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I am 24, looking to start investing and planning on buying ETFs. I have heard that Robinhood has a simple UI and is recommended for beginners, but the lack of phone support is making me a little uncomfortable to use it as my primary brokerage where I would be investing most of my savings in index funds/ETFs. I was thinking of using Fidelity for ETFs and Robinhood for individual company stocks. Does that sound like a reasonable plan or would investing everything only on Robinhood make more sense for a beginner like me. I am on an F1 visa if that matters. TC: 125k #investment #fidelity #robinhood #tech
I donāt get the Hype about Robinhood. I use Fidelity and itās amazing. Their customer support is also helpful as well.
+1. Stick with a standard OG brokerage like fidelity, charles shwab,
Robinhood is fine to start with. If you make a good amount of gains, transfer to InteractiveBrokers for the low margin rates.
If they let you transfer lol
They let me
Charles Schwab. A real professional broker that doesnāt sell order flow to the highest bidder (screwing the customer). I get great fills on Schwab even using market order.
Schwab uses UBS as the internalizer (the dreaded PFOF). Speaking of, PFOF is the reason you get great fills even when using market orders.
Actually, my info was stale. These days, they route orders to the usual suspects like Citadel, Virtu, etc.: https://content.schwab.com/drupal_dependencies/psr/606/2021-Q2-Schwab-Quarterly-Report.pdf
Anything but robinhood (a literal scam without any benefits or customer service and the highest fees of any discount broker)
Iāve been with Schwab and Vanguard for a decade. Both are fine for long term investing. Vanguard mutual funds have the unique (so far? they patented it, but patent is expiring soon, I believe) advantage of being just as tax efficient as ETFs. Schwab has a very nice bank arm that is well-integrated with their brokerage, so you get instantaneous transfers between bank and investment accounts. The downside for me is that neither is that well-integrated with my tax preparation software, but since I practically never trade in my personal accounts (go VTSAX), itās more of a minor once-a-year annoyance than a real problem.
Does DE Shaw restrict you from trading in your personal account?
Iām not at desco anymore, but yes, most finance firms (including deshaw and the place I am at now) impose some restrictions on personal trading. Most of the time, it is pre-approval of some sort + restrictions on how short the holding time may be.
Interactive Brokers for EU people is one the best. Anything but Robinhood if you are in the US
I use fidelity, Schwab, and ally for stocks. Coinbase and kucoin for crypto. Tested Robinhood but they had a crash a while ago so I moved everything out.
Not being biased, I find Robinhood is easy to use to place an order. I have vanguard, fidelity, td and chase. Chase is the worst for mobile. TD was a bit confusing on mobile (best on desktop) and I made a lot of mistake on it. Fidelity and Vanguard(their new beta app) has many steps. I only use Robinhood on mobile and the rest on desktop app. Again, you donāt want to make mistake when placing an order. Customer support is getting better with Robinhood over time.
lol robinhood is a joke, no offense to you personally terrible fills, non existent customer service to this day, gamified platform encouraging gambling, glitchy platform (a kid killed himself because robinhood didnāt have foresight to think about properly communicating net losses - itās fixed now but it cost a life)
Beginners should not invest in individual stocks
Not even blue chip companies which are relatively safe ?
Not even