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Why Robinhood Sucks (Best Crypto and Stock Trading Apps 2021) - YouTube
Channel: BitBoy Crypto
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stocks are such an important part of any
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portfolio
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um and they can be super conservative or
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they can be super aggressive
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as aggressive as an out coin to be
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honest yeah right
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like we have our own versions it's like
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penny stocks that can
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10x in a day i mean that's what the wall
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street bets side things
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bit swap is the hottest new way to trade
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welcome to bitboy crypto the largest
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crypto channel on the interwebs
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my name is ben everyday on this channel
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i show you how to make money in
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cryptocurrency
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and on fridays i show you how to do
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stonks if you like money in crypto
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and songs make sure to hit that
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subscribe button today i sat down with
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justin oh from a couple cents on youtube
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in order to discuss what is the best way
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for new people getting into stocks
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to manage their portfolios we're going
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to look at robinhood fidelity and weeble
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which one of these is going to reign
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supreme
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now if you do want to sign up for weeble
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make sure to head on over to
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bitboycritter.com
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deals scroll down to the weeble section
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and you can get yourself
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a couple free stocks all right guys
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let's go ahead and jump in and find out
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why robin hood sucks
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all right guys friday is stunk's day
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everyone knows that at this point
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last week we had a great conversation
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about peloton
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uh and i actually went and tried to buy
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it i had some problems we're gonna talk
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about that today
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but i'm joined as always by justin from
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a couple cents
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on youtube and everybody make sure you
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guys go to his channel it's down in the
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description make sure to subscribe to
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his channel let's get those subscribers
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up uh numbers up for him
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uh justin how are you doing today i'm
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doing well it's a market holiday so
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unlike the crypto world the markets are
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actually closed
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in the equity markets right now can
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relax a little bit today
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crypto never sleeps i know that for sure
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so that's for sure well let's talk about
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this so you know we talked last week
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about peloton and i was really excited
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to go buy it
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and then literally every time i wanted
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to go buy it it was after work or early
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in the morning
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and i tried to go buy it and i realized
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you can't buy stocks at eight in the
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morning
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what is up with that justin yeah i mean
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i think this is just
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a a very old market right and also you
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have to realize it isn't just
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trading uh bits on the internet um
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this is an infrastructure that was built
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over a hundred years ago in the u.s
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right
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and uh it's an infrastructure built to
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trade certificates of
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ownership that have legality and
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um securities law all around it right so
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uh in actuality i think we should give
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the stock market a little bit more
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credit right for being as fast as it is
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uh given the government needs to bless i
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mean basically when you own a piece of a
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company
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um like if i wanted to buy into um
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i don't know like uh spacex right
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they're not publicly traded
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it would take a long long time because i
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would have to go sign
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a shareholder agreement i'd have to be
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on the cap table
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it's it's actually buying a piece of a
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company so i think that's the the main
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reason why
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it it takes so long yeah so it's like
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so what you're saying we should give him
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credit like it's like a horse and buggy
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but the horse is a little faster than we
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thought it could be
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you know and you know i think it's also
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like they never had an incentive yet
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much much faster yeah um and the reason
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and a lot of people
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have known about the robin hood scandal
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and the gamestop
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scandal right though the way the
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industry has done it
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is they've built all these rails where
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they start
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borrowing and lending stock uh with
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credit in order to uh make the buyer
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feel like they own it immediately right
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as opposed to uh actually when you
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when i send you crypto like it's in your
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wallet right first so
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i would say it takes a few days to
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settle and that's the whole that was
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the the genesis of at the root of
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why robin hood had to like pause trading
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when things went crazy
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um but at the end of the day yeah like
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we still have trading hours
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for the nasdaq and um and
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the s pe and you know just basically all
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the all the exchanges
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um so nysc and stuff like that but i
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mean
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that said any big legacy
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uh brokerage will allow after hours
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trading
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yeah uh the liquidity will just be
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really bad
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yeah well it's weird do you think the
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stock market will ever change
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in that regard uh i mean you think
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they'll they'll catch up to the times
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i really hope that uh
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that blockchain actually helps there
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because right now right like it's being
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recorded on databases and there are laws
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that say that has
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like there's settle times so
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the laws need to change a bit but i mean
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i think it probably will get faster but
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yeah not that much faster yeah that's
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right
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but crypto we're 24 7. so we love it but
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you know what we got we got to remember
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we were talking a little bit before we
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went uh you know on air here on the
