I have explained why I have chosen to take my active trading to Robinhood; however, it is important to note that its mobile app and web interface are woefully inadequate for an active trader. Thankfully, this issue can be resolved by using a third party platform called Medved Trader which recently implemented support for Robinhood trading.
Just about everything related to my finances is kept simple and trading is no different. While the process of determining the instrument and price levels to execute a trade may be more involved, I do not employ complex orders to enter or exit positions. I also do not establish Short positions beyond using Option strategies and generally do not have the need for conditional orders beyond limit orders. My simple approach makes Robinhood fairly suited for me since it doesn’t support those complex types of trading parameters at this point.
Fortunately, if I desire to use any of those features while using Medved Trader, they are just a click away. This customizable platform allows me to simultaneously trade multiple accounts from the same or different brokers on a single platform, so if I choose to employ any complex strategy, it is simple to route the trades through a broker that facilitates such.
Owing to Medved Trader, my experience with Robinhood thus far as an active trader has been very good. It should be noted however that for data feeds that include level 1, level 2 and news, I use the services of one of my other brokers through the platform. Otherwise, I would have to subscribe to some other data service that is available through the platform, but with the money I am saving in commissions, that would not have been an issue.
Finally, I do not like having money laying around idly and Robinhood currently does not pay anything for extra cash sitting around. This forces me to subscribe to their Gold status, which costs $10 a month to allow me to withdraw gains from my account and put it somewhere else to help fulfill my financial needs. However, Robinhood is reportedly working on a cash management feature that would yield 3% and it would be very nice if that comes to pass.