Here are my thoughts on Meme Stock Investing on Reddit, and the reason why I’m cancelling my Robinhood account – Enjoy! Add me on Instagram: GPStephan

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FIRST: MEME STOCKS
Today, it’s almost as though the traditional advice no longer applies, because the stocks which are doing the best…at least in the short term…have absolutely NOTHING to do with fundamentals, at all…but, instead…they’re based on a combination of sudden investor enthusiasm, short seller interest, and the potential…to make a LOT of money, VERY QUICKLY.

But, critics of this say that….this isn’t investing…and they blame the surge of meme stock investing on the apps that make them all possible in the first place…like ROBINHOOD.

The SEC recent said that “they’re worried these stocks are too easy to trade on Robinhood and elsewhere — and that investors could be setting themselves up for massive losses.” He THEN went on to say that, “one of the ways to deal with the “gamification” of trading is to force brokers to act more like fiduciaries, as opposed to passive trading platforms that merely process trades.”

The way I see it…when it comes to MemeStock investing, I get it, and I see the appeal. But, at their core – meme stocks make very little fundamental sense in terms of the company itself, they’re INCREDIBLY risky, and just as easily as you can make money – you can also lose it.

Don’t invest what you can’t afford to lose, set a limit where you will reasonably take profits, diversify throughout OTHER INVESTMENTS, and understand the risks associated with what you’re doing.

What’s MOST LIKELY going to happen is that, fundamentally, this will discourage short sellers from overly shorting a stock, hedge funds will likely de-risk the moment the catch wind of a meme stock rally – and, over time, there will be a more balanced price discovery of stocks…instead of picking the most shorted, and driving it up from there.

SECOND: ROBINHOOD

First of all, it’s important for me to mention that – as someone who talks nonstop about personal finance – it’s my JOB to have every stock market brokerage app out there. I trade with everything, I see which features I like and don’t like, and most of these accounts have been set up for YEARS…but, unfortunately, Robinhood has been the only one consistently giving me problems.

On April 15th, I got a notice that my account had been restricted, and that I would be unable to withdraw any money from the platform. I thought, fine…doesn’t matter to me much, anyway, I’m not planning to move my money around, I’ll just sort it out and be done with it. But then, immediately after…I got hit with a DEPOSIT restriction, meaning – now, I can’t deposit any more money to Robinhood.

That was 2 months ago, and after repeated emails back and forth – my account is still locked, with no update when the issue will be resolved. This, unfortunately, is a HUGE problem, and will be the reason why I remove all of my money from the platform as soon as my account restrictions are lifted.

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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/…(read more)

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Why I Cancelled Robinhood: A User’s Perspective

In recent years, the trading app Robinhood has gained significant popularity among young investors with its promise of democratizing finance. The platform offers commission-free trading, a sleek user interface, and even the ability to buy fractional shares. However, as an avid investor, I recently decided to cancel my Robinhood account after carefully evaluating its shortcomings and considering alternative options.

One of the main reasons for my decision was the controversy surrounding Robinhood’s handling of the GameStop stock fiasco. In January 2021, a group of ordinary individual investors on a Reddit forum, called r/WallStreetBets, noticed that some hedge funds had heavily shorted GameStop stocks. They saw an opportunity to squeeze the hedge funds out of their positions by buying up shares of the struggling video game retailer. However, Robinhood, along with other trading platforms, restricted the trading of GameStop and other stocks targeted by the subreddit.

This move raised serious concerns about the platform’s commitment to supporting retail investors. By limiting access to certain stocks, it appeared that Robinhood was protecting the interests of large institutional players rather than its users. This incident highlighted the fact that Robinhood may not always act in the best interest of its customers, which undermines trust and transparency.

Another issue I encountered with Robinhood was the lack of timely and accurate information. While the app offers real-time news and market updates, they often seem incomplete or unreliable. For example, during volatile market periods, the platform’s data occasionally lagged behind other traditional brokerages, leaving users at a disadvantage. As an investor, I value having accurate and up-to-date information to make informed decisions, and Robinhood’s inconsistencies in this regard were concerning.

Moreover, Robinhood’s customer support proved to be inadequate when I encountered a problem with my account. It took an unreasonably long time for them to respond to my inquiries, and when they did, the responses were generic and did not address my specific concerns. This lack of prompt and personalized support made me question the platform’s commitment to ensuring a positive user experience.

Ultimately, my decision to cancel my Robinhood account was driven by these concerns and a desire for a more reliable and customer-focused trading platform. I opted for a traditional brokerage firm that offered more robust research tools, reliable customer support, and a greater range of investment options. While Robinhood may be suitable for beginners or those who prioritize cost savings, as a more experienced investor, I felt the need for a more comprehensive and trustworthy platform.

It is essential for investors to thoroughly evaluate the benefits and drawbacks of any trading platform before committing significant funds. Being aware of the potential limitations and assessing the reliability of the platform, such as by considering user experiences and customer reviews, can help investors make informed decisions about their financial ventures.

In conclusion, the decision to cancel my Robinhood account was driven by concerns over the platform’s lack of transparency, unreliable information, and inadequate customer support. As investors, it is vital to carefully consider the features and shortcomings of any trading platform to ensure a positive and secure investment experience.