Would you gladly place your money in a brokerage that logged more than 400 complaints with U.S. consumer protection agencies?
During the first half of 2020, angry customers of Robinhood, mostly “novice investors in over their heads” complained roughly four times more than competitor’s customers complained.
See complete article at Yahoo! Finance.
Another post explained, “Users complained about losing money and not being able to sell holdings. They complained about not being able to make money because the app was down.
A legitimate grievance: No phone number, or direct contact at Robinhood has been listed, probably because the company still can’t afford a client-facing support team.”
So you invest your money and you expect it to grow. But you also want to be able to access it if needed. That’s part of Financial Liquidity.
Investopedia says, “Financial liquidity refers to how easily assets can be converted into cash. Stocks and bonds are very liquid since they can be converted to cash within days.”
This is where Robinhood gathered more complaints.
Tyler Durden offered the following in his article titled, “Angry Robinhood Traders Unleash Tsunami Of Complaints.”
“One complaint unearthed by Bloomberg in a FOIA request stated: “It just says to submit an email. This company’s negligence cost me $6,000.”
“Another complaint, from a user who estimated they lost $20,000, said: ‘I can’t make trades, can’t take my own money and can’t leave their service.’” Wow! That’s stuck!
Robinhood appears to be plagued with outage issues causing clients to lose money. Their outage in March was so bad, the SEC and FINRA are investigating its handling. Robinhood says, “They have strengthened their platform and improved reliability.”
Durden pointed out that the app still appeared to be having outage issues, even the morning he wrote the article! Would you dare put your money somewhere you can’t access it, enter or exit trades because the app is down?
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Worried About The Situation
Apparently, Robinhood is a little worried about their situation as well. According to Durden, they’ve “hired former Republican SEC commissioner Dan Gallagher as (their) top lawyer. Gallagher has years of experience with federal regulation.” With all the complaints, Robinhood is going to need all the help they can get!
Meanwhile, you can be happy knowing you’ll be using the best algorithmic trading software. It won’t crash. You can have access to your money, if needed. And it will be preserved, protected and growing in an iFlip A.I. SmartFolio.
Let the people signed up at Robinhood do the worrying.