{ "media_type": "text", "post_content": "Anyone here use Robinhood exclusively for their stock picks? Any benefits (outside of no fees) compared to a traditional brokerage?", "post_id": "5c168ab735f15600121bb24f", "reply_count": 11, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

Anyone here use Robinhood exclusively for their stock picks? Any benefits (outside of no fees) compared to a traditional brokerage?

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RobinHood isn’t allowed by D. If you have an account, you need to self disclose and close the account. Sorry 🤷🏽‍♀️

likefunny

It’s not FDIC

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Yeah 100k not that much 😂 3% is still better than any MM fund

likefunny

Not backed by FDIC. Backed by SDIC. They said they don't protect the money in these accounts.

If it is too good to be true it probably is. Do your own research. Steer clear

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Robinhood is going to start making checking/savings accounts available. Get on the waitlist. Interest rates at 3%. Much better than the pennies offered by the traditional banks.

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Discussed in another thread Robinhood 3% account is really just a money market fund.

Also if you have sufficient assets (not that much only like 100k I think). Merrill/BofA also gives you free trades and likely better execution.

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If you’re using a traditional online brokerage (TD Ameritrade), what about it makes you willing to pay the fees?

Why wouldn't Robinhood be allowed?
If it's independence issues you're talking about, then you're just using a Robinhood service. Not investing in the company.

C1 make sure you know the difference between MM account and MM fund. I’m sure you can find a fund with 3%, and if not it just means you’re taking a commensurate level of risk at RH...

Beyond FDIC, RobinHood is not part of Deloitte’s BDIP program which allows auto import/monitoring of investments. Which means people could buy stocks for restricted entities

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