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Buyers Beware: Avoid trading through RobinHood

I imagine the folks who have been members of this sub have already read plenty on the exchanges available to them, so this is directed primarily for newcomers. But this is still important information for all of us.

Most of us were either in the midst of or at least observed what happened January if this year when RobinHood (RH) blocked sales of several stocks. That action was criminal. What is even worse is the days prior, RH had unofficially blocked sales of stocks. I was one of those GME/AMC holders. I still am. I had purchased 500 shares of AMC at $4.50 per share and watched my money increase sixfold over night. I set a stop loss at $19 per share and when I had logged back on, my shares were down to $15 each. I lost thousands that day.

Last year I was also using RH to dabble in to Crypto. I experienced on several occasions their servers would crash when the Crypto I was interested in either spiked or dipped. I could never purchase at the bottom, nor could I sell at the top.

I now invest in Crypto through Coinbase and through Voyager. My transactions take place immediately in both of those exchanges and I would highly recommend them to anyone. (If there is anyone interested in Voyager, pm me and I’ll send you my link and we both get $25 worth of BTC. I’m not here to advertise so I will not post it here). Other folks have mentioned Binance as their primary exchange as well.

If you are purchasing Cryptos through RH, I implore you to reconsider. I want to see all of us succeed. Crypto Currency is OUR TIME to be successful. We are the early adopters. I don’t want to see any of you screwed out of what you deserve for taking the same chance we’re all taking.

Good luck this week, Fam. Stay healthy and stay safe!

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5 Comments

  1. Should anyone trade on RH? Let’s find out:

    Are you cool when the price rises to $2005 but your limit sell at $2000 doesn’t trigger?

    When the price finally gets to $2014 and it executes your limit sell, it only credits you for the $2000 price.

    If you’re cool with that kind of behavior then trading on RH is for you. If you think that’s bullshit then don’t trade crypto in RH.

  2. I mean not only what you’re saying, but you can’t withdraw your crypto in RH, sooooo ‘not your keys, not your crypto’ should be more than enough of a reason to not use them.

  3. Hey I’m not going to lie, I RH has done sketchy things. I also want to say that almost every exchange has halted GME though. Trading halts are publicly visible. RH is not VISA and can not process things hella fast. That being said I do intend to leave RH eventually when I have the time to get my account swapped. BUT any one reccomending coinbase and NOT Coinbase Pro, while at the same time dissuading people from RH needs to think hard about Coinbase. MASSIVE FEES, MASSIVE CONVERSION “FEES” I have lost a lot of money and crypto to coinbase simply because they sold my crypto 2% or more LESS of what it is worth at the time. Percentages so low that the value of the sell was not even on the SAME DAY CHART. Yup definitely not GME trade halting its just straight fucking robbery in my opinion.

    Also Coinbase takes 25% of your staking rewards. Yeet that profit right down the drain.

    Also the CEO dumped 749,999 shares on day one of public listing. But RH is the bad guy.

    TL;DR: IMO, Coinbase is the crypto version of RH. And I’m sick of every one bashing one and loving the other.
    Rant over.

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