A lot of people are pretty upset at Robinhood these days. Amid the flood of negative reviews that have since been listed on the Play Store app and a live congressional hearing, the company is behind the popular stock trade in a close spot and customers hoping to join the / r / WallStreetBets meme train to join must work under strict limits if they want to do so via Robinhood. So, if you were under stock trading (or just someone hoping for an elevator with the rising tide), did you give up the app and move on to something else?
The full history of the events of the past few weeks is likely to be the subject of entire chapters in economic textbooks once things finally get right. But the abbreviated version is that some people on Reddit decided to put a “short press” on a stock (GameStop) that dropped hedge funds and institutional investors tons of cash. This is a very difficult thing to pull off, and they did it to get the stock shot up in the process, while their enthusiasm remained in several other stocks as well.
Last week, near the peak of this rise, the app exchange app Robinhood closed the trade for those shares. At the time, there could be no detailed explanation, but the company has since claimed that it was due to a change in the increase in the deposit requirement, as the company literally did not have enough cash in the right places to meet the required values. to comply. is generated. Whatever the cause, the ultimate effect is now clear: customers are dirty.
Many have threatened to switch to another trading service now that the influence of Robinhood has made other applications and services similar to a low or no amount. However, the “fractional” trading of Robinhood is still not too widespread, and some other brokers have imposed similar restrictions on the trading.
Are you among those making the Robinhood exodus? If so, feel free to tune in to whatever app or service you switched to and how well you like it.
Loading …