Have been really tempted to transfer my ROTH to Robinhood due to their yearly match as well as the transfer match. I’d make like 2,000 from the transfer. My wife has her ROTH in Robinhood and has received almost 800 from the past few years of IRA matches and it’s certainly tempted me. Basically all my stuff is in Fidelity and while I am tempted to do this, Fidelity just seems so much more legit and definitely has better customer service. Has anyone done this and do you think it’s worth it?
Is it a bad idea to transfer my ROTH from Fidelity to Robinhood for their match?
byu/Same_Bag711 ininvesting
Posted by Same_Bag711
15 Comments
I haven’t but I wouldn’t. I understand why it’s tempting, however.
Stay away from Robinhood
Churning brokers is quite profitable if you have capital. You often hear about it with credit cards / promos — but swapping brokers every few years for their bonus / promos is where churning can actually make sense. You can often make over a thousand per annum, yes.
Yes, it’s literally free money. Even better because it gives you more in a tax-advantaged account with limited contributions allowed. Why wouldn’t you?
I just did it, I believe it is worth it but I’d understand if you didn’t
Fucc no lmao 😂😂😂
Interesting, had not heard of that match.
Robinhood generally sucks. Read all the terms. Do their funds have a higher fee than what you would otherwise hold? Are you able to invest in the same thing you would hold at Fidelity?
Can’t be worse than using your grandma’s money to buy Intel stocks.
I just did it. Between my brokerage and ira I got just under 50k for just moving it. That being said, I do have a separate account if I need money since they will claw back if your account is under the amount transfered and you take out any money.
I did it. Free money, no cost. Just dont mix up your gambling account with your roth
Robinhood turned off the buy button during the Gamestop short squeeze. I wouldn’t trust a dime on that platform.
You don’t have a ROTH. You have a Roth IRA.
If you want to trust a company like that with your money, go ahead. If you want to be smart, then you shouldn’t go anywhere near them no matter the reward. It’s literally blood money.
Would you be able to transfer back or out to something else after a certain period? Or would it be a permanent lock to Robinhood?
Must keep it in Robinhood for 5 years
I did exactly this in 2025. I even emailed Fidelity asking for just a PARTIAL match to keep my business. They said “adios!”
The process was simple and while I don’t regret it, I will likely go back to Fidelity after the 5 years is up.