Robinhood FAQ
Is there a catch with Robinhood?
There is no catch with Robinhood. Its no-rate and low-rate deals are real, although more advanced users may find its research services and platform to be too bare-bones. Additionally, Robinhood does charge fees for certain actions, like outgoing transfers and applicable transaction fees.
Is Robinhood good for long-term investing?
Robinhood may not be the best for long-term investing because the company doesn’t support certain retirement accounts like Roth IRAs, which offer tax-free growth and distributions in retirement.
What is Robinhood Gold?
Robinhood Gold is an upgrade option that gives you access to premium features, like Level II market data, the ability to trade on margin and instant transfers up to your portfolio value (starting at $5,000 and up to $50,000).
Is Robinhood good for beginners?
Yes. Robinhood claims to be an investing platform for all. Its services are designed to be easy to use even for novice traders. However, all users should understand the risks of investing before starting.
Robinhood Reviews
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Page 1 Reviews 0 - 10
MoiseyQueens, NY
Customer Service
Reviewed Aug. 22, 2024
I was hacked for $29,400.00 and Robinhood refused reimbursem*nt. I had 2FA and Robinhood system didn't recognised unauthorized activity in my account. Customer support terrible. If your account for some reason became inactive, there is no phone for Customer service. Nobody can help you.
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BrentMuskegon, MI
Verified purchase
Customer ServicePrice
Reviewed Aug. 6, 2024
Beware of their outages. They reversed a trade I made and tried to hide it by deleting the history. The customer service said they seen where it happened but they will do nothing about it. They wouldn't return the shares. At the current price they have stolen $900 from me.
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AlexSurprise, AZ
Customer ServiceStaff
Reviewed Aug. 5, 2024
I am a 65 year old Vet, Who had no business being here and was scam by a friend to buy BTC Bitcoin Crypto. And in doing so my money is being restricted from 7/18/2024, to the present time. I've been through several phone talks support techs, and I get emails, repeatedly that my account is restricted. I am a beginner and have Zero knowledge on buying or selling Stocks, Trading, After doing some of my own research and trying to talk to my friend and ask, what is going on here help set up the account. He is not available to answer my calls or texts, I find this very disturbing behavior.
Somehow in creating this account there was a secondary account created by numbers which would have sent my earning to it. This drew a red flag, I just want to transfer the remaining amount back into my saving account. I am very thankful to the security team for catching this. However you can unlock my account now, it's been more than 7 days, which is when a resolution is made, and resolved, it's more like 19 days and counting. Lesson learned here the hard way and what's terrible is a rotten friend did this to me. BTC is not doing very well, and every day my money stays there I take a hit, Shameful they won't let me transfer my money to my bank account.
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EChestnut Hill, MA
Punctuality & Speed
Reviewed July 29, 2024
These idiots cannot do a simple transfer from my Robinhood account to my bank checking account. The first time I tried to transfer, Robinhood sent it to the WRONG CHECKING ACCOUNT NUMBER!. I entered all bank routing and checking account numbers correctly. They researched it, verified that I was correct, and said they'd take care of it. Then the idiots tried taking money out of my checking account instead of depositing. I have a massive negative balance in my checking account. They refuse to address the issue or transfer me to a supervisor who can take care of the problem. These idiots are not ready for prime time, they should not be in the business of handling financial transactions or money.
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GreenDowningtown, PA
Staff
Reviewed July 18, 2024
I’m 72 yrs old and a Rtd. vet. I put my life saving in Robinhood platform hoping it was safe as advertised. I was hacked and my money was stolen. I contacted Robinhood support about the situation, they responded with locking my account. No explanation as to what happened or why they’ll lock my account. I had to contact a private cyber investigation firm to help resolve the situation. Thank God platforms like ChainAbuse exist. I got through via Instagram to their technical team who took my case and provided resolution within 14 business days. Robinhood agreed to a full refund which I received via check in my mail last week and also unlocked my account but I closed it immediately after withdrawal. I don’t trust this company! Chainabusealert on instagram provided help.
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RobertMocksville, NC
Customer Service
Reviewed July 9, 2024
Robinhood sold my stock at a loss without my permission. On March 12th of this year, I was notified that my stocks and crypto sale request was completed. Which I never made. I repeatedly tried to contact them to find out what was going on. Only to get the same generic responses via email. I could never get an answer. They finally deactivated my account. When I asked about my remaining funds. I was told there wasn’t anything to return. Thankfully I had a screenshot of my balance. After filing a complaint with the SEC and three and half months of a complete nightmare of arguing with the online support (never could get a live phone call) they finally agreed to return what was left of my money. My observation is if they do what they did with my account to a very small percentage of their victims and the victims just give up getting their money back. They could possibly bank millions. Very shady outfit!! Never invest with this company!!!
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AlejandroHouston, TX
CoveragePrice
Reviewed July 7, 2024
I have used Robinhood for several years and never had any problems. Only this year when twice for no reason a message appears in my account that I have a deficit and if I don't cover it, the account cannot operate. Deficit that I do not owe and was placed without any reason. After making the claim, my money was returned to me, which was not a large sum in my case. But today, 06/07/2024, my nephew speaks to me, who has a Robinhood account referred by me with the same problem and in the same way as mine, only with a much larger sum of money. So I wonder. What is the reason for placing a restriction and charge that makes no sense and is not recognized by the client. I have photos that prove what I say both in my case and in that of my nephew.
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KenyaRedford, MI
Price
Reviewed June 23, 2024
My account was restricted because I was making too many crypto transactions from my bank account for my job! My job also pays me in crypto which I was not allowed to receive my week's pay! I was forced to find another outlet to exchange crypto which cost me more money!
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LoriMinneapolis, MN
Sales & Marketing
Reviewed June 1, 2024
The Robinhood Gold credit card is NO GOOD. Almost seems like a scam. If you would like to apply for the card, you first must become a $50 member. Once a member, Robinhood puts you on a waitlist to APPLY but can not tell you how long you will wait. It can be months if ever... Spend your time and money with another company.
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CurtisNaples, FL
Customer ServiceSales & MarketingOnline & AppStaff
Reviewed May 31, 2024
I used to read Reddit and Quora to check if a company was legit. Then I came across reviews on Consumer Affairs. I should have done more research before utilizing Robinhood. Seems losing money through scamming people is by design. Normalized issues with Robinhood:
-- Locking people out of accounts
-- Disconnecting phone calls
-- Misleading clients
-- Little to no customer service
-- Tendency to lose money unrelated to poor investing
Someone at Robinhood seems to be working with outside scammers who acted as Robinhood security. Had the App call me to setup an account to transfer money out. Call drops, RH Security calls me back, pretending to verify my account. Gets me to change my password and 2FA by texting my phone number. I thought it was actually Robinhood. How else would they know my number unless someone at Robinhood is working with outside scammers? They transfer all my funds into BITCOIN and lock me out of my account! God sees everything. Robinhood falls very short of the two greatest commandments.
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