As an amateur trader, I am pretty put-off by what’s been happening with Robinhood and other trading platforms. I have been on Robinhood for about a year and a half, and for the most part, I’ve been really happy with it! It gave me access to investing and allowed me to learn about the stock market in a way that I never thought would be possible. Before Robinhood, I assumed that investing in stocks would be out of my league, at least until I had enough money to grow and allow it to work for me. Thanks to Robinhood and other investment apps, this whole world opened up, and I was able to do my own research and put as much as I could afford into the market and allow even what little I have to grow. It was eye-opening, fun and extremely educational.
Why I’m done with Robinhood
After the events of the last week, I’m no longer sure if Robinhood is the place for me. The idea that this tech company will take it upon themselves to decide what I can and cannot do with my money is outrageous. It’s my money; why should I be at the mercy of tech giants who probably don’t really care about me personally? And, it isn’t just Robinhood. It’s Webull, TD Ameritrade and other platforms that claim to have the goal of making trading accessible for all. Then why the kiddy wheels? Why are hedge funds allowed to short companies all day, but we can’t buy into them if we please?
What’s next for these platforms?
It doesn’t seem realistic that they will be able to keep up with the movements of the people. There is literally nothing stopping retail investors from going in hard on another company in the future. Then another, and another. Is the next step to limit every purchase? Will they lock retailers out completely? I feel like there are only two options: dump retail investors and admit with your full voice that you don’t want the people involved. Or, let the people trade. What do you think they’ll do?