121–130 of 295 posts
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I had to wait on hold for well over an hour to get through to the HSBC trading desk, HSBC isn't going to compensate me.
Wait, people still trade over the phone?
E.g. Buying TD in Canada, and wanting to sell on NYSE for US$.
Start from the email notification. They have been asking themselves the easy questions. Just look at the top questions in their email: * Are the funds in my account safe? Yes, your funds are safe. * Was my personal information affected? No, your personal information was not affected. * Can I use my Robinhood debit card? Yes. If you have a debit card, you should have been—and should still be able to—use your card, but…
I think it's unlikely that Robinhood (or any brokerage) would compensate people for losses on hypothetical trades that could have been made during an outage. Such a policy would allow customers to pick their entry and exit points, and extract money from the brokerage at will. Even if the trades were well-defined at the time the outage occurred, there would still be an asymmetry between people demanding compensation o…
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I'm having a really hard time understanding this argument. Unless I have an SLA with a provider outlining penalties, they don't owe me anything if they go down. How is this any different?
You could view it as a business decision. Will they lose reputation and customers if they don't compensate for the outage? Do they expect that the long-term cost of that loss would be more than the one-time hit of paying out now? They may not have a legal/contractual obligation here, but that doesn't mean that treating their customers poorly is without consequence.
Just use Square’s Cash App! Free stock trades AND you can buy fractional shares AND a bunch of other stuff like P2P payments and bitcoin. I work there and so can say with some authority that we can handle more volume without going down than RH can.
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> it was obvious the market was recovering in a big way Was it? Markets started up today but ended way lower.
He is talking about Monday not today, Tuesday. RH didn’t work on Monday either.
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No brokerage will do that. Here's an excerpt from the account agreement of Schwab, a respected discount broker: > During periods of heavy trading and/or wide price fluctuations ("Fast Markets"), there may be delays in executing your order or providing trade status reports to you. […] Schwab is not liable to you for any losses, lost opportunities or increased commissions that may result from you being unable to place…
This is absolutely not true. Broker-dealers and brokerages routinely credit clients for execution out of line with the market. Schwab does in fact give price adjustments for slowly or incorrectly handled orders. The reason nobody will be compensated here is due to two things, (1) There is no way to determine what a fair execution would have been, since clients couldn't submit orders in the first place. (2) Clients wi…
https://www.schwab.com/public/schwab/nn/agreements/schwab_br...
Maybe in some cases they go above and beyond their account agreement if they like you as a customer, but according to the agreement you sign with them its not their problem if things go bad in this way.
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It’s another example of why DevOps has become a buzzword and most teams just pay lip service to it.
Everything has outages. Is this the new narrative now that we've moved on from the leap year thing? That RobinHood is just a bunch of shitty engineers? There are no public details about the root cause. I think RH is bad for people in general, but this pile-on is outrageous.
1. Dealing with other people's money 2. Monitoring/managing other people's health
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Robinhood isn't a bitcoin company. That's just a feature they have. Its main product offering is the commision free trading--and their presence pushed a lot of big players to adopt the same offering. The wallstreetbets gang is silly and all, but I think they have really democratized stock trading, and made the whole idea seem much more accesible. I think they founders are former finance guys. I hope this doesn't soun…
> I think they have really democratized stock trading How does "free" = "democratizing"? Stocks have been easily accessible for years to retail investors. > their presence pushed a lot of big players to adopt the same offering Misleading, big brokers were already going down this path.
I know quite a few people that were personally affected by this and lost money due to the two outages and they are all pulling their money from Robinhood. The fact that they can't offer any compensation might be a big problem for them, since they already have zero trading fees, which is what most brokerages offer as compensation. Personally it doesn't pass the smell test for me. The load was much higher the previous…
Robinhood makes the most money than any known firm on Wall Street by getting paid specifically to leak user's trades to other traders.
SEC requires a periodic report on that which shows compensation.
Can't believe people are still buying Robinhood's pitch of misdirection.