Is robinhood backed up by an insurance company
Robinhood is a mobile broker that charges [CO] commission, but because it's unclear how their business model makes money, I have read a lot of skeptical threads about it....
My question is that is this company insured? losing all of my money/stocks is the least thing I want to see...and How much money should I keep inside Robinhood (if they are insured, they should cover until certain amount? or is there a law/regulation that keep my assets safe) or am I worrying too much? (ie it's the same with any online broker that charges commission)
thanks
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robinhood is a member of finra, just like any other broker. as such, they can't legally "lose" your assets. even if they file bankruptcy, you will get your money back.
obviously, any broker can steal your assets, but i doubt robinhood is any more likely to steal from you, even if you are rich. here is a quote from an article on thestreet.com:
So, despite the name, the Robinhood philosophy isn't about stealing
from rich, but rather taking perks often reserved for top-tier
investors and giving them to the everyman trader
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