I'm Moving Off Robinhood ASAP

[Eric]

The ban hammer has been unleashed. Robinhood went from 4.5 star reviews in Google Play store a couple days ago to 1.0 stars today. Robinhood has been removed from the "Similar Apps" listings I see when searching for any other trading app (WeBull, TDAm., Fidelity, MyWallSt, Acorns, etc.) I'll post up pics in a bit but right now I'm working at moving off Robinhood.

Edit: Cash withdrawal initiated, working on opening a new Fidelity taxable account. The FiretrUCKERY is pretty obvious:

[Eric]

Bummer because while there were things I hated about their app it was also dead-simple to do what I wanted to do super fast.

[SOL]

The ban might have the opposite effect of pushing more small retail customers to join. The short term new trend is to go after things that the big players don't like and it could turn into a long term trend. Let the show begin,

The push back from Wall Street has started but unfortunately, it won't end well for them. When you awaken the masses it is hard to lull them back into a coma. Now they have tasted blood they will want more, a lot more

[Eric]

I'm guessing Robinhood is done and gone. I agree with you that this whole situation (and the news coverage of it) may get more retail customers trading and will probably double the size of r/wallstreetbets.

In their zeal to squish Robinhood traders they (the SEC, or others that may have *cough* "encouraged" RH to do what they did today) may have decentralized their enemy as Robinhood users such as my self move our assets to "respectable" brokers.

[ultramartian]

I need to move away from Robinhood too. Anyone has any suggestion? We know TD is also involved in the banning too.

[langdj]

Etrade banned me at the end of the day too. "Luckily" I bought some AMC and GME as soon as I saw Discord ban of the WallStreetBets. I am fully ok with it going to zero.

It was only 1.5% of my portfolio budget. It is worth it to say $%^*&@# you to the people trying to suppress freedom.

Same thing with the people who give me dirty looks because I ski with my nose out of my mask (you have to wear one in the lift lines or you get booted from the resort) Or to the people who want to lynch me for taking hikes in the secluded woods with no mask on! If we all hold the line somewhere it will make all this crap harder to enforce

Like Sol said, I am trying to find a balance between wearing my emotions on my sleeve and being able to tell my grandkids I did not "bend the knee" during all this crap. If the aware 30% just pushed back a little more (without trying to be a hero) we would all be free right now.

[Eric]

I am moving my taxable account to Fidelity; I already have retirement and HSA accounts with them. They are the only broker I am aware of that allows you to set "Trailing Stop LIMIT" orders which I LOVE.

[Yodean]

Etrade banned me at the end of the day too. "Luckily" I bought some AMC and GME as soon as I saw Discord ban of the WallStreetBets. I am fully ok with it going to zero.

It was only 1.5% of my portfolio budget. It is worth it to say $%^*&@# you to the people trying to suppress freedom.

Same thing with the people who give me dirty looks because I ski with my nose out of my mask (you have to wear one in the lift lines or you get booted from the resort) Or to the people who want to lynch me for taking hikes in the secluded woods with no mask on! If we all hold the line somewhere it will make all this crap harder to enforce

Like Sol said, I am trying to find a balance between wearing my emotions on my sleeve and being able to tell my grandkids I did not "bend the knee" during all this crap. If the aware 30% just pushed back a little more (without trying to be a hero) we would all be free right now.

Hey Joe,

Tbh, my guess is that "the aware" is more around 5 - 10%, maybe 15% at best. Plus, the mainstream narrative is backed by guns and an essentially corrupt legal system they have set up.

So, I am doing my best to keep my mouth shut. Difficult challenge for me, as you know.

[NoLimit201]

I'm guessing Robinhood is done and gone. I agree with you that this whole situation (and the news coverage of it) may get more retail customers trading and will probably double the size of r/wallstreetbets.

In their zeal to squish Robinhood traders they (the SEC, or others that may have *cough* "encouraged" RH to do what they did today) may have decentralized their enemy as Robinhood users such as my self move our assets to "respectable" brokers.

I thought no one here gives a sh*t about this huge wave driven by the "masses" until I saw your post.

Wednesday I was shocked when my new orders on GME NOK BB options got rejected TOS popped out a window saying new opening is restricted and it's protection for the company and investors Bala Bala but I thought it's ridiculous so I called TDAmeritrade they confirmed it's true. I had to trade on my Firstrade account which had not much cash left. Today I moved money to my Firstrade account which I don't like to use.

Now, besides the reaction from Robinhood traders, this is the reaction from business people and lawmaker AOC, and Robinhood will give in by reopening trade on GME...:
https://markets.businessinsider.com/new ... ce=desktop

Those Robinhoods deserve punishment for they forget it's the retail traders that give them butter and bread. They forget the power or force or whatever of the crowd.

