Finance

Is the Robinhood App Closing Down?

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.

I’ve moved almost all my money from the Robinhood app to Webull. Use the link below to see why and get FOUR FREE shares of stock when you open an account. https://mystockmarketbasics.com/webull

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.

How I use the Free Stock Simulator on Webull to test my strategies before risking my own money! https://youtu.be/AbCMATgURNw

See which investing app gives you more in FREE stock…Webull vs Robinhood! https://youtu.be/2ZCf7hKY1vo

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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.

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Robert Dunfee

43 Comments

  1. Let's Talk Money! with Joseph Hogue, CFA
    July 21, 2021 at 11:19 pm

    See how I use the Free Stock Simulator on Webull to test my strategies before risking my own money! https://youtu.be/AbCMATgURNw

  2. rosenpcj
    July 21, 2021 at 11:19 pm

    Well I just don’t think so. It’s a great app and service but has enemies. This video does not help but only scares investors in a possible fake news rant. Bad video.

  3. Cash Master
    July 21, 2021 at 11:19 pm

    I see alot of people saying reits will be removed, but I have a ton of O realty, and no complaints. im up 43% overall. I dont think robinhood is going anywhere… just fear being sent out.

  4. shinigami1080
    July 21, 2021 at 11:19 pm

    Robinhood is holding 1k of my money. I got no email. And I cant reach them.

  5. Eddie Rodriguez Jr
    July 21, 2021 at 11:19 pm

    Hey Joseph! Just want to say I always enjoy watching your videos. You give great advice and are super informative. I'm kind of in uncomfortable situation at the moment…
    I have been trying to deposit my funds from robinhood into my bank account but my account in restricted due to some banking transfer discrepancies. But over the past few weeks and dozens of emails sent, robinhood has still not reached out to me to resolve this issue. Any suggestions?
    At this point I'm seriously wanting to sue them…Any advice helps!

  6. gilligin132
    July 21, 2021 at 11:19 pm

    Yea it sucks what Robinhood did but it’s a huge mistake they will learn and make it even better because of that, but their structure is so simple and only focuses on what we need to know, leave the rest to professional brokers. Let’s just hope Robinhood doesn’t make the same mistake twice

  7. Carter Haugen
    July 21, 2021 at 11:19 pm

    This aged like fine wine

  8. WEXUSdotCom
    July 21, 2021 at 11:19 pm

    I didn't setup my phone to login & they've logged me out – Got user name & password – But they only use SMS verify code – But I can't login to setup my phone – Customer service has been a circle of nothing since Dec 3rd – There's got to be a way to get to someone at Robinhood – I tried the app & it's the same as the desktop – I want to get out of Robinhood …

  9. Loving Troll
    July 21, 2021 at 11:19 pm

    So was there ever a real question as to whether robin hood would be shutting down?

  10. ijeje eno
    July 21, 2021 at 11:19 pm

    Please Joseph, how do I transfer out of Robinhood? Thank you
    IJ.

  11. Deven Blake
    July 21, 2021 at 11:19 pm

    I did a single day trade forgetting that I bought the stock the same day. I am now restricted from buying stocks for 2 months and my account is Frozen I can't use my card I can't transfer funds out of the app but it still lets me put money in.

  12. D AE
    July 21, 2021 at 11:19 pm

    I think I'll stick with Robinhood until Webull gets DRIP and fractional shares.

  13. M
    July 21, 2021 at 11:19 pm

    Robinhood has fractional shares and DRIP which compared to Webull which have neither is a deal breaker. So, I hold all of my non dividend stocks in Webull and stocks that I'm done investing in.

  14. A Wild Rabbit
    July 21, 2021 at 11:19 pm

    Bro all this investing channels have been trashing on Robinhood for the past 4 months. Il bet my bottom dollar that he is also sponsor by webull. It's just a smear job at this point "oh Robinhood is crashing" "wah Robinhood is a thing of the past" "use my link and get 4 stocks on webull"

  15. rosenpcj
    July 21, 2021 at 11:19 pm

    seems a little too biased against Robinhood for my liking. I quite like the site and ease of use plus do I trust them Yes i reckon. hey will most likely IPO and end up making folks lots of $$

  16. Brian Snead
    July 21, 2021 at 11:19 pm

    I had to come back to this vid… Robinhood margin is 2.5% down from 5%. There's no way I'm not using them for short trading. I can understand day traders getting in and out each day and staying with TD because of Sink or Swim and the "price is the price" but 2.5% is basically free money.

    Get my boat shoes on, it's time to hit that Riverboat, 8 skate and donate on them STOOOONKS!!!

