With a mass exodus already happening, there is a high chance of robinhood liquidating/possibly going bankrupt. Even if this possibility is very slim, your money is only insured up to 500k which I don't think will even be met without waiting many years. My advice would be to remove all your money asap in the short term so you don't catch a loss. They already had to raise 1B+ recently. This isn't stopping soon. You cannot stop the internet. This especially goes to anyone having 500k+. Don't be stupid, stupid. There's also many investors looking to get into the space to compete with Robinhood. It's only a matter of time until we have a better competitor. People don't forget when they lose money. Fidelity is a great option from what I heard. I will be moving to them most likely but don't listen to me! Do your DD! I lost thousands due to a bitcoin exchange going under and never got my money. I will not make the same mistake. #investments #personalfinance #robinhood
How to transfer your stocks?
+1 How do I transfer my stock from RH to Fidelity. Dont want to sell now and incur taxes
Surprised to hear anyone has a Robinhood account with $500K+ in assets. Always thought Robinhood was for kids buying stocks with their allowance.
IMO It is less likely they will go bankrupt.
They just raised 1B ?
Yep - "Emergency raise"
You are insured up to 250k cash, totally 500k. Not a good idea to wait for insurance to kick in though, given significant opportunity cost
Already moving out. Fidelity is my preferred broker. No referral bonus but $0 trades and good tools :)
It’s taking forever for my positions to move to fidelity. How long did it take anyone to transfer?
RH to Fidelity transfer takes upto 10 Business days.
Isn’t a stock held in your name by a register (depository?) somewhere. So it doesn’t matter if the broker goes down. Any cash is separately insured.
Dm for referral to Schwab. They have promotion for up $500 depending on the balance you bring over
DM for TD Ameritrade. They have promotion for up $1000 lol.
I’m also happy to refer to TD :) been using them since 2006