News for hackers. Stuff that matters.

A comment on Robinhood stock trading app confirms $110M raise at $1.3B valuation. Parent comment

Re:Robinhood stock trading app confirms $110M raise at $1.3B... by Infernal on Wednesday April 26, 2017 @01:13PM (#14204937)
As someone who has looked into but not actively used Robinhood - the main benefit of the Gold subscription is for day traders. With a free account, if I decide I want to sell AAPL and buy GOOG, I have to wait 3+ days before I get the money from selling AAPL credited to my account. With Gold, they basically let you float, so you can immediately get into a new position after getting out of the previous one, without having to wait for your previous position to settle.

I believe that is far and away the primary use case for Gold.

[ Parent | on HN ]
Re:Robinhood stock trading app confirms $110M raise at $1.3B... by matwood on Wednesday April 26, 2017 @01:45PM (#14205244)
If you're actually day trading you will still end up under SEC pattern day trading rules which require > $25k in the account. At that point, just get a real account with real tools.

http://www.finra.org/investors/day-trading-margin-requiremen...

[ Parent | on HN ]
Re:Robinhood stock trading app confirms $110M raise at $1.3B... by JakeAl on Wednesday April 26, 2017 @11:30PM (#14208985)
What you said. Why would anyone not set up a real account and use their app? I think Scottrade, which is the entry-level broker, only has a $500 minimum balance and they provide real tools as well as educational resources.
[ Parent | on HN ]
Re:Robinhood stock trading app confirms $110M raise at $1.3B... by bcohen5055 on Wednesday April 26, 2017 @01:18PM (#14204979)
I'm a current robinhood non-gold user and they actually eliminated this restriction around 6 months ago. Now as soon as I sell a position I can buy my next with the funds from the sale.
[ Parent | on HN ]
Re:Robinhood stock trading app confirms $110M raise at $1.3B... by tekromancr on Wednesday April 26, 2017 @01:31PM (#14205112)
Which they have branded the loan they give you until deposits and sales settle "Robinhood Instant". Since you are trading without settled cash in the account, I believe the SEC considers this a margin account.
[ Parent | on HN ]
Re:Robinhood stock trading app confirms $110M raise at $1.3B... by mighty_atomic_c on Wednesday April 26, 2017 @02:27PM (#14205633)
Yes, I have this too. Robinhood Instant is a margin account, with the same conditions/restrictions as a Gold account. They loan you money in that settlement time window, basically
[ Parent | on HN ]