  17. 3nterprise Official
    July 21, 2021 at 11:19 pm

    Thank you, this is def good to know 💯

  18. RubyGreen
    July 21, 2021 at 11:19 pm

    The one reason I'm mainly using robinhood is fractional shares

  19. Doug Ro
    July 21, 2021 at 11:19 pm

    Robinhood isn’t going anywhere, they just got their hands smacked with a ruler because some nubes lost money trading options without knowing anything about option trading. I just leave my lunch money in Robinhood……it’s still much easier to use than WeBull.

  20. Scott Trotter
    July 21, 2021 at 11:19 pm

    Thanks for info. SEMPER FI brother!!!

  21. reefuno1
    July 21, 2021 at 11:19 pm

    Most people using this app don’t consult with anyone before investing and convinced they know what they’re doing from someone with good marketing on social media. Why would you ever give your money to any entity you can’t contact directly???

  22. John Minster
    July 21, 2021 at 11:19 pm

    I love Robinhood and will keep it.

  23. David Rust
    July 21, 2021 at 11:19 pm

    M1 for me. I love it and easy to buy. I use it for my dividend stock portfolio

  24. Chris Young
    July 21, 2021 at 11:19 pm

    What do you think about ally invest?

  25. Brigitte Robinson
    July 21, 2021 at 11:19 pm

    Check out the lawsuits and fines. This is all new but why do business with a penny company? I have always been with Charles Schwab. Fedity is the largest and Vanguard is the second largest and Charles Schwab is the third largest. M1 finance, Robin hood, and Webull is not on the list.

  26. Nick Hundley
    July 21, 2021 at 11:19 pm

    So curious, does this mean any stock that comes from the NYSE will be removed??
    I have tried to decipher with google.
    Please simply lol thank y’all

  27. Caston Binger
    July 21, 2021 at 11:19 pm

    This is why they're called Robbing hood. Schwab is much better option.

  28. Diamond Hanz
    July 21, 2021 at 11:19 pm

    lol…wallstreet bets gang going to be pissed.

  29. Avery Santiago
    July 21, 2021 at 11:19 pm

    Quick question I’m stationed overseas I already have all my emergency funds saved and over 10 months of living expenses saved.I literally have no bills except a phone bill, and have 20% of my net worth in etfs/Mutual fund.Should I invest more than 20%,because my money is just sitting there doing nothing.I have no debt and I’m single with no kids.Age 22

  30. Noel Velasquez
    July 21, 2021 at 11:19 pm

    After having fun with robinhood and being overwhelmed by webull I am totally happy using Fidelity

  31. Michael allen
    July 21, 2021 at 11:19 pm

    yeah robinhood dissapointed me because a large portion of my investments were in mlp's and after jan 11 they will allow you to sell them but not buy them or use options thats just ridiculous

  32. David CHRW David
    July 21, 2021 at 11:19 pm

    Guys you all need to move outta there before is too late.

  33. World in RooView
    July 21, 2021 at 11:19 pm

    Another thing to note is that about a month ago Robinhood stopped sharing the account data with my Mint account.

    Mint says it's a 'known issue', so it must be Robinhood told Mint to take a hike, which is odd.

  34. Isaac Johnson
    July 21, 2021 at 11:19 pm

    I don’t like your negativity this is the only good app out there I’m not interested in anything else unfortunately

  35. PUMA PSN
    July 21, 2021 at 11:19 pm

    Click bait

  36. BIG CAP
    July 21, 2021 at 11:19 pm

    Ok who should I transfer to that want cost me a arm and a leg?

  37. Dr Vinson
    July 21, 2021 at 11:19 pm

    I left robinhood months ago.

  38. Matt K
    July 21, 2021 at 11:19 pm

    For anyone looking to switch platforms, I recommend Etrade!

  39. Jeff Longwell
    July 21, 2021 at 11:19 pm

    I like things about both Robinhood and Webull, and I have had accounts with both of them, but I have major concerns that made me leave both of them and move to Fidelity. Robinhood has glitches and zero customer service. Webull is owned by a Chinese company and in this political climate, I don't want China to have its hands on my personal information and certainly not on my money! It really boils down to trust and customer service. I trust Fidelity, they have been around for a long time. And I can call them 24/7 and speak to a real person!

  40. Dreamscometrue19
    July 21, 2021 at 11:19 pm

    I dumped Robinhood a few months ago

  41. crypto stuff
    July 21, 2021 at 11:19 pm

    That's awful. None of my other brokers drip and the only stocks I liked to DRIP were MLPs and others with high yield

  42. jason60chev
    July 21, 2021 at 11:19 pm

    I received the email

  43. AfroInvest
    July 21, 2021 at 11:19 pm

    Robinhood was able to disrupt traditional brokerage fee structures making it possible to place trades without fees. I am grateful and loyal to Robinhood, but disappointed at were they have come.