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video
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like right now in crypto like we hear
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you talking about last week like oh
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peloton you could double your money in
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five years and we're all like
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what that's it you know because right
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now in crypto everybody's making
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10x in a few months you know and that's
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great but you got to remember during the
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bear market
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it'll be much better to try to double
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your money in five years
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with stocks and it will be to you know
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drop 97
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in your alt coin bags in six months and
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just to be clear right
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i'm willing to hold it for five years
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right that's that's the thesis on
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peloton
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but ideally uh over a couple quarters
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everyone else
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in the market like understands what you
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understand about the
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stock in the company and it's more like
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a double in six to 12 months i would say
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that's more realistic or what if you're
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a good investor
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or good kind of yeah like shorter term
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investor type of hedge fund
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investor that's what you're going for
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yeah um but yeah
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yeah and then they can go totally to the
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warren buffett style where
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he's just doubling every five to ten
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years and in 50 years you'll be a
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billionaire
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that's a great you know what that's a
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great point and the the risk
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compared to crypto obviously is much
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smaller and i think that's really the
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message that i'm trying to get across
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with a stock series is that
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yes it's not as sexy making you know
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however much gains compared to what you
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got in crypto but you do need to have
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you know you don't have 100 of your
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wealth in
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crypto like even the most ardent of us
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that are you know
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really big in crypto we still have other
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investments and stuff and i think it's
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important to understand you just got to
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allocate and diversify
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and when you look at it like that like
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okay if i double
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every five to ten years for you know 50
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years like wow i'll really have a lot of
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money because that's definitely an
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exponential effect
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but let's talk about different platforms
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you can be trading stocks on
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uh because you know you've got the old
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traditional ones which is like
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e-trade and ameritrade and fidelity and
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you've got the new apps like robin hood
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and
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weeble and i you know i'm with you i'm
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not a big fan of robin hood at all with
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i think really just the message of we're
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here for the people and then we screw
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all the people i'm not big on that so i
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know they have similar practices to a
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lot of the other apps out there
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but personally i'm not going to support
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robin hood at all so from that
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perspective
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when you're looking at comparing
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something like fidelity versus
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weeble what are kind of the advantages
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of both and what for the newer investor
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do you think is going to be their best
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bet
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yeah i think for a newer investor for a
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crypto oriented investor i think
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weeble's a great option
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uh weeble unlike their smaller company
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than robin hood they don't
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handle a lot of their own settlement so
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they had a third party kind of uh handle
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all that in this last scandal
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so they were able to unpause trading
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faster that being said i mean robin hood
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one has won multiple design awards robin
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hood
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is the king of design and it's just
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gonna be the best usability
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uh weeble though i mean i know crypto
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folks are pretty smart and they
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they love technical indicators weeble
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actually has really great technical
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indicators on the phone
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and it has a desktop client i really i
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like weeble
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the only downside for weeble is if you
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want to trade crypto
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but i mean if you're on this channel you
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probably already are on
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like finance or something right so you
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might not need that
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and then on the margin right like um
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weeble's not going to offer
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uh extended hours trading probably but
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some of the legacy ones are like
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fidelity e-trade
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um fidelity e-trade and
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td ameritrade uh if you're gonna be day
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trading right which i don't
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i'm not gonna be doing but uh then td
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ameritrades think or swim is usually
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has been like i used that when i was in
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high school right to you
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when i was learning how to day trade um
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but
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other than that like does weibull uh
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offer fractional
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shares i think it's a really important
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one uh fidelity offers that oh actually
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now that i'm googling it weeble does
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offer extended hours trading
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but it doesn't look like they yet offer
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fractional shares so the so
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apple's apples fidelity offers
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fractional shares so if you wanted to
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invest in
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amazon one of the best companies in the
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world um
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you're right it's like over three
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thousand dollars and if you don't wanna
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invest three thousand dollars you just
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wanna buy like a fourth of a
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amazon share that's what we call
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fractional shares
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and to my knowledge that's fidelity
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and um fidelity
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and uh robinhood are the only ones that
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have had it for over
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a few months right yeah um so schwab's
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oh
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there's schwab there too but and i would
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just say the downside of fidelity
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is it's so old and clunky it's like
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you're using something from 1998
