Once upon a time, Robinhood was hailed for being so open and free, the first of its kind to provide options trading for beginning investors. Now the investment app is restricting the buying of shares on certain stocks and facing the first of many class-action lawsuits from furious investors. With Robinhood slowly digging itself into a grave, and investors eager to find an alternative trading app, the competition of Webull vs. Robinhood has begun.
And things aren’t looking too good for Robinhood…
Traders, I’ve discovered another trading platform besides Robinhood, and I have some thoughts…
But, I want to save those thoughts for my next video, part two of “ Webull vs. Robinhood. ”
Today, I’m focusing on Robinhood. One of the things I used to really love about it was that it has free commissions.
I spend tens of thousands of dollars a year on trading commissions, and Robinhood takes care of that like nothing. However I can’t ignore Robinhood’s infuriating decision to block investors from buying and trading GameStop, AMC, BlackBerry, Bed Bath & Beyond and Nokia on Thursday.
So is the trading platform really worth it? And can it win the battle of Webull vs. Robinhood?
Well, if you can ignore the shady business of Robinhood forcibly closing users positions on GME — liquidating at a price they did not consent to — restricted trading on individual retail investors and pending class-action lawsuits, then you’re still going to have to deal with how basic the trading platform is.
If you’re a buy-and-hold investor, that’s great. The simplicity of Robinhood might work for you.
But here’s what I’ve realized: You can’t do any technical analysis on Robinhood.
Let’s say that I want to look at the chart of the QQQ. I’ll get a line chart for the day, the week, one month, three months, one year and five years.
But that’s about it. I can’t add any trendlines, a moving average, RSI or anything that would help me calculate the stock markets direction or when I should enter and exit trades.
And that’s not the only issue I have with Robinhood…
Make sure to watch my video below to watch part one of Webull vs. Robinhood. As always, leave your thoughts in the comments section below and don’t forget to subscribe to my YouTube channel to stay up to date with all things options trading.
P.S. After watching the battle of Webull vs. Robinhood check out Alpha Trades Head Strategist Adam Sarhan’s short video on the real reason why brokers like Robinhood, TD Ameritrade, Charles Schwab and others are restricting or outright banning new trades on GameStop, AMC, BlackBerry, American Airlines, Bed Bath & Beyond, Nokia and others.
Did you lose money or miss out on any big wins because of the restrictions? Are you considering changing brokers now? Share your thoughts on the ongoing short squeeze mania with us at firstname.lastname@example.org, and we could feature your story in an upcoming piece.