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Robinhood.io free stock trades brokerage service

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  #1 (permalink)
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https://www.afternic.com/forsale/robinhood.io?utm_source=TDFS_DASLNC&utm_medium=DASLNC&utm_campaign=TDFS_DASLNC&traffic_type=TDFS_DASLNC&traffic_id=daslnc&

$0 free commission stock trades

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  #3 (permalink)
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Made CNN's home page

Robinhood trading app has 340,000 wait list - The Buzz - Investment and Stock Market News

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  #4 (permalink)
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Put google in the mix and this was bound to happen.

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iqgod View Post
As of today:

135,417 People ahead of you
212,380 People behind you


Put google in the mix and this was bound to happen.


Still in Beta, I'm getting closer... 15,943 of 466,494

https://www.robinhood.com/?ref=bPtwjE

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  #6 (permalink)
Calgary Canada
 
 
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Just a quick question for some with brokerage employment experience.

Robinhood states that they make money off the uninvested portion of customers accounts. As said are supposed to be held in segregated accounts outside the brokerages control, can anyone give me the SEC or other Law/Statute that allows a brokerage to generate interest on funds that have not been hypothecated to them by the cash owner?

Thanks in advance for all responses

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  #7 (permalink)
Calgary Canada
 
 
Posts: 23 since Aug 2015
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Based on additional response from Robinhood support, I've asked for clarification from their compliance/legal team...which I will forward when it becomes available. The answer may prove illuminating, when taken in context of a certain brokerage that traded and lost funds held in supposedly "segregated" accounts.

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  #8 (permalink)
Calgary Canada
 
 
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So, quick summary of what I've learned:

There is, in essence, no such thing as a truly segregated account when you trade. Granted, the funds you put in a bank are (or aught to be) kept at arms length from the brokerage...but not from the bank itself, who plays with your money while the brokerage gets "a little taste for my beak" (The Godfather) for its own pockets from what the bank makes off your money.

While you are doing your level best to mitigate risk via money management in the markets, they are sweeping all of your unused funds to money market and other instruments that are neither insured against loss nor necessarily well managed. In point of fact, the banks themselves are entitled to use your own funds against any position you may take in any instrument. So much for being vigilant about brokers trading against you. So much for being concerned about HFT and "dark pools" (likely the banks operations through beards anyway).

That shows that while brokerages other than Robinhood make money from commissions, margin interest, and account money flow held by banks, Robinhood is only giving up one leg of the triangle (so far). This begs the question, what new shenanigans have their banks cooked up to replace that commission leg? There ain't no free lunch.

The real kicker? In the god-like wisdom of the criminally underfunded FDIC, should you refuse to allow your cash to be swept into these so-called "FDIC insured programs", your segregate cash account looses ALL FDIC protection (though not SPIC protection for product holdings within the account).

Likely the real reason for the boiler plate statement "significant risk of loss"? They ain't necessarily talking about loss your actions incur, but theirs.

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So are there any particular differences between Robinhood and Loyal 3?

Most of what I've found is that Robinhood is an APP vs. Loyal3 being a Full Site. But I'm still investigating... Any findings would be awesome!


Happy Trading,

John

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  #10 (permalink)
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Anyone had any experiance with these guys. Am thinking of opening a stock only account. Was considering them because i am looking at swing trading stocks only. not a lot of turn over where i may incur fees like at IB

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treydog999 View Post
Anyone had any experiance with these guys. Am thinking of opening a stock only account. Was considering them because i am looking at swing trading stocks only. not a lot of turn over where i may incur fees like at IB

@treydog999

If you mean RobinHood, then you are out of luck as they are only authorised to open accounts for persons lawfully residing in the USA with a USA address at present. Although they do mention Australia is in the approval process.

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https://seekingalpha.com/article/4205379-robinhood-making-millions-selling-millennial-customers-high-frequency-traders

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wldman jr. is 18 years old and has funded a couple thousand with an account here. I was brutally skeptical, but have given my approval. Also Mrs. wldman, a CPA, has reviewed the company. Together, after consulting with friends in compliance and risk we do support our son's use of this platform.

This company represents a generational shift in how new participants are being reached. We, as old school professionals, found no reason to counsel our son against it.

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I felt a certain sense of catharsis when I saw this today: https://www.sec.gov/news/press-release/2020-321


Quoting 
WASHINGTON—Robinhood Financial LLC has agreed to pay $65 million to settle regulatory claims that it didn’t sufficiently disclose its business deals with high-speed trading firms, the Securities and Exchange Commission said Thursday.

The deal resolves an SEC investigation that looked at Robinhood’s failure until 2018 to reveal on its website how it makes money from its deals with speedy trading firms such as Citadel Securities and Virtu Financial Inc. Robinhood and other retail brokerage firms generate revenue by routing customers’ orders to high-speed traders, which pay for the right to execute many of the trades.

The practice, known as payment for order flow, can create a conflict of interest for brokers like Robinhood because of the incentive to send orders to the highest bidder. Retail brokers say the practice can generate slightly better prices for customers than if they traded on a stock exchange, and allows the brokers to offer commission-free trading.

However, Robinhood’s customers got prices “that were inferior to other brokers’ prices,” the SEC said in a press release. The firm nonetheless claimed on its website from 2018 to 2019 that its order-execution quality was as good or better than its rivals’, the SEC said.

There's always a post buried in these forums predicting the future. Eerily enough, I wrote this exactly 6 years ago this day:





Six more years from now - take a look at this post when MEMX's market share overtakes the other firm with sleazy marketing.

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