I concur with your views of Robinhood. I opened an account a few weeks with $5. I've managed to grow the value to $15 trading junk for small percent gains, including three Kodak trades (two gainers, one loser).
That article cited four or five instances of accounts getting hacked. One has to wonder how many more have occurred since I opened my account. I assume Robinhood also does business with the SIPC which insures accounts against loss up to a certain dollar threshold. Resolving the claim would obviously take time.
Now I wonder how far the news will spread about hacked accounts and how account holders will react to it. My personal view is an account holder with a substantial amount of money in a Robinhood account should liquidate, transfer the cash back to his or her bank, then close the account. I'm not quite certain that cash would be considered secure. I'm not anywhere close to being a cyber security expert.
Webull is the other no commission online broker that has become popular. I don't know if any others exist. There could be similar brokers operating overseas.
Webull opens for trading at 4 am Eastern US time. Don't know if it allows for extended market trading in the evenings. Robinhood only operates during the regular market hours from 9:30 to 4 Eastern.
Neither outfit, fas as I know, will let an account trade the US OTC and the Canadian version of OTC stocks.
No commission trading, and before that the reduction in the trasfer of shares from one account to another (from Tplus5, to Tplus3 and now Tplus2) mostly benefits the traders.
It is not all that unusual now for me to witness single day trading volumes in the listed NYSE and NASDAQ junk stocks, most of them no more than paper hanging operations on a par with the stocks trading on Cromwell Coulson's stock market, that can approach a billion shares.
I correspond in private Ihub messages with a nice fellow, an active trader. What he has conveyed to me is he has noticed the increase in the number of financing deals in the listed junk stocks. Junk traders scour the internet for filings involving financing in listed junk stocks on the assumption a pump and dump campaign is somewhere up the road.
I could digress further but I will cease.
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