The Securities Investor Protection Corporation (SIPC) is a non-profit, federally-mandated, self-governing organization of which all U.S. See all the details on Better Business Bureau website. We’d expect they will receive more reviews and a broader consensus as time goes on. We don’t give too much weight to this rating yet since the profile was just recently created and only a handful of Out of five due to four poor customer reviews. Their current rating is a B and they only have one star We searched the Better Business Bureau’s website and found Robinhood Financial’s profile was created in September 2017. Robinhood’s BBB (Better Business Bureau) Rating Robinhood Financial,Īlthough not brand new, is a relatively new entrant in this space that has quickly become very popular, and this article will aim to address any Stability and legitimacy, like the Ally Invest or Vanguards of the investing world, and so an extra degree of caution is warranted. The new guy hasn’t been around long enough for their brand to automatically convey
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Normally use, especially if that broker is offering free trades. Whenever there is a new broker entering the market, it’s natural to want to evaluate it against a more rigorous set of standards than you would Robinhood also was a part of a massive trading debacle that involved GameStop in January, spurring a regulatory investigation and a customer class-action suit against the company earlier this year.Is Robinhood Legitimate Broker? Is it SIPC/FDIC Insured? Robinhood BBB Rating for 2022 Is Robinhood Safe? Other missteps by the company and its CEO, Vlad Tenev, included a platform outage around the time of the coronavirus outbreak last March, causing customers who wanted to move their stocks during a time of market volatility to lose the opportunity to do so, and thus potentially thousands of dollars. One of the chief complaints among Robinhood customers was that they couldn’t reach the company for support, causing regulators like the Securities and Exchange Commission (SEC) to become de facto customer support for the platform’s customers.
Robinhood customers made 473 complaints to the Federal Trade Commission in the first half of 2020-about four times more than competing online trading platforms-which drew regulatory scrutiny and prompted an investigation. That last option has been a difficult proposition in the past, one of the number of ways Robinhood recently has run afoul of customers and regulators alike, according to a detailed report in Bloomberg, which broke the story last August. The company also encouraged customers to reach out to its support team directly from the Robinhood app or its website. Robinhood also suggested people check the strength of security features of the app on their devices, manually removing any devices they don’t recognize from accessing it and resetting passwords if they feel they may be at risk.
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Indeed, tax season is often an active time for online scammers, with cybercriminals taking advantage of the flurry of online activity as people scramble to file their IRS declarations in a process that has gone largely digital.įor any current Robinhood customers who want to avoid falling victim to the phishing scams, the email recommended that people only download the company’s mobile app from Google Play or the Apple App Store, and use only the app or to access their accounts or access tax forms.
“There tends to be an increase in these types of emails around tax season, so we ask that you be extra careful about how you access your Robinhood account,” according to the email. Other emails saw attackers taking advantage of tax season, asking potential victims to download fake tax files-such as Form 1099-that included malware, according to the email. One attack vector used phishing emails with links to fake Robinhood websites prompting visitors to enter their login credentials, including authentication codes the company uses to help ensure the security of people’s accounts. Robinhood, which aims to make it easy for people to trade stocks online but has faced a number of regulatory and legal challenges along the way, sent an email to customers Thursday warning of a phishing scam “that may have reached some of our customers.”Īttackers targeted customers in two ways, according to the email. Attackers have targeted customers of stock-trading broker Robinhood with a phishing campaign aimed to steal their credentials and spread malware using fake tax documents, the company has warned.