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Robinhood vs. Webull. A 1-Star Customer Service Experience vs. All-Around Trading Platform

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In early May, when the crypto market exploded, I trusted the Robinhood exchange platform, and what I experienced after two outages made me discover the other advanced side of the stock exchange and trading, Webull.

The two stock and crypto exchanges are supposedly serving the same purpose and one of them is far ahead.

I started trading on January 1st, 2021, and I became more and more invested, testing the waters and learning from experience day by day using the Robinhood platform.

By May, I was invested in Bitcoin, Ethereum, Ethereum Classic, and Dogecoin. The first week of May was exceptional. The demand and volume were so high that Ethereum Classic rose 82% in one day.

At that point, there were outages when the prices were soaring to the sky. The first outage was mainly because of Dogecoin and because the system crashed, I couldn’t sell my Doges while the price was going downhill as if it was going to have zero value in an hour.

Because of a system outage, Dogecoin was inactive for about an hour

As I couldn’t take any action, I lost about $600 from my investment in Dogecoin.

Then, less than a week later, the same occurred with Ethereum. Again, it was an outage and the entire crypto market lost so much value in a matter of minutes. All I could do was watching my funds going down without being able to take any action. I lost about 0.2 Ethereum in less than 10 minutes because I was only able to buy back when the price increased by 0.2 Ethereum.

This is what happened in 2 minutes to Ethereum when the system outage occurred.
This is when I could buy again after losing 0.2 Ethereum because of the outage.

I immediately took the screenshots as above and contacted Robinhood customer support explaining all for both the cases with clear proofs.

The below is their first reply. Then, there was another 12 email conversation with just the same template.

First email of Robinhood customer support

After 10 emails, I realized that they were just protecting their company and I didn’t feel like a customer with rights if even I show them clear proofs.

All emails were like templates saying the same thing: We had an outage. I understand your frustration. We will be reviewing and investigating soon and let you know when we finalize it.

Instead of writing these emails, they could just check the timeframe and my actions and inactions while checking the screenshots. Instead, they wrote standard emails thinking that customers don’t matter and they aren’t smart enough to realize what they are doing.

In the end, after 3 weeks, I received the below email:

Final decisive email of me losing $1500 because of their outage.

As you can see, they didn’t even investigate. They basically thought that I am a small player and that I have enforcement to seek my rights. The agent even says at the end of the email: you had hoped for — as if I am the one trying to trick them.

After this email, I realized that Robinhood wasn’t a platform I can trust my money and that they don’t think long-term.

Maybe I should sue them and go to court for 3 years and then, maybe someone makes a film about a trader seeking his rights for 3 years, but I don’t think I have the will to do that.

Goodbye, my $1,500.

However, I am such a word-of-mouth person so I will tell anyone distant and close when the subject is about trading and Robinhood — just as how I am doing now.

So many reasons. Here is what I have at the top of my head:

  • Customer service
  • Analysis tools
  • Stop Loss / Stop Buy Order Ability
  • Community
  • News and Financials
  • Screeners
  • Customization

Webull is only 3 years old, however, it’s incredibly capable and innovative with both its mobile and desktop app.

As I use Webull, I realize that Robinhood was such a basic tool. Webull is basically a very smart and beautiful experience for a trader.

Here is why.

You already know how I feel about Robinhood customer support. With Webull it’s a totally different experience. Firstly, they have phone support and they actually resolve your issues, not putting you in an insignificant role.

First of all, the setup of the analysis tools makes them easy to understand and follow. Basically, it’s a beautiful experience. As you use the Desktop 4.0 version, you will not be needing Tradingview because it has all the indicators that you can customize, and best of all, you can trade from the same platform instantly, using the same screen without distractions.

Webull intuitive desktop 4.0 that you can fully customize

On the other hand, Robinhood tools for analysis are basic at best. They only have 4 indicators available and transition between the screens is time-consuming.

When I first started trading, I wasn’t aware of the existence of stop order and without knowing the concept, I was wishing to have an automated critical level to stop the order and when I discovered about stop order, it was the aha moment.

Stop-Loss and Take-Profit Orders are required for all traders

Using the Stop order automation, I am able to limit my risk as well as I want without checking the screen each minute. As the 1% rule suggests, traders shouldn’t be risking more than 1% of their account value at a single trade.

