Robinhood closed my brokerage account after I did transferred out assets (via ACATS transfer, to get a signup bonus with another brokerage without realizing capital gains).
A few months later I asked how to reopen the account, using the "reopen account" form in their app to generate a support ticket. Three weeks later they sent an email saying that my account was permanently closed and I should apply for a new account. Replies to this email yielded a response saying that their email server was failing to accepting messages.
So as requested I applied for a new account; the application stayed pending for three weeks, then I got an email autoreply telling me that my application is denied because I have a preexisting account (i.e. the old closed one). Replies to this email also yielded a response saying that their email server was failing to accepting messages.
I filed a new support case explaining what had happened, what they told me to do, and asking what I should do next. No reply whatsoever.
No, the parent poster is remarking how gp is willing to jump through so many hoops to reopen his robinhood account, that must mean people really like it. Therefore, its a good company to invest in.
On a more serious note the investing and fintech market is incredibly dynamic and competitive. Robinhood is popular because it has big shark backers who successfully convinced many young people that trades are free, even though the cost is just hidden elsewhere. Which more and more slowly come to realize. The whole brokerage market has the potential to be shaken up badly by decentralized exchanges. I'd not invest in something like this now and it's unclear why they would need the money anyway. They're cashing out.
Robinhood's model is different from the rest of the trading firms. Since they take ownership and find a liquidity maker post-trade, it would make them particularly adept at handling crypto trades that have very large spreads. Think of them as an additional vampiric layer ontop of retail trades instead of charging for each trade. They'll soon be eating coinbases massive lunch. I'll definitely invest in them, even if they are a shitty company.
I maintain multiple brokerages. Fidelity, IBKR and Robinhood.
The reason I keep RH around is because they have virtually zero restrictions around advanced trading. I basically put all my hyper-risky options stuff in the RH bucket.
All my serious money lives elsewhere. I use RH pretty much exactly the way they want me to.
Move to Schwab or TD Ameritrade (TDA has ThinkOrSwim which is great for day/swing trading; Schwab is acquiring TDA but you can continue to use the ToS platform after that goes through). And then never look back.
I had a trial (with paper trading) with ToS a while ago, before the Schwab acquisition. I didn't find their platform particularly compelling, so I went back to using StreetSmartEdge by Schwab. Can you explain why you find ToS better?
I like StreetSmartEdge better but I would say ThinkOrSwim is much better on mobile especially for options. Real time quotes go a long way and the options are displayed in a condensed fashion.
A few months later I asked how to reopen the account, using the "reopen account" form in their app to generate a support ticket. Three weeks later they sent an email saying that my account was permanently closed and I should apply for a new account. Replies to this email yielded a response saying that their email server was failing to accepting messages.
So as requested I applied for a new account; the application stayed pending for three weeks, then I got an email autoreply telling me that my application is denied because I have a preexisting account (i.e. the old closed one). Replies to this email also yielded a response saying that their email server was failing to accepting messages.
I filed a new support case explaining what had happened, what they told me to do, and asking what I should do next. No reply whatsoever.