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Started By
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re: Is Robinhood unstoppable? Do they just give us EVERYTHING we want?
Posted on 12/13/18 at 11:01 am to bbap
Posted on 12/13/18 at 11:01 am to bbap
quote:
Even if it is, still worth it to move your money until the 3% payout dries up huh?
I’m not moving my funds to a bank that is buying into a losing proposition with no FDIC insurance
I’m not sure how they’re structured, but I’d be worried about liquidity
1
Posted on 12/13/18 at 12:05 pm to Thib-a-doe Tiger
Didn’t read the whole article, but the ATMs inside 7-Eleven are already free.
Posted on 12/13/18 at 12:13 pm to LSURussian
quote:
Not for me. I don't leave much cash in bank deposits, usually less than $50,000
All things are relative certainly holds true.
This post was edited on 12/13/18 at 12:15 pm
Posted on 12/13/18 at 6:29 pm to Teddy Ruxpin
Here’s one explanation:
LINK
It says they’re basically the same thing. Banks use FDIC. RH is not a bank, it’s a brokerage firm so it uses SIPC.
LINK
It says they’re basically the same thing. Banks use FDIC. RH is not a bank, it’s a brokerage firm so it uses SIPC.
Posted on 12/13/18 at 6:39 pm to LSURussian
When Robinhood first started operating, commission -free trading was a “this time it’s different.” I have been using their platform for a few years and it is still going strong.
If “this time is different” failed every time, nothing new would ever happen.
If “this time is different” failed every time, nothing new would ever happen.
Posted on 12/13/18 at 7:32 pm to LSUtoOmaha
quote:I admire their business model of providing free brokerage accounts with commission free stock trades, free checking and savings accounts while paying more than three times the going market interest rate on their deposit accounts.
When Robinhood first started operating, commission -free trading was a “this time it’s different.” I have been using their platform for a few years and it is still going strong.
Most firms haven’t been able to do that and make a profit.
Posted on 12/13/18 at 7:48 pm to LSURussian
The credit unions do 2 up to maybe 35k
Posted on 12/13/18 at 8:15 pm to LSURussian
they build their hype for features way up and release slow though.this will ease the burn until interest rates go up.
so I'm on the list like as soon as I get notified. I'm somewhere in the first 169k people to get access. itll be a while unless I go guerilla mail myself to the top again.
so I'm on the list like as soon as I get notified. I'm somewhere in the first 169k people to get access. itll be a while unless I go guerilla mail myself to the top again.
This post was edited on 12/13/18 at 8:16 pm
Posted on 12/13/18 at 8:31 pm to oklahogjr
quote:
I'm somewhere in the first 169k people to get access
I'm currently at 48k in line out of 456k I'll let you know how it goes when I get it
Posted on 12/13/18 at 8:33 pm to oklahogjr
Are you saying they have a waiting list for accepting new customers? 
Posted on 12/13/18 at 8:42 pm to LSURussian
quote:same
I don't leave much cash in bank deposits, usually less than $50,000.
Posted on 12/13/18 at 9:19 pm to LSURussian
quote:
re you saying they have a waiting list for accepting new customers?
Always.
There was a waiting list for:
RH Gold (margin accounts)
Options trading
Crypto access
Now checking/savings
It’s how they roll. You gotta realize that for someone who started using the app at age 26 with just $50 this is acceptable. Their target is mostly millennials, not LSURussian
Posted on 12/13/18 at 9:20 pm to LSURussian
quote:
Are you saying they have a waiting list for accepting new customers?
historically there were and for each new thing such as options and crypto there were waitlists.
Posted on 12/13/18 at 9:44 pm to bayoubengals88
quote:That’s fascinating. Is it because they can’t handle the logistics of an on rush of new accounts?
Always.
There was a waiting list for:
RH Gold (margin accounts)
Options trading
Crypto access
Now checking/savings
That’s certainly a creative way of controlling growth and customer acquisition costs. Do they have a screening process within their wait lists or is it strictly first come, first serve on the list?
quote:I’ve been where you were. There was a time when I considered Ramen noodles with Tobasco and saltine crackers a three course meal.
You gotta realize that for someone who started using the app at age 26 with just $50 this is acceptable. Their target is mostly millennials, not LSURussian
Posted on 12/13/18 at 9:50 pm to LSURussian
quote:Likely, yes. At first the app was glitchy and it was sometimes difficult to execute trades, but everyone was like “you get what you pay for...”
That’s fascinating. Is it because they can’t handle the logistics of an on rush of new accounts?
They’ve always been great about fixing things quickly and adapting.
quote:
I’ve been where you were. There was a time when I considered Ramen noodles with Tobasco and saltine crackers a three course meal.
Good to know!
This post was edited on 12/13/18 at 9:53 pm
Posted on 12/13/18 at 10:14 pm to LSURussian
quote:
Do they have a screening process within their wait lists or is it strictly first come, first serve on the list?
first come first serve but you can move up the list by inviting friends to sign up to wait.
Posted on 12/13/18 at 10:29 pm to oklahogjr
quote:I tip my hat to them. That certainly creates demand for their service by imposing limits on the pace of new accounts.
first come first serve but you can move up the list by inviting friends to sign up to wait.
I’m not comparing their services but that’s a similar strategy to what Bernie Madoff used to build his business.
A person HAD to be referred by an existing customer and then Madoff would only accept a limited number of new customers. By doing that he made people feel grateful for him allowing them to turn their money over to his fund. It also made the customers reluctant to question his investment results. They didn’t want to anger him and have him drop them as a client.
Speaking of turning money over to someone, how do you deposit money into your account at RH? Wire transfer? A direct debit on your existing bank account.
This post was edited on 12/13/18 at 10:35 pm
Posted on 12/13/18 at 10:42 pm to LSURussian
quote:
Speaking of turning money over to someone, how do you deposit money into your account at RH? Wire transfer? A direct debit on your existing bank account.
you plug in your account info and they just debit the account. they give instant access to these funds as well for trading. or atleast i got that at some point along the way. made it convenient previously to just transfer over from savings account easily.
Posted on 12/14/18 at 6:50 am to oklahogjr
quote:
they give instant access to these funds as well for trading. or atleast i got that at some point along the way. made it convenient previously to just transfer over from savings account easily.
This is more valuable than the free aspect for me. No more waiting for settlements and stuff.
Posted on 12/14/18 at 8:46 am to bayoubengals88
Tall must pay for gold. I have to wait 2-3 days for access to funds. Annoying, but I’m not a huge trader so it’s still a good trade off for me being that the trades are free.
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