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As we’ll see below, Robinhood hasn’t been designed for long-term investing. If you want to make money over time, ETFs and index funds are the way to go. Picking stocks is more like a game rather than a long-term investment.
Robinhood app glitch today professional#
If a professional can’t do it, an amateur on Robinhood certainly can’t. These are professionals, and yet 96% of them fail to beat the market over a 15-year lifetime. They buy and sell stocks professionally, and try to “beat” the market by making more than 8% every year. Professional fund managers are people who have spent decades studying the market and learning about the ins and outs of companies. It’s fun and it can be rewarding, but most of the time you’ll be losing money.
Robinhood app glitch today free#
This means they encourage you to time the market and buy individual stocks with free commissions, intuitive account features, and relatively easy access to complex investing derivatives. Yes, other platforms also suffer outages and Robinhood is a young company in comparison, but do you feel safe putting your money into a platform that goes down when most of its users need it most? 2. What could it be next time? Considering the tragedy of Alexander Kearns who committed suicide when a Robinhood glitch showed a negative account balance of $730,000, we could expect anything. Even if you don’t day trade and prefer buying and holding, these recent events should startle you. In a Bloomberg article, one investor complained about having lost $6,000, while another lost $20,000 - that’s a lot of money! To make matters worse, their customer service reps were nowhere to be found throughout the outages. This cost some people thousands of dollars, and the company is now subject to more than 400 complaints.
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On one of the most volatile days in the past 50 years (March 16th), Robinhood was down and people didn’t have access to the market. Three of them happened within the space of a week in March 2020, and, according to some, the platform has been experiencing outages practically every month. If you have been following the news, you may have noticed that Robinhood has suffered many outages this year. But can we trust the platform? Is it reliable? Does Robinhood really have its users’ interests at heart? In this article, we want to make the case as to why Robinhood is not the best place to invest in the stock market, and why you should consider switching. Robinhood has democratized the stock market and made it accessible to anyone who wants to invest. It’s even possible that you’ve recommended the platform to a friend or two. It’s also likely you’ve opened an account and were impressed with their clean design, jargon-free content, and slightly advanced features. It’s likely you’ve heard of Robinhood, the trading platform that allows you to buy and sell stocks for free.