[SOL]

The hornets nest has been activated. When the masses are mad, all hell breaks loose. maria antonietta found this out the hard way and so will robinhood, big firms like TD won't suffer so much as Robinhoods theme was all about freedom, So now the new Name will have to ROBBING THE HOOD


Since the decision, Robinhood’s app on the App Store has received thousands of one-star reviews as a form of practice known as review bombing. On the r/WallStreetBets subreddit, angry Robinhood users are calling for a class action lawsuit because “allowing people to only sell is the definition of market manipulation,” according to one post.

There’s even a new subreddit specifically for suing the company. Another Robinhood user tweeted that after years of being on the platform, the move felt like a “slap to the face,” adding “to be regulated in a time of absolute prime opportunities is an embarrassment.”

On Twitter, beloved rapper and Fyre Fest promoter Ja Rule did not mince words: “Yo this is a fucking CRIME what @RobinhoodApp is doin.”

Robinhood has been central to much of the chaos within the financial sector over the last few days. Investors from r/WallStreetBets or its private Discord server used the personal finance app to inflate GameStop and other stocks as a blow against Wall Street hedge funds. Late Thursday afternoon, Robinhood issued a statement informing users the company would allow “limited buys of these securities,” beginning Friday. The statement says Robinhood will “continue to monitor the situation and may make adjustments as needed.” The Verge has reached out to Robinhood to determine what “limited buys” means for investors.

After initial publication, Public, an app similar to Robinhood, briefly stopped its users from trading and buying certain stock. The company issued a statement on Twitter, noting, “Our clearing firm, Apex Holdings, has decided to halt the buying of $KOSS, $GME, and $AMC.”

“We disagree with this decision and are working hard for our members to resolve the issue,” the statement continues. “We’ll provide updates here as they happen

“You’d think with a brand name like Robinhood you’d be all about the working class outsmarting the rich,” popular YouTube creator Ricky “FaZe Banks” Bengston tweeted. “You guys fkn blew it.”

https://www.theverge.com/2021/1/28/2225 ... -buy-trade

On Thursday, a class-action lawsuit was filed in the Southern District of New York against Robinhood for restricting stock trades. The complaint says that the company "purposefully, willfully, and knowingly removing the stock 'GME' from its trading platform in the midst of an unprecedented stock rise ... deprived retail investors of the ability to invest in the open-market."


https://www.cnet.com/personal-finance/r ... op-trades/

This is far from over

[SOL]

SOFI
https://www.sofi.com/invest/

At least they appear to have been in the forefront of coming out and listing a possible reason for the suspension

SoFi added a warning to its GameStop and AMC page saying that its clearing partner, Apex Clearing, will prevent purchases of shares from the two companies. Both Webull and SoFi, like Robinhood, have since reversed their decisions, Thursday afternoon. TD Ameritrade said Wednesday that it would restrict certain trades involving GameStop's stock.
https://www.cnet.com/personal-finance/r ... op-trades/

I don't know if SOFI takes foreign customers, but maybe those that have an account with them might be able to chime in here.

[Budge]

SOFI
https://www.sofi.com/invest/

At least they appear to have been in the forefront of coming out and listing a possible reason for the suspension

SoFi added a warning to its GameStop and AMC page saying that its clearing partner, Apex Clearing, will prevent purchases of shares from the two companies. Both Webull and SoFi, like Robinhood, have since reversed their decisions, Thursday afternoon. TD Ameritrade said Wednesday that it would restrict certain trades involving GameStop's stock.
https://www.cnet.com/personal-finance/r ... op-trades/

I don't know if SOFI takes foreign customers, but maybe those that have an account with them might be able to chime in here.

Interview with the CEO of Webull explaining the mechanics of clearing trades with the 2 day clearing window and how the central clearing house Depository Trust Company (DTC) ramped up the costs because of the volatility. Had brokers been upfront from the get go it might have headed off some of the fury:

https://finance.yahoo.com/video/heres-w ... 49721.html

All makes sense doesn't it? Ah ha but who owns the DTC? Here's one point of view:

http://redpillreports.com/learn/who-own ... cede-dtcc/

We're back to "It's a big club and you ain't in it!"

[langdj]

https://youtu.be/UwQl-38-tWM

Love Dave Portnoy! He is organizing a fund that currently has 33 Million dollars to help small businesses. He live streams the phone calls with the restaurant owners on his Twitter account. Very uplifting to see.

BTW he also live streams his day trading on Periscope. His stock advise ......not so good

[trader793]

I am in the UK and have a Tastyworks a/c, who also clear through Apex Partners.
I had the message to sell only on AMC,GME & KOSS at 16.26 GMT. This was subsequently rescinded at 19.57 GMT

[hooligan]

I am moving my taxable account to Fidelity; I already have retirement and HSA accounts with them. They are the only broker I am aware of that allows you to set "Trailing Stop LIMIT" orders which I LOVE.

quick little theoretical question ....a trailing stop limit order....lets say you set the stop trail Really tight ....(like one cent below buying price....or less)....you could just Buy anything.......and make money or lose none . ... . . . .could just randomly throw buys out on any security ... no?
given that trades are free these days ?