Disclaimer: This post is not sponsored. It was written to reflect my current feelings. Please do your own research before investing or joining any brokerage firm, as this post does not represent financial advice.
Please check out my post entitled Product Review: Investing with Robinhood before reading.
I joined Robinhood in 2019. Since taking the leap of faith with them in the investing world, my portfolio has been skyrocketing, and I haven’t looked back.
You see, I always wanted to invest in stocks and bonds as a young adult, but I lacked the knowledge, and no one in my circle actively invested. Investing and personal finance also are not taught in public American schools, and books have their limits.
It was Robinhood who initially educated me and opened the doors to the obscure world of investing.
Why I Remain Loyal to Robinhood?
At this time, I have no desire to leave Robinhood. I am not saying I would never leave. I am not that naive, but to date, Robinhood hasn’t given me a reason to lose confidence in them.
Investing in stocks, bonds, and crypto in the same place without fees has been amazing! I have joined a few more brokerage firms since 2019, but none of them offer the same features as Robinhood like crypto. By using Robinhood, I have gained five-figures to date, which is wonderful! You can’t earn a return like that by parking your money in a high-yield savings account these days. What Robinhood has done to the industry and for the retail investor is truly revolutionary!
I know in the crypto world, there is a saying: not your keys, not your crypto. Technically, you don’t have access to your private keys on Robinhood. However, a few nights ago, Robinhood posted the following announcement on Twitter:
Don’t sleep! Much wow! Robinhood Crypto offers seven tradeable coins, so you can buy and sell crypto like DOGE, BTC, ETH, and LTC, 24/7/365. We’re also building deposits and withdrawals for ALL listed crypocurrencies. – Robinhood
So, it looks like we may get our private keys after all! This is just another example of how Robinhood is steadily trying to improve its platform. If they provide private keys in the future, it is recommended to get a hardware wallet like the Ledger Nano X. Now, we just need them to add more crypto coins.
I am sure some of you will continue to give Robinhood the side-eye. I understand. We hold them to a higher standard than other brokerages. After all, their name is Robinhood, a nod to Robin Hood – the legendary hero who took from the rich and gave to the poor.
Last month, when they restricted buying and trading activity with stocks like GME and AMC, I too was disappointed. I believe in a free market, and the average retail investors shouldn’t be restricted.
Since the restrictions have been lifted, co-founder and CEO Vlad Tenev has apologized and explained Robinhood’s actions to the mainstream media, social media platforms, and Congress. According to their blog, restrictions were placed on these volatile stocks “in an effort to meet increased regulatory deposit requirements.” They acknowledged it was unacceptable and pledged to avoid it from happening again in the future.
I truly believe transparency and innovation will continue to be their key to success. I believe in their brand and will continue to be loyal to Robinhood because they changed my life for the better.
Do you use Robinhood? If not, please share your opinions in the comments. Feel free to use my link, so we can both get a free stock.
Video credit: Robinhood | YouTube
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