The legendary Robin Hood was known to steal from the rich and give to the poor. If you’ve been using the Robinhood app, many are saying money from their accounts is missing. Maybe this Robinhood is stealing from everybody!
The Robinhood App was designed to appeal to those wanting a convenient and cheaper way to trade. They want you to invest in ETFs, stocks, and options, with zero commissions and no minimum deposit. Sounds great, right? So what’s the problem?
It seems there are quite a few! The simple problems are logging in and customer service. If you have a problem, they do not provide a phone number for help. You have to use email. This is not a valid way to handle trading problems.
If one of your trades isn’t going through the way that it should, you can lose your entire account and then some while you wait for an email response.
Other people reported the app not working, the account withdrawing double the amount it was supposed to, sales not being completed for more than 3 hours, chart glitches that the customer has to pay for and the list of complaints goes on and on.
Customers aren’t happy. You wouldn’t be either if you thought you had sold your stock three and a half hours ago for a $800 profit only to watch it go down to a $9100 loss! Websites are full of plans to complain to FINRA and the SEC.
According to CNN, just last month, FINRA fined Robinhood $1.25 million because they sent “customer trading orders to four broker-dealers without guaranteeing the best price.” This fine is a mere slap on the wrist for the company, which is valued at nearly $9 billion. However, the allegations could answer some of the questions for traders experiencing less than ideal trade times.
CNN continues, “FINRA rules require firms that route away orders to ensure customers are getting the best execution by conducting a “regular and rigorous review.”
FINRA said that Robinhood did not “reasonably consider” factors such as “price improvement” that it could obtain from alternative markets.
In other words, Robinhood may not have been holding up its obligation to make sure those Amazon shares you sold on the app got the fairest price.”
When you’re ready to invest and you find an app that is going to make it simple for you to do so, you don’t want to be constantly losing money. A couple of reports stated that because of technical issues, Robinhood told the customer they had to pay for it, even if it was Robinhood’s mistake. That doesn’t seem fair. Makes you wonder how they’ve grown to over ten million users!
Although Robinhood’s app receives good scores from some online reviews, the bottom line is investors don’t give them high scores. Investopedia gave them 1.8/5. StockBrokers listed them 12th of 15 with three stars.
Downdetector showed a rating of three stars over the last three months for Robinhood. This website also shows the most reported problems, when the problems occurred and lists user comments and/or complaints.
You wouldn’t want a surgeon with three stars to perform your surgery, so why would you want a company that averages three stars to control your investing?
Robinhood isn’t a new company. They were founded in 2013 and launched their app in 2015. With that much time and experience behind them, you’d think they would have overcome their trading problems.
Even though iFlip hasn’t been around as long as Robinhood, they have the necessary experience to help you preserve, protect and grow your wealth. iFlip uses algorithmic intelligent (AI) software to daily manage investment accounts. This is the same type of algorithmic intelligent tools that wealthy investors have been using for years.
Average people are able to grow their wealth through secure algorithmic trading. This is done without paying the over 15 types of management fees investment banks or advisors can charge you. It also enables traders to reduce risk and maximize long term gains.
Want the ease of trading on an app? iFlip also has a free trading app, which uses this same AI software. This mobile share-trading app gives anyone the ability to buy any stock they want or use their AI to invest for them. And you can do it without any prior investing knowledge.
The Algorithmic Intelligent software can trade for you. It can buy, sell or hold based on daily algorithmic results. This maximizes your investments and minimizes your risk. It’s automatic and simple.
iFlip understands that most people will want to make their own trades, so you can do that with a swipe of your finger. And if you have limited funds, but want to invest in some higher priced stocks, fractional share trading will be available in their next app release. This will allow anyone to make partial trades of stocks. This means you can invest in a stock that is worth $200 a share even if you only have $100 to invest.
iFlip is not robo trading or robo advising. It goes beyond this with the use of automated technical analysis using AI. This is professional trading done for you. It saves you time and heartache.
Personalized or preset portfolios are offered for your iFlip account whether you trade on the app, your computer, or both. You can even have a real person help you set up a premium account!
Because a lot of the trading at iFlip is “set it and forget it,” your risks, losses and need for help are minimized. However,
All of this is available on iFlip’s new free app. It seems like iFlip has the answers to fix the problems experienced by users at Robinhood.
iFlip consistently beats Robinhood with better features and proven results. Come check it out. See for yourself why our customers won’t leave!
Article First Seen at TopCryptoPrices.com