Robinhood Review – Why I’m Switching to Fidelity

robinhood review

Whether you currently have an existing account in Robinhood or Fidelity or you’re planning on building one. This information that I will share with you will definitely help you in your decision-making process. When it comes to choosing your brokerage and building your portfolio.

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Yes, I did switch to Fidelity from Robinhood and here’s why.

  1. Circle breaker broke Robinhood

The circus break that makes Robinhood crash repeatedly prevents me from buying or selling stocks. Whenever I want to is the main reason why I decided to leave Robinhood. Reliability and security are indeed the key qualities that a good brokerage should have, thus my decision.

  1. How Robinhood makes money

With the process of how Robinhood makes money, I would say that as a user of Robinhood. You do not get the most optimal buy and sell price unless you set a limit order. Robinhood has always been a commission-free platform and it does not give you the first priority when it comes to your buy and selling price. Basically, Robinhood makes money by the difference between the current market price and the order that you place.

  1. Slow deposit and withdrawal process

It usually takes 5-7 business days for you to put money in and out of Robinhood and land your money into your bank account.

  1. Lack of support

Due to the circus breaks, Robinhood gained a lot of exasperated customers and their slow customer support definitely did not help with the rage.

Cherry Tung – Finance & Fashion

Now, let me give you a clear comparison between Robinhood and Fidelity.

Pros of Fidelity

  1. More sophisticated

    You get to see more information about a specific stock with Fidelity.

  2. Faster to fill orders

    Traditional brokerages like Fidelity do have priority when it comes to filling their orders so you get to fill your orders much quicker.

  3. Better prices

    You will get better prices for both buying and selling because they get priority in terms of filling orders.

Recommend: How to transfer stocks from Robinhood to Fidelity

Cons of Fidelity

  1. Lack of human support

    Based on my personal experience as a user of Fidelity, they need to step up their game in the customer support department.

  2. Less clean mobile interface

    Robinhood users are usually quite pleased with how clean their mobile interface is and I must say that Robinhood’s mobile interface is more beginner-friendly compared to Fidelity’s.

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