Webull gives the ability to execute stop orders and Robinhood doesn’t. This one reason shows that Robinhood is not good for traders.

Webull has a community forum that any member can comment on the specific stocks or cryptos they want. This allows people to share opinions as well as technical knowledge, which adds incredibly to the experience of learning while playing the game.

Robinhood basically doesn’t have any community and you are all by yourself making decisions.

Webull has a very advanced news and financials section for members so that they can grow their knowledge while checking the data and stock on the same screen conveniently.

Webull financial analysis is much more advanced

Robinhood has very limited news for some stocks and cryptos and they have very limited financial information showing mostly the earnings report chart mainly.

Even though I feel Webull is far more advanced than Robinhood in screeners, I am using Finviz to screen stocks. It’s an incredible tool. You may want to Youtube: How to use Finviz screeners — if you are not familiar.

Especially with the new update of Desktop 4.0, you can build your custom Webull desktop view and place all your market watch, stocks, news, market orders, etc. as you like.

Robinhood doesn’t offer any customization.

If I didn’t lose my own funds to some outage, then, I would even feel lucky about the incident because it let me explore new platforms, which led me to find Webull, a much more advanced platform for both new and seasoned investors and traders.

If you are currently using Robinhood and you haven’t tried Webull, I’d suggest that you open a Webull account and they give away 3 shares which can amount to $1,500 if you are really lucky — when you deposit $100.

What do you think of Robinhood and Webull. Curious to know your experiences.

Source: https://medium.com/innovation-party/robinhood-vs-webull-a-1-star-customer-service-experience-vs-all-around-trading-platform-7ca428db41f9?source=rss——-8—————–cryptocurrency

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El Salvador to airdrop $30 in Bitcoin to every adult citizen

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The president of El Salvador  has announced the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country.

The announcement was welcomed by Bitcoiners, with influencers speculating El Salvador’s government wil need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.

Quickly googled estimates of the adult population of El Salvador varied, with onchain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.

Others placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman using the figure for some rough back of the envelope calculations suggesting that $195 million worth of Bitcoin will be airdropped across the country.

Exact figures are hard to find but Statista shows that in 2019 the population aged 15 and above was 4.72M.

However, crypto Twitter’s euphoria may be be slightly premature, as local publication Prensa Latina notes El Salvador’s citizens will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.

The news was announced during a June 25 press conference, with President Bukele stating the government’s “wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.”

President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7.

Related: Opposition poses constitutional challenge to El Salvador’s Bitcoin law

El Salvador’s Bitcoin law was passed roughly two weeks ago. While the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank.

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Source: https://cointelegraph.com/news/el-salvador-to-airdrop-30-in-bitcoin-to-every-adult-citizen

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Ethereum London upgrade launches on testnet as 100K staked in a day on Eth2

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Ethereum’s forthcoming London upgrade, containing the highly-anticipated Ethereum Improvement Proposal (EIP) 1559, has been deployed on the Ropsten testnet.

Following the June 24 launch on Ropsten, London is now expected to progress through Ethereum’s Goerli, Rinkeby, and Kovan testnets at roughly weekly intervals — from which point the Ethereum community expects a date for mainnet deployment to firm up.

The new upgrade will see transaction fees burned. According EIP-1559 tracking website, Watch the Burn, roughly 88,500 testnet ETH nominally worth $177.6 million has been burned on Ropsten over the day since London’s deployment.

The high rate of Ether being burned on Ropsten has reignited discussion regarding whether EIP-1559 will render Ethereum deflationary — where more ETH is destroyed than new supply enters into circulation — and what this could mean for Ethereum’s price moving forward.

However, EIP-1559 is not the only upgrade that the community is looking forward to from London, with David Mihal of CryptoFees describing EIP-3074 as “fixing one of Ethereum’s most overlooked security issues” to do with approvals.

Related: A London tour guide: What the EIP-1559 hard fork promises for Ethereum

Coincidentally or not, crypto data aggregator, CryptoQuant, identified that 100,000 Ether had been deposited into Eth2’s staking contract around the same time as the launch, worth roughly $200 million.

