Robinhood: Investing for All App Negative ReviewsRobinhood Markets, Inc.

Robinhood: Investing For All Negative Reviews

4.18803 star

Total 20 Negative Reviews

Robinhood: Investing for All App Complaints & User Negative Comments 2023

Robinhood: Investing for All app received 20 complaints, negative comments and reviews by users. Have you ever had a bad experience using Robinhood: Investing for All? Can you share your negative thoughts about robinhood: investing for all?

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Robinhood: Investing for All for Negative User Reviews

Unethical practices and false advertisingHere is a few things other than Robinhood’s recent restrictions on buying stocks 1) Robinhood sells your options an hour before the market closes, let’s say you have an option contract worth 50$ at 2:00 P.M. and you chose to wait till 3:00, Robinhood sells it for lower than market price ( it doesn’t market sell ) 2) what happened with Reddit stocks can happen with any stock on a volatile day, however it didn’t happen with KODK, let’s say the volatility was too high with GME, Robinhood is still unprepared for future events. To understand this better if everyone at Reddit chose AAPL instead, Robinhood would’ve still done the same as it doesn’t have enough money to clear the sales, which again brings back false advertising 3) people committed suicide cuz of Robinhood’s exploitation of amateur traders by lucrative margin offers and stupidly ridiculous user interface which is claimed to be user friendly however in stock market you need informative interface over bright colors that make it seem like a game 4) options are going to ruin the stock market due the bubble they create, Robinhood made this worse by approving amateur traders to trade options, for example I convinced my friend to create an account in Robinhood with a portfolio value of 300$ and 2 days later he got his options enabled, same guy who banks with chase and had an investment account with them for over a month with 2000$ in portfolio value got denied..Version: 9.0.1

Disappointed / thief’sStarted trading last year and decided to switch platforms because I started trading on cash app. I switched over in the midst of learning and doing courses and paper trading. I lost money here which is something you got to accept when trading. Within the first month I was warned about pdt I stayed clear from it for months. Sometimes I would forget I would sell a stock then buy it when it do the opposite of what I want long story short that’s when I figured out those was the day trades they were talking about.. usually it would stop me from doing it again. And remind me ever since the Wall Street bets and gme & amc stocks did what it did they stopped me from purchasing anything. I can only sell out of positions so at this point I’m fed up. And want to go to another platform but Robinhood is trying to rob me and not give me my money. I know about the Buisness days it take. I didn’t even sell all positions because they won’t even let me clear 300 dollars and change. The stocks I pulled from are still growing because I still watch them. Every time I go to withdraw my withdraw-able cash it gives me a error message then says something about object with this reference id already exist. I’ve been trying to leave Robinhood for about 2 weeks now. They are not trying to give any of my funds back in my same bank account and everything. I’m over them. Everyone I introduced here I’m telling them to go to Webull.Version: 8.63.0

Moving away from using RobinhoodI signed up for Robinhood a few years back. I didn’t know much about investing but I thought I would give it a try. I found the act of buying and selling stocks to be easy but I didn’t like the lack of other features like the ability to look at detailed charts or even create price alerts. After a few months I withdrew my money. Fast forward 2 years later and I thought I would give it another try. I imagined that in 2 years the app would have made some substantial improvements. I was wrong. The functionality is still the same and there still are no advanced features like charting or price alerts. I do not like the pattern day trade rule Robinhood has setup. I do not trade with margin and only use my available cash. On most other platforms with a cash account you avoid this rule but Robinhood uses it no matter what. After 4 trades you are banned from trading for 90 days. Also, this app crashes and glitches A LOT! On high trading days I have seen many people complain that their app isn’t working. I’ve also had issues with my chart matching my activity and this does not make me fee very confident that the app is tracking my balance accurately. Overall this app could be good for people who want to learn the process of buying and selling stocks and are going to basically “set it and forget it”. If you plan to be an active trade this app is not for you. As soon as I can withdraw all my money I will be switching over to another broker..Version: 8.31.0

Better money movement strategiesI really am enjoying Robinhood. I would like to say that there is one thing I’m not fond of however. That is the trade and sell in a single day feature. Three trades and sells in 5 trade days is just nonsense. You are telling your investors that they must take a loss. Or that they can’t make money. I get the concept as to why you do this. Again though it is unfair. We read up on a stock that is predicted to do well and invest money, that same day the stock starts to take a dive and we can’t pull out without being sited for a possible “day trade”. I’m new to all of this like many of your investors using this app are. I think implementing something for the little guy would be more fair. You say it’s ok if you have $25,000 invested on the app. Well a lot of us don’t. And I’d like to be able to move my money where I’d like when I like and maybe you guys should consider upping that trade number to 5 per 5 trading days or “week”. Then impose a few for any there after! The idea of being restricted from getting out of risky stocks is not fair. Pretty much saying that you need to put your money into blue chips or futures and let it sit as opposed to buying a stock and looking to turn a profit that day or week. Sorry if I haven’t articulated myself the way an investor with years of experience would have. Although like I said I myself along with many others using Robinhood are beginners. Thank you..Version: 8.18.0

