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Robinhood.io free stock trades brokerage service

  #1 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
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Swing Trader
 
Experience: Advanced
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https://robinhood.io

$0 free commission stock trades

Backed by Google

If you've used this service please post a review.

Mike

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  #3 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
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Swing Trader
 
Experience: Advanced
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Made CNN's home page

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

Mike

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  #4 (permalink)
 
iqgod's Avatar
 iqgod 
Mumbai, India
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Put google in the mix and this was bound to happen.

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  #5 (permalink)
 skiman721 
North Bay
 
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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)
Smalltime
Calgary Canada
 
Posts: 23 since Aug 2015
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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)
Smalltime
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)
Smalltime
Calgary Canada
 
Posts: 23 since Aug 2015
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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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  #9 (permalink)
 
scrooge33's Avatar
 scrooge33 
Kennesaw, GA/USA
 
Experience: Intermediate
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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

[/SIGPIC]
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  #10 (permalink)
 
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 treydog999 
seoul, Korea
 
Experience: Intermediate
Platform: Multicharts
Broker: CQG, DTN IQfeed
Trading: YM 6E
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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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