Why Robinhood Sucks (Best Crypto and Stock Trading Apps 2021)

stocks are such an important part of any portfolio um and they can be super conservative or they can be super aggressive as aggressive as an out coin to be honest yeah right like we have our own versions it's like penny stocks that can 10x in a day i mean that's what the wall street bets side things bit swap is the hottest new way to trade tokens crawling all the top decentralized exchanges bizwa will get you the very best price and value for your trades bitswap is changing the game try it now at bitswapdex.com welcome to bitboy crypto the largest crypto channel on the interwebs my name is ben everyday on this channel i show you how to make money in cryptocurrency and on fridays i show you how to do stonks if you like money in crypto and songs make sure to hit that subscribe button today i sat down with justin oh from a couple cents on youtube in order to discuss what is the best way for new people getting into stocks to manage their portfolios we're going to look at robinhood fidelity and weeble which one of these is going to reign supreme now if you do want to sign up for weeble make sure to head on over to bitboycritter.com deals scroll down to the weeble section and you can get yourself a couple free stocks all right guys let's go ahead and jump in and find out why robin hood sucks all right guys friday is stunk's day everyone knows that at this point last week we had a great conversation about peloton uh and i actually went and tried to buy it i had some problems we're gonna talk about that today but i'm joined as always by justin from a couple cents on youtube and everybody make sure you guys go to his channel it's down in the description make sure to subscribe to his channel let's get those subscribers up uh numbers up for him uh justin how are you doing today i'm doing well it's a market holiday so unlike the crypto world the markets are actually closed in the equity markets right now can relax a little bit today crypto never sleeps i know that for sure so that's for sure well let's talk about this so you know we talked last week about peloton and i was really excited to go buy it and then literally every time i wanted to go buy it it was after work or early in the morning and i tried to go buy it and i realized you can't buy stocks at eight in the morning what is up with that justin yeah i mean i think this is just a a very old market right and also you have to realize it isn't just trading uh bits on the internet um this is an infrastructure that was built over a hundred years ago in the u.s right and uh it's an infrastructure built to trade certificates of ownership that have legality and um securities law all around it right so uh in actuality i think we should give the stock market a little bit more credit right for being as fast as it is uh given the government needs to bless i mean basically when you own a piece of a company um like if i wanted to buy into um i don't know like uh spacex right they're not publicly traded it would take a long long time because i would have to go sign a shareholder agreement i'd have to be on the cap table it's it's actually buying a piece of a company so i think that's the the main reason why it it takes so long yeah so it's like so what you're saying we should give him credit like it's like a horse and buggy but the horse is a little faster than we thought it could be you know and you know i think it's also like they never had an incentive yet much much faster yeah um and the reason and a lot of people have known about the robin hood scandal and the gamestop scandal right though the way the industry has done it is they've built all these rails where they start borrowing and lending stock uh with credit in order to uh make the buyer feel like they own it immediately right as opposed to uh actually when you when i send you crypto like it's in your wallet right first so i would say it takes a few days to settle and that's the whole that was the the genesis of at the root of why robin hood had to like pause trading when things went crazy um but at the end of the day yeah like we still have trading hours for the nasdaq and um and the s pe and you know just basically all the all the exchanges um so nysc and stuff like that but i mean that said any big legacy uh brokerage will allow after hours trading yeah uh the liquidity will just be really bad yeah well it's weird do you think the stock market will ever change in that regard uh i mean you think they'll they'll catch up to the times i really hope that uh that blockchain actually helps there because right now right like it's being recorded on databases and there are laws that say that has like there's settle times so the laws need to change a bit but i mean i think it probably will get faster but yeah not that much faster yeah that's right but crypto we're 24 7.

