Robinhood is an investment platform catering to younger investors who are entering and learning about trading stocks, bonds, and cryptocurrencies. With features like fractional shares and no commissions, many customers are drawn to the platform, but let’s look through reviews on PissedConsumer and other review websites and see if there’s another side to the story.
Number of Robinhood Reviews – 15K
Robinhood Rating* – 1.8⭐⭐
Claimed Losses – $1.7M
Issues Resolved – 1
Successful Calls – 2%/6.5K
During the large stock market fluctuations in the second quarter of 2020, the Robinhood app experienced some issues. Many customers experienced a Robinhood glitch while trying to trade stocks during a volatile period, which has led to questions about the safety of using the Robinhood.com platform.
- Is it safe?
- How to contact Robinhood customer service?
- How does it work?
- How to get money out of Robinhood?
- How to delete account?
- What are the fees?
Is Robinhood Safe?
Inexperienced investors have taken advantage of the cheapest stocks on Robinhood.com and have dabbled in investing, even if they have never bought or sold stocks before. Robinhood investing has been very popular with younger investors, and the reviews about the platform are mixed.
In one review on Money Under30, the customer has nothing but good things to say about Robinhood investing. As a self-proclaimed “beginning investor”, she gives the company a rating of 9.5 out of a possible 10. In the write-up, a reviewer explains that she enjoys the ease of the trading options on Robinhood and the offer of free stock. The reviewer wishes there were mutual funds and bonds available, but this pales in comparison to other descriptions.
This is not the only source of glowing Robinhood reviews. Nerdwallet also sings its praises and gives the company a 5-star review praising its low costs and opportunity to trade cryptocurrency.
But not all reviews are so glowing. In this video review left on our platform (review #2173005), a customer informs that her account has been compromised, and someone was selling, buying, and transferring money from it.
In addition to the Robinhood complaints left on PissedConsumer, you can find similar experiences. For example, Quora and other sites offer reviews and concerns about Robinhood customer service and investing. Robinhood.com currently has a 1.9 stars rating on Trustpilot and a 1.81 stars on SiteJabber.
In terms of safety, individual customers are leaving reviews on our site and through platforms like Quora about funds that have not transferred and what some customers are calling “scam.” In one Robinhood review on Quora, a customer claims that www.robinhood.com recently stole $1100 and that his bank is investigating and has been for more than two weeks. The poster claims that Robinhood is simply a very attractive way to “lose money.”
How to Contact Robinhood Customer Service?
Many of the reviews on our site and others explain that contacting Robinhood customer service can be a challenge. To find the Robinhood contact information, a customer must dig through the help section of the website. Even then there was not a clear Robinhood phone number.
To find any access to Robinhood customer service, the only option for help is to start in the Support menu. This section of the website contains a number of topics, with the exclusion of a phone number or email address.
Ultimately, you will be able to find the contact page not by typing "contact" or "phone number" or "customer service," but by choosing an article about linking Robinhood.com to your bank account.
When you click on the link for support, you are taken to the Robinhood contact page where you’re asked to log in to your account or given the option to proceed without logging in. After answering a series of questions about your inquiry, you are offered an email form on the website. However, there is no phone number provided.
On PissedConsumer.com, you can use the call feature to reach out to their customer service, or use the provided Robinhood phone number to call: (650) 294-4858.
In Robinhood review on our site (#1938432), one frustrated customer explains his trials trying to find a customer service representative to speak with. He explains being taken to the email page and sending a question about an accidental deposit of almost $5,000 through the site.
… Robinhood initiated a withdraw of $4040 without any communication which caused my account to without a doubt was in the heavy negatives. Robinhood initiated a margin call, selling my stock, charging me fees that are recorded, restricted buying, and restricted withdraw...
How Does Robinhood Work?
According to online review sites, customers have been drawn to Robinhood investing because it is a simplified trading platform. According to Investopedia, the company has become popular with younger investors because of Robinhood free stocks and effective marketing.
Those looking at how to make money on Robinhood start by filling out an application. Your application will be reviewed during Robinhood trading hours and you may need to submit additional identification information. Once your account is approved and established, you will send funds to your Robinhood savings account from your traditional bank.
