Robinhood review: Robinhood Platform

First of all I wish I had read these reviews before thinking about using Robinhood at all. I am having the most hellish week of my life right now.

I wanted to invest in some Bitcoin and other crypto on Robinhood prior to this latest ETF announcement yesterday. The bank I was at would not allow me to directly wire the funds I wanted to invest (they also don't allow ACH's to be initiated from their end -- horrible bank that I wanted out of) so I made 4 consecutive transfers from my Robinhood account instead due to their limits (why do they have such low ACH limits when other banks have no problem esp. being a trading platform?). Despite the ACH transfers basically being there in 1 - 2 business days, Robinhood purposely makes you wait a full 5 days for each transfer to settle which costs you valuable time that you could have used to invest. By the time you get any money onto the platform you've already lost money as you sit there watching prices rise wishing those gains were yours. Anyone who says investing is not about timing is wrong. Those who have funds readily available or can move them quickly have a huge advantage over folks like us who have to deal with ridiculous wait times and regulations. ACH should be instant these days (like in other countries)...our banking system is ridiculously slow and not modern whatsoever.

Then after reading about all the limitations with the crypto buying on Robinhood where they don't allow you to send your coins out to your own wallet and you are basically stuck on their centralized platform defeating the purpose of cryto to begin with and unable to use it to make purchases if you so choose and only allowed to buy or sell and that's about it, I decided instead to purchase on my Coinbase account by transferring some of my settled brokerage cash to the Robinhood Spend account which is run by none other than JP Morgan and Chase and as you know Jamie Dimon hates crypto and Coinbase and so I'm not surprised by the next part.

I should have known that the 35k purchase of crypto using an instant buy ACH would be rejected by Chase and Robinhood that day despite my having the funds readily available in my Spend account. Chase bank or Robinhood or both rejected a LEGITIMATE transfer. Instead of calling me for to authorize or double check they simply went ahead and rejected it! I was in shock! They could have verified my good account standing since 2017 and long history there with Coinbase and have called me as well for whatever they needed for their security double checking but no they did not. They treat you like a criminal instead.

Then Chase and/or Robinhood proceeded to reject my 1,871.00 transfer from the spend account next to my ONE card despite having given them my bank statements and they have all my info on file. Everything is legit but they flagged my account anyways. Then they froze my entire Robinhood account.

So now I'm sitting here post ETF news unable to invest in Bitcoin and the crypto I want to be invested in this week watching other people make money while Robinhood support twiddles their thumbs and takes forever to review my account and lift restrictions despite me calling them every day for the last 4 days and providing them with more than enough information to make a decision! They have the WORST customer service I've ever seen in my life based out of Manila, Philippines and you go in circles from one foreign CS agent to the next each time having to reverify your name, birthdate, last 4 of your social, and your email over and over and over and over again. When they transfer you to a higher support rep, you need to do it again. It is a complete waste of time and everytime you get nothing resolved and no one from the "specialist" team ever gets in touch with you while you pull your hair out and want to scream and while you lose more and more money and time.

You should NEVER EVER in a MILLION YEARS consider trading here and go through what I'm going through this week! This is ROBINHOOD HELL! I am in Robinhood hell and want all my money off their pathetic platform ASAP. I will never do business here again period. What they have done here to me is CRIMINAL and I am considering filing a lawsuit next week against them for the thousands I just lost on my liquidated Coinbase position plus unrealized gains on crypto I cannot invest in while they tie up my funds and now Coinbase restricts me from buying as well causing me another headache. And all at a critical time when the ETF's just dropped for Bitcoin which is major news for the industry a long time coming. I am so angry, I couldn't sleep well last night thinking about this entire debacle wishing I had stayed far, far away from this SCAM of a brokerage luring you in with no trading fees when that is obviously too good to be true! They basically assume everyone is a criminal when the way they control you and your money is the actual crime!

I cannot believe they have customers at all because this is the worst customer service nightmare I've ever dealt with in my life. I've now read about horror stories where they've held people's funds for like 6 months even. How is that legal? I think they deserve another HUGE classaction in addition to the one they already got hit with for halting trading on Gamestop and AMC.

Now I have trouble with my Coinbase account because of their stupid actions despite Coinbase being informed that this is not my fault whatsoever and I would never make a buy without having the funds available and never have since 2017. I even sent Coinbase snapshots of my account balances on Robinhood to no Avail. Unfornately even Coinbase doesn't give a dam about you and only about their bottom line. They don't trust even their most senior and loyal customers. They told me that I had 5 days to resolve the issue and then liquidated me within just 1 at a loss despite the coin going up to more than I owed them only a few hours later and me begging them not to do so and that I had every intention on getting them the funds as soon as I resolved things with Robinhood.

Don't ever do business here. You will regret it. This was a huge waste of money and time and aggravation that has only made me ill this week. I cannot tell you how frustrated I am. I need to go punch the punching bag at the gym now pretending it is Robinhood and Coinbase. These rich [censored] sitting in their Ivory Towers in San Francisco raking in the dough while their customers suffer should be in jail.

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