Robinhood accounts are protected by the SIPC. Although with other discount brokers introducing free trading, I would tend to agree with you that continuing to use RH with its simplistic interface and appalling execution is pretty silly.
Robinhood accounts are protected by the SIPC. Although with other discount brokers introducing free trading, I would tend to agree with you that continuing to use RH with its simplistic interface and appalling execution is pretty silly.
This is correct. But SIPC reimbursement can take months. For non-trivial balances, one may need a lawyer to prove ownership.
After that, an accountant would likely be needed to reconcile records, including for tax purposes. (Tax forms are not automatically generated for brokerages in receivership.)
But, I'm sure that Robinhood must be omitting those values on purpose, and the only reasoning I can come to is that they want their users to be less educated because it is more profitable for them.