinhood Stock Traders 2018". You'd need to filter through the stock picks and things like that to get to the various pros and cons of the service. From a quick glance just now it appears they're not offering buy orders on certain stocks like Aurora. I've also heard horror stories in the past of replies taking days with their email based customer service. This concerns me because if say a sharp correction occurs and if for some reason the system goes down, I get the feeling that alot of people would take unnecessary losses. I think they also have an upgrade service for a fee, but I don't know anything with that. On the positive side, they seem to have many satisfied customers. I haven't funded my account there yet, but if you use them, I'd be interested in hearing your experience with them. Have you looked into Tastyworks? Very low commissions and fees and the platform is designed by the same guy who did ToS and is specifically developed for options trading. They offer stocks, futures and options on both. From my personal experience, I like them alot. My communications with them has also been email based, but they're on it like blue bonnet.

    Options Commissions | Check Out tastyworks' Commission Structure


    Tastyworks.platform.png Tastyworks.platform.2.png
     
  5. Tommo
    Online

    Tommo Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    165
    Likes Received:
    244
    Joined:
    Jan 21, 2018
    Gender:
    Male
    Location:
    Perth Australia
    Rep Bank:
    $1,714
    I was just going to ask the question you answered, thanks lludwig.:)
     
  6. Timmy1990
    Offline

    Timmy1990 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    165
    Likes Received:
    161
    Joined:
    Jun 12, 2018
    Gender:
    Male
    Location:
    Australia
    Rep Bank:
    $744
    Not as yet.

    Unfortunately it's not available as yet to Australian users but i have signed up to be notified when it will be.

    Yeh i hate getting killed on trading fees.
     
  7. ZF Lee
    Offline

    ZF Lee Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    1,394
    Likes Received:
    2,351
    Joined:
    Jul 27, 2016
    Gender:
    Male
    Location:
    Malaysia
    Rep Bank:
    $7,341
    Order flow? What's that?
     
  8. Timmy1990
    Offline

    Timmy1990 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    165
    Likes Received:
    161
    Joined:
    Jun 12, 2018
    Gender:
    Male
    Location:
    Australia
    Rep Bank:
    $744
    compensation from third party
     
    ZF Lee likes this.
  9. lludwig
    Offline

    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    102
    Likes Received:
    430
    Joined:
    Aug 18, 2018
    Gender:
    Male
    Location:
    New York
    Rep Bank:
    $4,472
    Letting others (hedge funds, actively managed mutual funds, etc.) know the buy and sell info of customers on Robinhood. They can legally use it to "front run" the orders ahead of you and pick up a few cents on the trade.

    Believe it or not, I'm actually ok with this for the small trades the individuals who use their system.

    Net-net Robinhood customers come out ahead compared if they were to pay say $4.95 per trade.

    If you were making large trades (ie in the millions) the selling of the order info could wind up costing you more.

    Overall high frequency trading and the outright selling of the order info helps the little guy since the bid/ask spread is lower. Overall helps with liquidity of a stock/ETF.

    The bigger problem IMHO is their crappy customer service and issues with placing orders.

    But hey it's free! In the end TSNSTAAFL. Someway/Somehow you are paying for it.
     
    Last edited: Oct 1, 2018
    ZF Lee, MJ DeMarco and 100k like this.
  10. Jaden Jones
    Offline

    Jaden Jones Igloo Builder Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

    Messages:
    67
    Likes Received:
    77
    Joined:
    Aug 22, 2018
    Gender:
    Male
    Location:
    Canada
    Rep Bank:
    $437
    I found the options to not pay as well on Robinhood, not sure why. When doing my spreads on think or swim, they seem to pay a couple cents better than Robin Hood. I found think or swim payed better than a few other ones as well. Depending on how much your trading, it may or may not be worth your while. Best to just run both and compare trade for trade. There always seems to be a catch with free, although many people may not notice or care depending on what they trade.
     
  11. MJ DeMarco
    Online

    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    26,515
    Likes Received:
    81,763
    Joined:
    Jul 23, 2007
    Gender:
    Male
    Location:
    Phoenix, AZ
    Rep Bank:
    $344,549
    Admin Post
    Been a customer since it launched. Interface is OK. I'm pretty fluent on TOS and it is my preferred go-to.
     
    andyhaus44, Jaden Jones and topherea like this.
  12. lludwig
    Offline

    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    102
    Likes Received:
    430
    Joined:
    Aug 18, 2018
    Gender:
    Male
    Location:
    New York
    Rep Bank:
    $4,472
    Makes perfect sense.

    If you are an active trader, even though Robinhood is trying to set themselves up for the active trader you won't get the best pricing by any means.

    On a side note, I find it ironic that they named themselves "Robinhood". Perhaps stealing from the poor to give to the rich?
     
    ZF Lee and Jaden Jones like this.
  13. andyhaus44
    Offline

    andyhaus44 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    85
    Likes Received:
    70
    Joined:
    May 17, 2017
    Gender:
    Male
    Location:
    St. Charles, MO
    Rep Bank:
    $392
    MJ, thank you so much for sharing this! My boy is 20 months old and have been wanting to buy him stock in PBS and Disney but wasn’t sure which brokerage account to go with. Last night I opened a Robinhood account and did just that. Rep+
     
    nitrousflame and MJ DeMarco like this.
  14. Bryan James
    Offline

    Bryan James Bronze Contributor Speedway Pass

    Messages:
    117
    Likes Received:
    164
    Joined:
    Jul 1, 2018
    Gender:
    Male
    Rep Bank:
    $825
    I know a lot of people who use Robinhood and I hear good things from them. Personally I don't use it (not because of any red flags I've perceived but because I've been with a separate brokerage for some years before I ever even heard about RH) but they seem to really like it.
     
    andyhaus44 likes this.
  15. lludwig
    Offline

    lludwig Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    102
    Likes Received:
    430
    Joined:
    Aug 18, 2018
    Gender:
    Male
    Location:
    New York
    Rep Bank:
    $4,472

Share This Page