Robinhood stole $1000 from me for trying to change my phone numberOkay, where do I start. I got a new phone number. To log into robinhood, I had to do a 2 step verification with the old phone number I had. Since I didn’t have that phone anymore I couldn’t do this so I went along with Robinhood’s support to change my phone number within the app so I can access my assets. When I was talking with their support, it took forever to get a response, and I kept getting the same response which makes me think I was just talking to a robot. They would ask for my SS number, pictures of my driver’s license, picture of the SS card, etc. I was happy to provide all the information necessary because I just wanted access to my account. They then asked for a pdf of my last bank statement with my bank account number in it. I talked with my bank and they said they don’t provide bank statements with the account number, but with my member number. So I told the Robinhood support this info and they LOCKED my account. I was even able to provide everything about my bank account but simply couldn’t do that because it was impossible and Robinhood wasn’t understanding whatsoever. To make things much worse, I receive emails a few days later for each stock I owned being sold (over $1000 worth). I have no access to my account so it is impossible for me to do this. Robinhood took $1000 from me and all I wanted to do was change my phone number on the app..Version: 2022.30.0

I loved Robinhood, until they became shady.I’ve been using Robinhood for over 3 years now, and honestly, I loved it, especially once they allowed the buying of fractional shares. However their recent actions in response to GameStop, Blackberry, Nokia, AMC, Dogecoin, and other stocks & cryptos, is shady, and as an investor & customer, disappointing. They gave an explanation for their actions, and it was an extremely poor excuse. What they’ve shown me is that they are not in favor of their customers/investors when they compete with major Wall Street hedge funds. They will turn their backs on the small time investors, which is the majority of their customer base, and side with the big hedge funds. Robinhood wants you to invest on their platform, but they do not want you to succeed in your investments beyond a bar that they’ve set, that can change at any time that they choose. I’ve given them an average rating of 3-stars because when I first started using them I give them 5-stars, but now that I’ve seen the true colors of their business ethics, I give them 1-star... and that’s being generous. For the moment, I’m still using them out of convenience until a few of my stocks mature, but once that happens, I will be closing my account and moving to a non-restrictive platform for future investments. I suggest that others do the same if they intend to make money with their investments..Version: 9.0.1

Fine until you need to talk to customer serviceI have been using Robinhood for many years, however in that time, I have had a legal name change, which means when my account was locked earlier this year, I had to submit a name change request to get it fixed. All of my funds (majority of my savings...) in the meantime are completely locked up, unable to trade and invest or be transferred back to my bank. I have submitted all sorts of documents, such as identification and legal documentation. However, over the weeks, rather than being able to speak with an actual human being, all I have received are scripted and automated responses. Robinhood doesn’t have an actual phone number to call (which seems very problematic for a financial institution) and relies on what appears to be an automated system to submit responses, in which your replies will never be read and your issues never actually resolved. I am incredibly upset right now, Robinhood has majority of my savings currently locked up in their account without giving me any means of being able to get in touch with an actual human being to be able to get things resolved in a timely manner and it is making me very anxious and very upset. Very seedy and disconcerting, honestly, I feel very uncomfortable that I have entrusted my money to a company that refuses to communicate with me, resolve my issue so I can access my money, or give me any kind of update or information about the status of my account so I can access my savings..Version: 9.14.0

ThievesHow does a call option expire out of the money when the strike price was $1.50 and the share price atm was $2.02? Why are the payments for my recurring investments trying to come out of my bank account when the set payment is from my buying power? (Yes, I have a sufficient amount of buying power for my recurring investments) Since they tried to take from my bank and not my buying power I don’t want to put anymore money in to Robinhood and now I’m restricted from purchasing anything until I send money to cover the recurring investment fees that was never supposed to come out of my account. Why when you try solve these issues with Robinhood they’re so hard to get in contact with or even when you email them about the situation they’ll reply a couple days later with a phony email saying “we wanted to reach out to touch base with you and acknowledge that this is a delayed response-we are very sorry for the wait and are sincerely grateful for your patience.” But wait there’s more... they then go on to say “ if you still have a question and need an answer from us please REPLY TO THIS EMAIL TO STAY IN LINE.” Like seriously it’s been about a week now still haven’t heard back so I said screw it ima send the cover fee and now i have to wait a whole 7 days to do anything but I can sell everything and take it out but im afraid im going to have issues with that as well. Just curious if anyone is having the same issue.Version: 9.1.0

