Which investment platform has the best security?

General
1

Between Robinhood, E-Trade, TD Ameritrade, Fidelity, etc., which one offers the best security? I’m looking for something that has multiple layers of protection so nobody can just wipe out my savings.

I’ve been talking to my parents’ financial advisor, but I don’t think paying him 1% of my portfolio is worth it when all he’s doing is buying an index ETF—something I can do myself. That said, one argument for an advisor is that it should be harder for someone to access my funds without interacting with them first. Plus, if something went wrong, I’d have more leverage with an advisor’s firm than with a brokerage.

Do any platforms have extra security features like enhanced 2FA or settings that make selling/transferring money more difficult? I use Robinhood now, but it seems like someone could steal my phone, get in, and drain my account way too easily.

2

They’re all pretty similar—just pick one that offers 2FA.

Biggest security risk? The user. Meaning you.

3

Xander said:
They’re all pretty similar—just pick one that offers 2FA.

Biggest security risk? The user. Meaning you.

Yeah, fair point. Are third-party 2FA apps actually secure?

4

Blair said:

Xander said:
They’re all pretty similar—just pick one that offers 2FA.

Biggest security risk? The user. Meaning you.

Yeah, fair point. Are third-party 2FA apps actually secure?

Way more secure than SMS-based codes. SMS 2FA can be intercepted, so you definitely want an authenticator app instead.

5

Xander said:
They’re all pretty similar—just pick one that offers 2FA.

Biggest security risk? The user. Meaning you.

Yup, most account breaches are due to user mistakes, not the platform itself.

6

I use Fidelity and Schwab. Both have multi-factor authentication (MFA) on their apps with Face ID.

For website logins:

  • Schwab: Uses six-digit SMS codes (not great, but still something).
  • Fidelity: Uses its own mobile app for authentication, which is more secure than SMS.

I haven’t used Vanguard in a while, but I wouldn’t touch Robinhood if security is your main concern.

7

@Fox
Good info, thanks! I guess if someone’s willing to knock me out or torture me to get my passcode, that’s a different problem altogether lol.

8

Blair said:
@Fox
Good info, thanks! I guess if someone’s willing to knock me out or torture me to get my passcode, that’s a different problem altogether lol.

Yeah, Face ID actually won’t work if your eyes are closed or you’re unconscious. Not perfect, but definitely better than just using passwords or SMS codes.

9

I have accounts with Vanguard, Fidelity, Schwab, Robinhood, and ComputerShare for direct stock purchases.

None of them have had major security issues that affected me. They all offer multi-factor authentication, login approvals, and other security features. If they weren’t secure, they wouldn’t be in business.

Just make sure you use multiple layers of protection like Face ID, app-based authentication, and strong passwords.

10

@Tatum
Appreciate this! I just wish I could lock my investments in a way that required multiple approvals to sell or withdraw.

I use a PIN for Robinhood and change my password occasionally, but I’m hesitant about third-party 2FA.

I’m thinking of putting $500K into an S&P 500 fund and keeping it locked up for 10-20 years—just want to make sure it’s safe.

11

@Blair
For that kind of money, I’d go with Schwab, Fidelity, or Vanguard. You’ll be way better off than with Robinhood.

12

When I started managing my own investments, I bought two identical desktop PCs—one for daily use and one strictly for my brokerage accounts.

Before logging in, I run an antivirus scan, place my trades, log out, run another scan, and then turn off the PC completely.

This drastically reduces the chance of malware or keyloggers compromising my accounts.

13

@Holt
That’s a next-level setup!

14

@Holt
Are you a millionaire or something?

15

San said:
@Holt
Are you a millionaire or something?

Yes.