Is the Robinhood App Closing Down?
Watch this if you’re investing on the Robinhood app because major changes are coming. The investing app is shutting down investing in certain investments and may be going through more changes.
This is an emergency video after being notified in our Facebook group about an email from Robinhood investing. The email was only sent out to some investors and it seems like they’re trying to hide these changes…so what else is up?
In this video, I’ll go over those changes in the Robinhood app and what they mean for your money. I’ll detail the other problems Robinhood has had recently including an SEC investigation on how it uses your trades.
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The email says Robinhood is shutting down investments in a list of things like closed-end funds, MLPs and royalty trusts. And the investing app’s reasoning is very weak, really no reason at all. It just says it’s in the process of moving away from some types of investments. So the app is taking away investment options as it grows…not great.
Beyond this, it’s just one more thing in a long list of problems on Robinhood. The app experienced 21 outages in March alone and was down for three hours when Tesla and Apple split. Customer service has always been a problem. There’s no phone service, no chat…the only way to get an answer from Robinhood is to wait the 24 to 72 hours for an email.
I think Robinhood is actually gearing up for an IPO. The app is trying to cut costs by cutting investor options and has always fought the costs of site upgrades and customer service. That might get them a better price on the IPO but it’s a big warning sign that it prioritizes profits over investor experience.
Robinhood is legit and I give them all the credit in the world for spurring the shift to commission-free trading. If they ever want to win my trust back though, they need to do a better job at putting investors first.
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.