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um but i mean but it has the biggest
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feature
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set so you have extended hours you have
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fractional shares
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you can get turned on for international
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shares i bought a really cool australian
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company
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for the rogue big board out of
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couplesense.com and
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uh they have you can do almost anything
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on on
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fidelity so i would say fidelity is
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if you're gonna be if you want the most
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options but and you're okay with having
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a really crappy design
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yeah um and other than that i think if
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you already have your crypto stuff taken
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care of somewhere else
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like weeble's a really great option yeah
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and i think i i think that really
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like when i think about crypto apps and
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i i look at weibull
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it in a lot of ways is comparable it
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actually reminds me a lot of the
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crypto.com app
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um in many ways i mean obviously stocks
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versus
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crypto but i know that weeble you know
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we did a review of it a couple weeks ago
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and i know that
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you know they do have a lot of like kind
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of indicators and you know ta tools and
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things like that that can help people so
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you know
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ultimately i think that's what we're
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going to be using on this channel but i
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think as we
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get a little more into this and start
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showing our stock portfolio and things
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i definitely think that uh fidelity
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could be you know i like the
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fractionalized share thing
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that you know that's like in crypto
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tokenizing different things it's very
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similar
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in that regard so i think ultimately
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robin hood we're not going to use it
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weeble that's probably where we're going
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to start and then who knows maybe we
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could uh
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move towards fidelity what would just
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lastly justin
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what would be some advice that you would
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give to someone who
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is you know looking to get into stocks
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from
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crypto yeah i think the the first thing
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is the interest uh
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and i don't mean interest earned i mean
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i mean uh
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getting interested right a lot of this
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stuff is to quote matthew mcconaughey
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and wolf of wall street
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above the shoulders you know mustard
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yeah
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um and you know a lot of what i'm
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trained to do is really boring it's
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looking at earnings reports it's looking
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at financials etc
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so what i would say is the biggest thing
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to do
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because stocks are such an important
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part of any portfolio
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and they can be super conservative or
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they can be super aggressive
[730]
as aggressive as an alt coin to be
[732]
honest yeah right
[733]
like we have our own versions it's like
[735]
penny stocks that can
[736]
10x in a day and that's what the wall
[739]
street bets side things yeah so
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what i would say is find your risk
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tolerance but also
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find what you're interested in if you
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really like electric vehicles
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like go buy some electric vehicle stuff
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i mean if we really like crypto and just
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want to start getting interested
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in crypto like in stocks like let's go
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look at
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voyager and i know they're public uh i
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i'm hoping i'm trying to get
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uh their ceo on my channel um just to
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interview them i mean uh you know i
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don't know much about
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do you guys use voyager right if you use
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what the voyager app for your crypto
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trading
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and you think that they're going to grow
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right then you may want to own a piece
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of the company right
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kind of like buying coinbase's ipo which
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we talked about before
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so i would say really find whatever it
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is like anything if you like real estate
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there are home building stocks
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if you like i don't know like skateboard
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manufacturers like i'm sure there's
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some skateboard manufacturer stocks yeah
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go find what you're really what you
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really truly love and i think there's a
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reason why
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you have all these tesla tesla fanboys
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is because
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they really really love their electric
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vehicle
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and so they go buy tesla stock
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yeah and they and they get a uh a
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dogecoin wrap on it
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probably right that is a great idea i
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want a dogecoin
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rap tesla that would be pretty
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interesting well justin i think that's
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great advice and for anyone who
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wants to go check out somebody who's got
[822]
a lot of interesting takes and we'll do
[824]
the boring stuff
[825]
for you so you don't have to you can go
[827]
check out
[828]
justin a couple cents the link will be
[830]
down below make sure let's get those
[832]
subscriber numbers up guys
[833]
let's get him closer to a hundred
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thousand he's got a lot of great
[835]
information and he comes on the channel
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every week and we
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certainly certainly appreciate him uh
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justin you got
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anything else you want to add before you
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go today yeah i want you
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on monday to go buy some peloton i i
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promise you i am i
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i but let me show you make sure we are
[851]
buying peloton on monday
[853]
put it put it on the calendar put it on
[855]
the calendar we're gonna do it for sure
[856]
we gotta just make sure that's your
[857]
first position yeah my first position
[859]
between nine
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nine and five nine a.m and five p.m
[863]
eastern standard time next week no no no
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no no no no it's actually shorter than
[866]
that oh god
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9 30 eastern and 4 p.m eastern oh my
[872]
gosh they even build in a
[874]
they don't even have a lunch break this
[876]
is crazy all right well we're gonna do
[878]
it so now we know we've only got about a
[880]
seven minute period where we can buy
[881]
stocks
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uh on monday but we're gonna do it we're
[884]
gonna get it done we're gonna own that
[886]
peloton
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and uh very excited about it next week
[889]
and hopefully we can start showing the
[890]
portfolio here pretty soon
[891]
everybody if you want to see us talk
[893]
about a certain stock make sure to drop
[895]
that down below
[896]
in the comments justin thanks for
[898]
joining us to everybody else
[899]
make sure to smash that like button if
[901]
you like friday is stonks day
[903]
that's all i got be blessed bye out
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[Music]
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you
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