You then choose which stocks or cryptocurrencies you would like to buy through the platform. There are no fees for trading and partial stocks are offered, which makes it easy to get started with just a few dollars after a Robinhood referral.
How to Get Money Out of Robinhood?
Of course, once you get your money into the app, you’ll want to know how to get it – and your Robinhood devidents – out again. Robinhood cash management is explained in the site’s help center. According to the Robinhood FAQ section on moving funds, the site explains that you have more options on how to move and use funds with the cash management system.
After setting up a brokerage account with www.robinhood.com, you will be sent a Robinhood debit card that can be used to pay bills or make purchases. If you would rather not be part of the cash management program, the company offers other options for the withdrawal of funds.
There are several Robinhood complaints across our site and others about the timing on either end of withdrawals and deposits. According to the FAQ page about withdrawing cash from the app, you may not withdraw funds for at least two days after a trading day due to settlement. It should also be noted that you may not withdraw any funds related to your Robinhood free stock for at least thirty days.
While several reviews seem to wonder does Robinhood charge to withdraw funds, there is no charge for this service. There is, however, a charge if you move your stocks – not your proceeds – out of Robinhood. In the Robinhood review (#2072197,) one PissedConsumer poster explained that he discovered a $75 fee to move stocks from Robinhood to another platform. He suggests that other customers “have been warned.” He says, “Don’t do it.”
How to Delete a Robinhood Account?
Many Robinhood complaints claim to be closing accounts after experiencing frustrations, but how does that work? How do you close and delete a Robinhood account? According to the FAQs section, the Robinhood cancellation policy primarily affects trades, not account opening and closing. The policy for Robinhood cancelation is to only cancel orders before they have been executed in the market.
While this limit may have been the subject of several Robinhood reviews, trying to get money back out of the account and reach customer service to close account is a popular topic as well, in some cases causing almost violent reactions in reviews.
According to Robinhood FAQs, to close your account, you will need to contact customer service via their email-based contact center. Be sure to sell all your positions and remove your Robinhood bank balance back to your traditional bank. You may also remove all your assets from Robinhood.com and the company will close a Robinhood account for you.
What Are Robinhood Fees?
There are not many Robinhood fees that affect traditional investors. There are no Robinhood fees on trading stocks, options, or EFTs, although all trades are taxable. That means you will get a statement at tax time for any profits that need to report for Robinhood taxes. Wonder do you pay taxes on Robinhood? In short, if you sold stock worth more than $10, you can expect a tax statement at the end of the year. Robinhood FAQ explains these various tax forms in detail.
While there are no fees for selling options and stock or for a Robinhood limit order, there are some fees assessed on the site for specific levels of service or specific types of trade.
If you join the Robinhood Gold service, you can expect to pay $5 per month. Robinhood Gold allows you to trade on margin, or to borrow money from www.robinhood.com. I t also lets you buy more shares when the Robinhood stock price seems especially favorable for investment.
There is also a $75 fee for transferring your assets out of Robinhood as one customer described among the Robinhood reviews above (review #2072197). This would mean moving all of the stocks you own out of Robinhood.com and into a different trading app or brokerage firm, not just selling the stocks and withdrawing the funds. Robinhood customer service also provides a four-page schedule of fees for customers that outlines specific fees for every available service.
Buying and selling stocks can be lucrative and fun, especially if you are earning while learning how the system works. But investments always pose risks, and part of the learning process should always include ways to minimize your risks and be sure that you are protecting your funds. Any investment platform will have its own rules and associated costs. Before investing, be sure you understand how the system works and what risks you may be taking on.
If you’ve had experience with Robinhood investing, and you’d like to share it with others, feel free to leave a review on PissedConsumer.com.
We hope you find the above information useful. To address your question to the company, you may use the Robinhood Q&A page on our platform.
By Rebecca Garland
Business and Education Expert
Rebecca Garland, M.S. is a business and education writer. She holds secondary teaching certifications in six areas, has a degree in Business, and earned a Master’s degree in Library and Information Science. As an expert, Rebecca has been working with international clients since 2005.
*The company ratings on the PissedConsumer website are calculated using a mathematical algorithm that evaluates the information in the company’s profile. The algorithm parameters are: users’ rating, the number of resolved issues, the number of company responses and more. The PissedConsumer algorithm is also subject to change in the future.
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