What’s Next After Robinhood?

We’ve seen the manipulation and market anxiety Robinhood has caused, and seen many people cut ties with the trading platform. In large part, what happened wasn’t entirely Robinhood’s fault; the platform was designed to help small scale investors get their feet wet in the market, as Mark Cuban explained in his talk with Business Insider. When they received an onslaught of app downloads and deposits during the Gamestop surge, they were in over their heads, leading to the buying halt that occurred last Friday.

While I tried to remain neutral in the past in terms of Robinhood, the past few days have allowed me to express my held in opinion on the app. On our Get Started page, we described three common trading platforms for investors to sign up with. If you have any amount of legitimate experience in the stock market, meaning you’ve taken ample time to learn the surface levels of investing, you probably should look past Robinhood. Robinhood has solid tools for beginners but we have seen that it can’t be trusted. We also mentioned TD Ameritrade, the host platform of ThinkorSwim, which has unmatched tools for short and long term trading. E*Trade is also a major player in the investing platform world, especially for its easy access to market research and news.

Webull is another option for a new platform for investors who are trying to make a step up from Robinhood, but not be in over their heads. Webull has incredible tools for making charts and it has a clean interface. The app also has comparable teaching tools for early investors, making it have a nice taste of everything. While in terms of cash positions Webull might be somewhat related to Robinhood, the charts allowed for technical analysis make that con irrelevant. Another perk of Robinhood that Webull mirrors is zero commission trading, allowing for a decent saving if you become a heavy trader. For an additional comparison on Robinhood vs. Webull, check out the article Stock Brokers made comparing the two.

Remember, be smart with your money, do research on whatever broker you chose to let hold onto your money. If you are investing with more than $1000, please take it off Robinhood, and if it is more than $1500-$2000, take it off of Webull. Bigger names such as E*Trade, TD Ameritrade or Fidelity will be better for this kind of cash position, because if you ever get a huge gain, you don’t want any hiccups like you could potentially see with the two aforementioned platforms.

-Darnel Shillingford

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