So many of us hate Robinhood and for good reason
So what is so bad about Robinhood. They steal from the Rich and give to the poor by offering free trading to the masses. It sounds pretty altruistic for a billion dollar for profit company. Why are the giving all of this service away? Why are they going to give novice day traders the same tools and info as the big boys.
They weren't. It was impossible to get a trade through. If apple was at $100, you would need to wait for it to go down to $98 before it would execute the trade still at $100. If you wanted to buy it right now with a limit order, you would need to do it for $102 to make sure you got it. You could put a market order in and it would get filled at $108 and then the price would be right back to $100.
It was impossible to day trade with Robinhood. The trades wouldn't execute when you wanted. I am used to real software from the likes of Fidelity, eTrade, and Ameritrade. Those guys provide a little bit better product.
The worst thing that Robinhood did was restrict purchasing of Gamestop stock. I was a holder at that time and there was almost no market. I got out of it but I took a big loss. I will never forgive Robinhood and I think everyone should get hardware wallets and keep their finances on the blockchain. When you are on chain, you are your own bank. You don't need to worry about Citadel, Robinhood, or the SEC stopping your trading. You can trade Mir protocol mirrored shares of stocks and trade 24 hours a day using AMMs.
Now that Robinhood is going public it should be under additional scrutiny but there are too many big banks and brokerage houses getting rich off their data. With 18 million traders, Robinhood can easily move markets. If they hold the trades and let the market makers jump in before to buy and sell, they will cost their clients billions and billions of dollars. Robinhood is there to steal from the regular guy and give it to the hedge fund.