What happened sucked regardless....Giving a one star is something not in my blood. I came into the hype like everyone else, but late and I’m okay with that. I did not put my life savings in it though. At the end of the day it’s gambling . I was not effected as others were. This App indeed did some shady stuff regardless of why you did it. But that’s life right? I’ve learned a lot in these past weeks and if it wasn’t for this app, I really wouldn’t be aware of how things can turn. I’m starting to focus on my long term investments more then ever and I love that. I’ll continue to use this app as references, but putting big bucks in Robinhood is now something I’ll never do. I appreciate the platform for me to learn and understand this game. 3 stars I find appropriate, I just hope you learn from the one star reviews and help the people who truly need it during this time. Not the hedge funds who already have billions of dollars. Robinhood is the name we all know as children who take from the rich and give to the poor. It’s hope for many who don’t have the means for it. You gave hope to people then took it right back. I won’t delete this app, but people and myself included need to be more conscious where our money rests. Thank you again for this platform and hopefully other developers can learn from mistakes that Robinhood made. Good luck with everything ! A lot of punctuation error but you get my point . Regardless of the money.... the moon we go!.Version: 8.64.0

Very laggy, needs extended trading hours.My app is been so slow, worse every day. I even upgraded to top of the line Internet and nothings changed. Taking forever to load the stocks I own, and then taking forever to update their prices. When I click on the options, the same thing happens. When I click on an option to buy, instead of opening up where the price is currently so I can buy somewhere above or below the money, it opens on the most expensive call available. Then I have to take the time to scroll down to find the price of the stock and then determine my calls from there. It’s just super annoying. Lot of unnecessary time wasted for no reason. If you’re trading stocks, and time matters, literally down to the second, this is definitely not the app to use. Will cost you thousands of dollars like it has me. If you are swinging or long-term trading then it’s good for those purposes only. I am slowly exiting my positions one by one and freeing up my money so I can transfer my stocks over to a different platform. I really love how user-friendly this app is, but the small details that cost time, cost money. If you try to email them about anything, you always get a generic answer from a prompt. Even that’s a waste of time. If you email them about your app being slow there’s nothing they can do. They tell you to do all the obvious stuff like power cycle your phone, restart your Internet, uninstall reinstall your app. None of it works to improve the app speed..Version: 9.5.0

Great Interface, Poor StandardsFrom the outset, I have enjoyed the app’s aesthetic and ease of use. The entire process is very polished and made trading/research enjoyable while providing the needed information. I have no complaints whatsoever with the program from a technical standpoint. Had you solicited my opinion prior to the end of January, I would have given an equally glowing review for the trading ethics as well. Being that the process of making a trade is rather simple, one can only say that Robinhood provided the service as expected or did not. As I’m sure Robinhood is well aware, trading was restricted on a number of shares due to “volatility” as your messages called it. Later, an explanation was provided that the clearinghouse would not approve trades in certain equities due to this volatility. As a service which provides access to the stock market via commission free trading, Robinhood and its clearinghouse should have been aware of such volatility’s prior to the events that unfolded. Instead, it’s users were denied an opportunity that many have acknowledged may never happen again. In short, Robinhood employs a streamlined and user-friendly means of interacting with the stock market. However, this comes at a price: such access can be denied whenever Robinhood is unprepared to deal with foreseeable issues. It leaves this user to wonder whether there aren’t more reliable platforms that may not look as nice..Version: 8.60.0

Pretty good app, missing a few thingsI wouldn’t listen to all the one star reviews that say Robinhood is working with big money to scam the common investor but be aware that Robinhood has done some illegal practices in the past such as not explicitly stating their business practices and way of making money to the consumer which got them into trouble with the SEC. The app itself needs some work, I think the graphs should have a bit more detail to them, even Yahoo finance has them beat there with their 1 minute scale 1 day graph. I also really wish you could trade limit fractional shares because I’m just getting started and wanted to be able to use a limit order instead of a market order. Other than that it’s a pretty good app that’s visually pleasing, and has a much better design than any other brokerage interface. EDIT: I just bought a few dollars of Bitcoin to test it out and I can say that buying Bitcoin on Robinhood is basically a scam. If you buy a market order, the price you pay is at least $100 higher than what’s shown on the chart, and when you sell you get $100 less than what it states on the chart. And if you think that you can get away from this with limit orders, let me tell you that they never fill when the price goes to the level you wanted, and only fills once it goes a few hundred dollars above or below the price in the direction that loses you money..Version: 9.18.0

