[jennyyang]

If you read this drivel, and don't close your Robin Hood account today, then you're part of the problem. I closed mine and I hope everyone else does too.

I read a comment on reddit recently that is pertinent. The prey in Africa, ie. wildebeests and buffalo, are extremely powerful. But a handful of lions make them scatter out of fear. But if the prey were more organized, they could trample every single one of those predators to the point where they could kill them off. It's the power of organization that helps the prey defeat the predators. This is the exact same thing here. As long as a handful of billionaires tell the retail investor what to do, the billionaires will keep making money off of them.

[sauwan]

Just waiting for my trades to close so I can cash out. I was only holding VTI and a tiny amount of BTC, so I have no horse in this race, but I'm certainly not waiting for them to pull other shenanigans on me.

[Shicholas]

same, I don't have any $GME but I still feel like I lost a lot of money today b/c of these shenanigans.

[zaltekk]

Unfortunately the account deactivation story is quite poor.

Under Settings > Account Information > Deactivate Account you're just sent to a customer service email form. They say it takes 1-3 business days to process.

As a side note, you have to close out all of your positions and transfer out all of your money before you're allowed to close the account. This seems unusual to me from experiences with other brokers.

From my understanding the average retail broker will allow you to transfer you assets out to another brokerage. You can do this as part of closing your account.

While just transferring money out separately and keeping the account open longer isn't a big deal, there's tax and other financial implications to having to close your positions instead of transfer them. You'll have to realize capital gains. You'll also have multiple banking days in which the price could move up while your money is transferred to another brokerage to re-buy the shares.

[defen]

You should be able to initiate the transfer from the target brokerage. For example in TD Ameritrade, Account -> Contribution -> Account transfer from another brokerage

[apatil]

You should be able initiate an ACATS transfer out of your Robinhood account from another brokerage. https://www.interactivebrokers.com/en/index.php . https://robinhood.com/us/en/support/articles/transfer-stocks...

I don't mean to recommend IB as opposed to other brokerages in the current moment, I pasted their link because I transferred an account into IB in this way several months ago so I know it works.

[zaltekk]

As multiple people mentioned they have added support for transferring with a $75 fee:

https://robinhood.com/us/en/support/articles/transfer-stocks...

I can't find a history that shows when they added this, but it appears they at least added transfers in a few years ago:

https://www.reddit.com/r/RobinHood/comments/6tre6o/transfer_...

[IgorPartola]

What are y’all moving to/how do you transfer your positions?

[jaywalk]

You can't transfer your positions, that's what he's saying. Yet another huge downside to Robinhood.

[jagan120]

I never tried, but this says you can : https://robinhood.com/us/en/support/articles/transfer-stocks...

[gnicholas]

Yep, and they only charge you $75 to leave!

[happytoexplain]

Is there an alternative with a comparably low bar to entry?

[tourist_]

Closing the account is one thing, but I didn't expect that the markets can be manipulated in such a blatant manner in the U.S. So much for free markets.

[SimonPStevens]

What are some good alternatives that don't do this?

[jonwachob91]

I transferred from Robinhood to ETRADE a year ago. ETRADE has been good to me. still $0 commission trades, faster trade execution than Robinhood, pre-market and post-market trading, Pink Sheets for small but fun gambling. and most importantly, they haven't pulled any of the shenanigans that Robinhood has pulled today or had any of the server crashes that Robinhood is notorious for.