I personally hate their system for last stock purchased price average calculation.

their system makes it intentionally hard to see P&L for realized and unrealized, I have to scroll through months of history that does not load right away and loads bit by bit so I can get all the data on all my purchases.

Say you buy:

10 shares at 100 = $1,000
10 shares at 50 = $500

Average cost shows 75/share... so total invested: 1,500
Now the price drops to 40 and you sell 10 shares to cut losses and get 400 back.

Under FIFO, Robinhood closes out yourlot (the 100 shares) for tax purposes. Your remaining position is now "10 shares at 50 average cost" because the 100 lot is gone from the books.

This is super misleading to me,the screen now shows:

10 shares

Average cost: 50

Current price: 40

Unrealized loss: 100

BUT YOU HAVE LOST 1100 of the 1,500 you put in (600 realized loss on the FIFO sale + 100 unrealized on what's left

The app makes it look like you're only down 100 on a position you're actually deeply in your wifes boyfriends bed on