CryptoQuant also noted that more than 5% of ETH’s supply is currently locked in staking worth approximately $11.75 billion.

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Source: https://cointelegraph.com/news/ethereum-london-upgrade-launches-on-testnet-as-100k-staked-in-a-day-on-eth2

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Crypto Companies Innovate to Serve Their Users Better

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The quest to leverage the crypto and DeFi boom means crypto companies must constantly be innovative to serve their users. If company “A” doesn’t do it, there is every certainty that company “B” will fill in that gap. TrustToken, Phemex, and Kryll are among the many crypto companies constantly innovating and launching new features on their platform. In this article, we shall look at some of the ways these companies are evolving in order to meet the demands of their users, and serve them better.

New $USDT lending pool by TrustToken

On June 18, 2021, TrueFi launched a new USDT lending pool for collateral-free loans. According to Head of Strategy Ryan Rodenbaugh, USDT remains one of the most demanded assets by crypto borrowers – and the new pool has grown rapidly in both size and utilization.

Growing these lending pools was helped by lucrative incentives: depositors enjoyed loan interest and generous TRU token rewards totaling more than 40-50% APY. In lending, utilization is key: with much of the capital sitting unallocated, are TrueFi users “overpaying” for stablecoins deposits?

TrueFi governance was quick to respond: a new proposal adjusting pool incentives based on utilization, pegging incentives for given lending pools (of TUSD, USDC and USDT today) to their rate of borrowing – dynamically – helping TrueFi reward the most productive assets.

The pools add a new way for crypto holders to earn returns while sitting in the safe haven of stablecoins during the market’s swings. In fact, TrueFi pools may offer some of the highest earning opportunities on stablecoins – and are free of impermanent loss.

Phemex launches Learn and Earn on its platform

Since its launch in 2019, Phemex crypto and futures trading exchange has been making giant strides in the crypto space. The platform offers spot trading, contract trading, and futures trading. It seeks to position itself as the most trusted in the industry.

In its bid to educate beginners on the crypto and blockchain industry, Phemex has recently launched its “learn & earn” program. The purpose of the new feature is strictly to incentivize new crypto users.

The new feature comes with interactive videos and other intuitive lessons designed for beginners. To motivate these learners, the crypto exchange has come with a way for learners to earn rewards while they learn. At the end of each lesson, users will be presented with a short quiz for them to provide the right answers. If a user answers all the questions correctly, the user will receive a reward from the platform. This becomes a good motivation for learners to pay attention and be serious throughout the learning process.

No more struggle to understand jargon-filled information

The “learn & earn” program is designed to be beginner-friendly and offers learners a fun and easy way to understand cryptocurrency basics. Users will first learn about Phemex’s essential features and how each feature works. The program also explained how cryptocurrency works and how beginners can trade cryptos on exchanges.

Kryll allows users to create their own crypto trading strategies

Krill is a crypto trading marketplace where users can create and own trading bots. There are currently more than 270 active trading strategies on the platform. Users can also publish their trading strategies for other users to use, and the publisher makes good profit in the process. In its bid to offer efficient services to users, Kryll developed tools that allow its users to create powerful trading bots for Binance, Kraken, and Bittrex. The interesting thing is that users don’t need to have prior coding skills to use this new feature on Kryll. Creating your trading bots on the platform is as easy as drawing on a whiteboard.

Users no longer have to constantly stay in front of their computers to trade. These bots are hosted in the cloud and operate 24/7. As a user of Kryll, you can now leverage the trading bots to save time and optimize your profits.

The platform also has a marketplace which gives users access to a community of experienced crypto traders who automate their trades on Binance, Kraken, Bittrex, and HitBit. Users can test, rent and offer automated trading strategies with each other.

Building better interaction with users

The innovative approach of crypto companies like TrustToken, Phemex, and Kryll is the tip of the iceberg, considering the high number of features introduced in the crypto space every day. It is an indicator that the cryptocurrency industry is still growing, and there are still more grounds to cover. TrustToken, Phemex, Kryll, and other crypto platforms are persistently leveraging the crypto boom to interact better with their users.

Image by Arek Socha from Pixabay

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Source: https://bitcoinist.com/crypto-companies-innovate-to-serve-their-users-better/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-companies-innovate-to-serve-their-users-better

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