Works well until it doesn’t! Support is the worst!I’ve had Robinhood for well over 5 years now and it was a great app to learn how to trade general stocks as well as options trading. The worst and most important part comes down to support when anything goes wrong. Expect the worst service you can get and expect to lose money since you won’t be contacted for over a week. When I say expect the worst service, that means they will only contact you via email or somehow via the app, don’t expect to find a number because that does not exist with their support. Robinhood support is supposed to contact you within 1-3 days as they say and may take longer due to volume. I have personally reached out 6 times due to not being able to sell a call option to take profit and the app saying “Account cannot trade that instrument” all the way up until the day of expiration. I lost the opportunity to make a few hundred dollars until I was only left to exercise the option and let the other option go to waste and expire out of the money by the time the stock dipped at expiration. Because of this, I have opted to transfer my full account to another broker and decided to close my account with Robinhood once it clears. Lack of support is an important aspect especially when you’re dealing with something financial. With that being said, I wouldn’t recommend Robinhood to anyone unless you want to risk a potential loss when something goes wrong and “support” will not support you in time..Version: 9.0.2

Just needs a human when things go wrongAs of lately I have literally been logging into my Robinhood app at least 7 times a day or more. I am very familiar with the layout, the menu, settings etc. One day I opened the app and saw all of my investments and well as other stocks that are listed showing a gray box next to it with a dash going through it. Now I’m used to seeing something kinda similar when I lost my signal and the app is trying to pull the information as soon as I get a signal but this time was different. I was home connected to my WiFi and my internet connect was excellent. No other app was having connectivity issues so I knew it wasn’t my internet, the only option available on my Robinhood was the link for a free stock if I recommend a friend. So I tried to troubleshoot by closing the app out completely then flogging back in and the same problem. I then clicked on the Help then contact us and realized the help is just pre loaded questions that they assume should resolve most issues you have but since none of those preloaded questions pertained to me I chose the option of “something else” which it then led me to write an email option. I did however within about 20 minutes the app began functioning properly. I never received an email response back and that was at least 2 weeks ago. That is my biggest concern with the Robinhood app. No live chat support or phone number to call. Other than they if everything works as designed the is the best app for your money..Version: 9.14.1

Terrible with No ethics. Market manipulationUsed robinhood for a long time. At first, the app seemed fine and I liked that they didn’t charge fees, and liked how easy it was to execute trades with a swipe. Over time, robinhood has gone down hill. Firstly, they do charge fees. They post it at the bottom of every trade labeled as “regulatory fee”. Secondly, i noticed that if you execute your sales at market price, robinhood charges you the highest possible price between the bid and ask spread, as well as buys it at the lowest price between that spread. Thats not truly the market value that is posted at any given moment, because many times i have sold shares of a stock and even though the stock never dropped in price during the sale my shares were still sold for lower. Does robinhood keep the difference? Whats up with that? This also defeats the purpose of their “ease” if i have to set a limit order every time i want to buy and sell at “market value”. So their claims of no fees are wrong, and their ease of use isnt so easy. What benefit do i have trading with them? I dont, but oh wait they wont let me transfer my funds to etrade without settling my account first, even though i have no positions or pending orders! Why must everything be such a process with this app? I really liked this app for a while but lately its just not cutting it. Stop doing shady stuff with hedgefunds and get your stuff together robinhood. 1 star.. zero if it were possible..Version: 9.0.1

Thoughts on RH after 3 yearsI’ve used RH for just over 3 years. I’ve learned a lot in general in trading as well as appreciate the ease of use/user friendly interface for new investors as they get into the market. In my opinion, you invest your money RH should be treated as a tool. That said, recent discussion on limits on buys/sells whether it’s a liquidity issue or something else has me seriously considering movement away from this platform. I have several brokerage accounts and to be limited is frustrating to say the least and has serious financial impacts on individuals. I will give RH one more chance moving forward as I have most recently chalked the issues up to “growing pains”. If RH plans to go IPO and succeed it will need to seriously navigate this ^^^ “liquidity situation” and ASAP. At the end of the day i simplify it to the core principle, I give you my money so you can make money and when I want my money you give me it back. I refuse to become desensitized to these “liquidity issues” should they continue and intend to speak with my money then. I continue to be cautiously optimistic about RH and look forward to seeing what changes will be implemented with the talks about adding more crypto and functionality, to include wallets etc. This is intended to be a constructive review and any news on RH I tend to take with a grain of salt until I am able to experience it on my own..Version: 9.14.1