So we love it but you know what we got we got to remember we were talking a little bit before we went uh you know on air here on the video like right now in crypto like we hear you talking about last week like oh peloton you could double your money in five years and we're all like what that's it you know because right now in crypto everybody's making 10x in a few months you know and that's great but you got to remember during the bear market it'll be much better to try to double your money in five years with stocks and it will be to you know drop 97 in your alt coin bags in six months and just to be clear right i'm willing to hold it for five years right that's that's the thesis on peloton but ideally uh over a couple quarters everyone else in the market like understands what you understand about the stock in the company and it's more like a double in six to 12 months i would say that's more realistic or what if you're a good investor or good kind of yeah like shorter term investor type of hedge fund investor that's what you're going for yeah um but yeah yeah and then they can go totally to the warren buffett style where he's just doubling every five to ten years and in 50 years you'll be a billionaire that's a great you know what that's a great point and the the risk compared to crypto obviously is much smaller and i think that's really the message that i'm trying to get across with a stock series is that yes it's not as sexy making you know however much gains compared to what you got in crypto but you do need to have you know you don't have 100 of your wealth in crypto like even the most ardent of us that are you know really big in crypto we still have other investments and stuff and i think it's important to understand you just got to allocate and diversify and when you look at it like that like okay if i double every five to ten years for you know 50 years like wow i'll really have a lot of money because that's definitely an exponential effect but let's talk about different platforms you can be trading stocks on uh because you know you've got the old traditional ones which is like e-trade and ameritrade and fidelity and you've got the new apps like robin hood and weeble and i you know i'm with you i'm not a big fan of robin hood at all with i think really just the message of we're here for the people and then we screw all the people i'm not big on that so i know they have similar practices to a lot of the other apps out there but personally i'm not going to support robin hood at all so from that perspective when you're looking at comparing something like fidelity versus weeble what are kind of the advantages of both and what for the newer investor do you think is going to be their best bet yeah i think for a newer investor for a crypto oriented investor i think weeble's a great option uh weeble unlike their smaller company than robin hood they don't handle a lot of their own settlement so they had a third party kind of uh handle all that in this last scandal so they were able to unpause trading faster that being said i mean robin hood one has won multiple design awards robin hood is the king of design and it's just gonna be the best usability uh weeble though i mean i know crypto folks are pretty smart and they they love technical indicators weeble actually has really great technical indicators on the phone and it has a desktop client i really i like weeble the only downside for weeble is if you want to trade crypto but i mean if you're on this channel you probably already are on like finance or something right so you might not need that and then on the margin right like um weeble's not going to offer uh extended hours trading probably but some of the legacy ones are like fidelity e-trade um fidelity e-trade and td ameritrade uh if you're gonna be day trading right which i don't i'm not gonna be doing but uh then td ameritrades think or swim is usually has been like i used that when i was in high school right to you when i was learning how to day trade um but other than that like does weibull uh offer fractional shares i think it's a really important one uh fidelity offers that oh actually now that i'm googling it weeble does offer extended hours trading but it doesn't look like they yet offer fractional shares so the so apple's apples fidelity offers fractional shares so if you wanted to invest in amazon one of the best companies in the world um you're right it's like over three thousand dollars and if you don't wanna invest three thousand dollars you just wanna buy like a fourth of a amazon share that's what we call fractional shares and to my knowledge that's fidelity and um fidelity and uh robinhood are the only ones that have had it for over a few months right yeah um so schwab's oh there's schwab there too but and i would just say the downside of fidelity is it's so old and clunky it's like you're using something from 1998 um but i mean but it has the biggest feature set so you have extended hours you have fractional shares you can get turned on for international shares i bought a really cool australian company for the rogue big board out of couplesense.com and uh they have you can do almost anything on on fidelity so i would say fidelity is if you're gonna be if you want the most options but and you're okay with having a really crappy design yeah um and other than that i think if you already have your crypto stuff taken care of somewhere else like weeble's a really great option yeah and i think i i think that really like when i think about crypto apps and i i look at weibull it in a lot of ways is comparable it actually reminds me a lot of the crypto.com app um in many ways i mean obviously stocks versus crypto but i know that weeble you know we did a review of it a couple weeks ago and i know that you know they do have a lot of like kind of indicators and you know ta tools and things like that that can help people so you know ultimately i think that's what we're going to be using on this channel but i think as we get a little more into this and start showing our stock portfolio and things i definitely think that uh fidelity could be you know i like the fractionalized share thing that you know that's like in crypto tokenizing different things it's very similar in that regard so i think ultimately robin hood we're not going to use it weeble that's probably where we're going to start and then who knows maybe we could uh move towards fidelity what would just lastly justin what would be some advice that you would give to someone who is you know looking to get into stocks from crypto yeah i think the the first thing is the interest uh and i don't mean interest earned i mean i mean uh getting interested right a lot of this stuff is to quote matthew mcconaughey and wolf of wall street above the shoulders you know mustard yeah um and you know a lot of what i'm trained to do is really boring it's looking at earnings reports it's looking at financials etc so what i would say is the biggest thing to do because stocks are such an important part of any portfolio and they can be super conservative or they can be super aggressive as aggressive as an alt coin to be honest yeah right like we have our own versions it's like penny stocks that can 10x in a day and that's what the wall street bets side things yeah so what i would say is find your risk tolerance but also find what you're interested in if you really like electric vehicles like go buy some electric vehicle stuff i mean if we really like crypto and just want to start getting interested in crypto like in stocks like let's go look at voyager and i know they're public uh i i'm hoping i'm trying to get uh their ceo on my channel um just to interview them i mean uh you know i don't know much about do you guys use voyager right if you use what the voyager app for your crypto trading and you think that they're going to grow right then you may want to own a piece of the company right kind of like buying coinbase's ipo which we talked about before so i would say really find whatever it is like anything if you like real estate there are home building stocks if you like i don't know like skateboard manufacturers like i'm sure there's some skateboard manufacturer stocks yeah go find what you're really what you really truly love and i think there's a reason why you have all these tesla tesla fanboys is because they really really love their electric vehicle and so they go buy tesla stock yeah and they and they get a uh a dogecoin wrap on it probably right that is a great idea i want a dogecoin rap tesla that would be pretty interesting well justin i think that's great advice and for anyone who wants to go check out somebody who's got a lot of interesting takes and we'll do the boring stuff for you so you don't have to you can go check out justin a couple cents the link will be down below make sure let's get those subscriber numbers up guys let's get him closer to a hundred thousand he's got a lot of great information and he comes on the channel every week and we certainly certainly appreciate him uh justin you got anything else you want to add before you go today yeah i want you on monday to go buy some peloton i i promise you i am i i but let me show you make sure we are buying peloton on monday put it put it on the calendar put it on the calendar we're gonna do it for sure we gotta just make sure that's your first position yeah my first position between nine nine and five nine a.m and five p.m eastern standard time next week no no no no no no no it's actually shorter than that oh god 9 30 eastern and 4 p.m eastern oh my gosh they even build in a they don't even have a lunch break this is crazy all right well we're gonna do it so now we know we've only got about a seven minute period where we can buy stocks uh on monday but we're gonna do it we're gonna get it done we're gonna own that peloton and uh very excited about it next week and hopefully we can start showing the portfolio here pretty soon everybody if you want to see us talk about a certain stock make sure to drop that down below in the comments justin thanks for joining us to everybody else make sure to smash that like button if you like friday is stonks day that's all i got be blessed bye out [Music] you

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