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Warning: BTC on Robinhood
Just a little warning for anyone using robinhood for crypto: they are screwing you. Over a year, I’ve noticed when I set a limit sell, if the price doesn’t go well above the limit, it won’t sell. I got suspicious and did a comparison with Kraken Pro. In Robinhood, let’s say the ask was $103k, the bid would be $102k. In Kraken Pro, at the same time, the lowest ask would be the same ($103k), but the bid would be much higher (say $102.9k). I’ve missed multiple selling points over the year because of this. Most recently I confirmed it with data. A few days ago I needed to sell some BTC. I set a limit order for the same price in both apps. The Kraken Pro order executed at 1:47 am. The Robinhood order executed at 4:07 AM, only after the price continued to rise. Anyways, just a warning. It’s a shame, because I enjoy the Robinhood UI, but I’ve had this suspicion for a while (also with stocks). I get that they need to make a profit, but it shouldn’t be so significant that you miss trade limits. submitted by /u/kendallBandit [link] [comments]
Just a little warning for anyone using robinhood for crypto: they are screwing you.
Over a year, I’ve noticed when I set a limit sell, if the price doesn’t go well above the limit, it won’t sell.
I got suspicious and did a comparison with Kraken Pro.
In Robinhood, let’s say the ask was $103k, the bid would be $102k.
In Kraken Pro, at the same time, the lowest ask would be the same ($103k), but the bid would be much higher (say $102.9k).
I’ve missed multiple selling points over the year because of this.
Most recently I confirmed it with data. A few days ago I needed to sell some BTC. I set a limit order for the same price in both apps. The Kraken Pro order executed at 1:47 am. The Robinhood order executed at 4:07 AM, only after the price continued to rise.
Anyways, just a warning. It’s a shame, because I enjoy the Robinhood UI, but I’ve had this suspicion for a while (also with stocks). I get that they need to make a profit, but it shouldn’t be so significant that you miss trade limits.
[link] [comments]
