Is Robinhood safe for investors? Today we will answer the question - what happens if Robinhood goes out of business and loses all your money ► My Stock Portfolio:
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Things are getting worse and worse for my favorite stock trading app of all time that I have used since 2014 - Robinhood is all in the news, and not for good reasons which includes, a class action lawsuit.
To catch you up to speed, Robinhood went dark for all of nearly 2 trading days straight. You could BARELY use Robinhood at all. This was worsened by a perfect storm, because that Monday March 2nd was also the biggest day of economic recovery since the last stock market crash - when it gained 4.6%. That means a lot of people lost money, not only because they were not able to buy stocks, but especially people the options traders who bet the market would go down, and when it didn’t, they weren’t able to sell their stocks, and lost money all their money.
And if things could not get worse, they are also being looked at by the SEC - which is one of the scariest things that can happen to a company. It’s like the equivalent of the IRS calling you and asking you about those taxes you forgot to pay 3 years ago. And because the SEC is closely looking at Robinhood now, there’s a CHANCE that they could find something sketchy and dubious and take them off the App Store for good. Those are all possible outcomes and in order to continue TRUSTING an app with a lot of our money, I think now is the perfect time to ask ourselves the BIG question…is Robinhood SAFE to use anymore? What happens to our money exactly if the worst was to happen, just like it did to some people who opened Robinhood on Monday of last week, and saw their account balance was LITERALLY - $0.
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