Robinhood Discussion 🏹

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The original paywalled article:

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AAPL and Tesla is the popular girls at the party; high volume; much activity… On the contrary,they are WIMI, NIO…

$1.25 billion has been raised so far…

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Robinhood users had accounts looted

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Freetrade should really have 2fa

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Only being able to withdraw to a linked bank account fortunately already prohibits this exact scheme from happening with freetrade.

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it’s still a privacy issue if it happens though

Also doesn’t stop malicious activity, imagine some little git accessing your Freetrade account and selling all your stock, sure they can’t take your money but they can mess you over.

Interesting that some of the stolen money went through Revolut…

Why don’t we?

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One of the victims said to have 2FA enabled. If your banking app and email have 2FA the risks are low if I am not missing something. It is a nice to have feature still

https://www.bloomberg.com/news/features/2020-10-22/how-robinhood-s-addictive-app-made-trading-a-covid-pandemic-pastime

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Customer Service is a must especially when a product malfunctions often.

AJ Bell just sent me a cheque for £250 off the back of one polite email I sent, due to not being able to access the account around October 28th when the market dipped and shifted into value stocks.

To send one polite short paragraph email to a company and have them understand and make a gesture that helps is a real relief in life.

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From Ian King at Sky News. …and Freetrade gets a brief mention.

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It’s a pretty chunky fine! Whilst they can afford it and will have already raised capital to cover, it can’t help their reputation:

“Deprived customers of $34.1m”

“The trading app repeatedly failed to disclose that it receives payments from trading firms for routing its customers’ orders, the SEC said. The regulator said that Robinhood had made these “false and misleading statements” during a period of rapid growth. Robinhood did not admit or deny the SEC findings.”

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I thought it was common knowledge that Robinhood sold their order flow. Is there anyone who actually didn’t know this?

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