Robinhood vs. Fidelity | OLD vs. NEW Investing Apps

Robinhood vs. Fidelity | OLD vs. NEW Investing Apps

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Obviously Fidelity is what I would call the legacy brokerage in today’s comparison seen that it was started in 1946 and has changed significantly since then. Robinhood on the other hand was founded in 2013 really pioneered the concept of commission free trading and is largely why platforms like Fidelity have since moved in that direction. Both platforms have a desktop and mobile-based usability however Robinhood is very clearly more mobile focused and offers investors a sleek and simple way to invest rate from their smart phone.

In general I’d say that the Robinhood platform is much easier to use and again is going to provide you with that sleek and modern look that many other platforms have since copied but more experienced investors and active traders could definitely argue that the Robinhood app is lacking in a number of analytical tools. Well fidelity does have a fantastic mobile application with millions of positive reviews, they are definitely more desktop focused offering a standard web platform as well as their more robust Active Trader Pro which is fully customizable unlike Robinhood.

Alright here is a huge differentiator that is honestly the final nail in the coffin for me that of course will be the differences in customer support. If you’ve seen any of the articles about Robinhood in the news over the past few years, and you may know that their customer support is borderline nonexistent. There’s no telephone number that you can even call and while you are able to submit your phone number for a call back and get support through their chat bot, I find this to be incredibly frustrating and if you need help quickly and your money is on the line then not being able to talk to a real person quickly could honestly be a dealbreaker. Compare that to Fidelity’s 24/7 phone line as well as their web-based support and chat bot and the customer service category clearly goes to Fidelity.

We could honestly sit here and compare the fine details of these two platforms to each other for days and while I strongly believe that platforms like Robinhood do have a purpose and don’t want to discount the fact that they did help move the industry in an entirely new direction, they simply leave a lot to be desired across-the-board. I’m sure i’ll get a lot of interesting comments for this one but obviously in today’s comparison I will personally be going with Fidelity for all of the reasons that we talked about in today’s video.

0:00-Robinhood vs. Fidelity
1:13-User Experience
3:13-Crypto Investing Options
4:46-COST Comparison
7:42-The BIGGEST Difference
9:37-My FINAL Thoughts

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