Love the appI would have given it a 5 stars review, but some aspects of the app needs work. I think it would be easier for someone at my level of inexperience with stocks to have your actual stocks label stocks own by you so that you can understand better, even tho it sounds silly it took me a while to figure out that my stocks are the first ones, as well as I guess is a given once you look under the name of the stocks that it shows you a number of how much you own of that stock. The other thing I believe can be improved is the amount of time that it takes for your application to be approved, I know that this can be challenging since many people are applying but the market changes at moments and you loose the chances of buying stocks at a lower price by the time your application is approved. I think that it could also be a good improvement for the app if they would just add a buy button to either the left or right on the stock instead of having to press on the center since sometimes you end up pressing right and it gives you the display data instead of the buying option. I do love that this app exist and the last thing I would love is that they would give you the free stock once a person uses your link instead of having to wait for their application to be approved. I hope my feedback will be of hep. Thanks to the team and everyone involved in the creation of this app..Version: 9.11.1

Robinhood reviewOverall the Robinhood platform is pretty good. I like the overall ease of use of the platform and like the fact that I can invest in stocks, ETFs and Crypto. However for Robinhood to flourish they need to incorporate WAY more crypto assets and offer a much better variety of options in this class as it is the future and they are losing out to other platforms. Also other platforms offer staking options, retirement account options, and options trading. These are big deals in investing and it is losing Robinhood a lot of business to other platforms that offer these services. Also Robinhood’s customer service isn’t that good either, when you are dealing with peoples money they NEED to be able to speak with someone 24/7 quickly and not have to “chat” or send an email where their questions may or may not get answered for days on end. Also the amount of days that it takes for funds to clear is WAY to long!!! I personally have lost out on good buys due to the slow transaction times for funds, and not everyone wants to or should have to pay extra to have more funds clear quickly. If you want to be number 1 you have to provide the best services to the most amount of people, period, or people will go elsewhere or use part of your platform and parts of others platforms. If you go above and beyond on what I have mentioned I believe that Robinhood could actually dominate this space but I doubt that anyone is actually reading this anyway…..Version: 2022.7.0

Horrible for cryptoI’m in college and decided to start investing for long term. Had a few GME shares through the whole WSB craze and honestly wasn’t upset with Robinhood during that time. HOWEVER, I started reading crypto at high volumes, purchasing and selling at $10k at a time. And I noticed they take a cut WITHOUT TELLING YOU. I know the price you submit your request at is not guaranteed, but the fluctuation is far too few in between to be the reason why my sale price was so far off of my ticket submission price (there’s only 1 second in between these two things). Started to look into it and yeah, it’s pretty fishy. If you are profiting at a small amount, they lead you to believe you gained money by using psychological tricks (colors of the chart and the positive earnings calculations), but if you actually look at what gets put into your money that can go back into your pocket, there’s some money missing. It’s not a crazy chunk but I have lost a couple hundred where they have led me to believe I’m profiting just above the breaking even point. And if you think about it, when they do it to thousands of people, they are reallly profiting off of it. Such a bummer because it’s so dishonest. Also a bummer bc I am a huge fan of the Robinhood snacks podcast! They shouldn’t hide in the fine print the fact that they take a bigger portion of your earning than you are lead to believe. Super disappointed since everything else is good.Version: 9.16.0

True market manipulationThis review is probably going to be deleted so I’m going to screenshot it and share it on other socials if it does. I loved Robinhood at first because it was a great was for me to dip into the stock market without feeling overwhelmed by the big bad “stock market”. It is very user friendly and the support team did respond to me fairly quickly...HOWEVER. When any “free market” company like Robinhood limit the amount of shares on can purchase it manipulates the price of a stock. If a Hedge fund can have a transaction worth millions of dollars at a time one way “short” and retail investors can only have transactions of say $1000 at the same time. It doesn’t take a Wall Street expert to figure out that the price of the stock is going to drop based on those two transactions. Ultimately costing the $1000 to lose money and the millions turning billions. These are both hypothetical numbers because I could only purchase 1 stock today worth about $250. Robinhood even went as far as to cancel my original stock purchase with the reason “you canceled you stock purchase”. I did no such thing. By the time they got back to my the stock had gone up by a few dollars costing me more money for the same share amount. Every single email or alert stating a reason is all blatant lies and causes more outrage. Yes it is a private company. Yes the disclaimer allows them to do what they did. They are just doing it in plain site. Would definitely not recommend at all..Version: 9.0.1

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