If only all $clov holders that use Robinhood downgrade from margin to non-margin account tomorrow, at least temporary https://robinhood.com/us/en/support/articles/downgrading-from-gold/ It would add a great hole in the stock lending supply
I'm pretty sure that only applies if your shares were bought on margin. If this is incorrect or there is other info I'm missing, please correct me. From the RH website:
"Robinhood Securities earns income from lending margin securities to counterparties."
https://robinhood.com/us/en/support/articles/how-robinhood-makes-money/
Holding strong af.
Downgrading from gold doesn’t turn your account into a cash account, it turns it into an instant account which is still a margin account from here. You need to turn instant settlements off (profile > menu > investing > day trade settings) to prevent them from loaning your shares out. Downside is you have to wait for pending transactions to settle.
I'm looking into this as well. When you initiate a transfer (by calling your new broker) your shares won't be sold, actually, they will get locked up from trading, which is no biggie since we're holding. Once they at your new broker, it will also reflect any of the change in market that happens during the whole transfer process.
https://robinhood.com/us/en/support/articles/transfer-stocks-out-of-your-robinhood-account/
Scroll down to 'what happens then I initiate a transfer'
Long time Fidelity client, and put some monies into RH & Webull ... will definitely stick with Fidelity long-term and will probably consolidate out one of the others once I close out positions with CLOV & CLNE ... at the moment, I am probably inclined to stay with Webull, but I may look around at one of the TD Ameritrade platforms before I make a final decision ...
Transferring holdings from one brokerage to another usually comes at a price, and depending on the brokerage you are exiting from, they can be non-trivial ... more info on process with RH can be found here: https://robinhood.com/us/en/support/articles/transfer-stocks-out-of-your-robinhood-account
I read the book "Dark Pools" a few years ago.
How the SEC has not made this illegal is a mystery.
https://www.amazon.com/Dark-Pools-Machine-Traders-Rigging/dp/0307887189
Just an FYI for those on RH. Replied to another ape about this yesterday who asked about RH loaning shares. My response below:
"I'm pretty sure that only applies if your shares were bought on margin. If this is incorrect or there is other info I'm missing, please correct me. From the RH website:
'Robinhood Securities earns income from lending margin securities to counterparties.'
https://robinhood.com/us/en/support/articles/how-robinhood-makes-money/
Holding strong af."
Best of luck to you all.
I got you.
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An important point missed here. Although profits can take a day or two to settle, you can use your profits instantly IF you have RH Gold or RH Instant. You can see the money you can use where it says “Buying Power” on your RH app. In fact, please spend the $5 right now per month and upgrade to RH Gold.
So for those of you who sell your calls, your funds can take 1-2 days to settle, but RH Gold takes that out of the equation.
I’m down. Let’s Trump supporter the SEC. (Just kidding I’m not inciting a riot)
But we can all send a shitload of mail, bananas, and crayons to:
100 F St NE, Washington, DC 20549
I have this one in my cart too but I can't justify both... if I would have seen this one first I probably would have got it. Lol