Best Robinhood Alternatives: Top Competitors
1) Webull – Intermediate-level investors but still actively involved in stock market and options trading
Webull is a relatively newer investment platform designed for new and seasoned investors. It has no fees—including commissions – except some minor wire transfers and SEC fees. This online brokerage firm puts heavy emphasis on the idea that innovative technology has the potential to improve your returns in the stock and cryptocurrency market. It also provides a practice account that lets you make trades with fake money.
Features:
It provides lots of tools for analysis. Commission-Free Trading. It offers an option to buy and sell a long list of cryptocurrencies. Provide an option to access stocks listed on major exchanges, options, and ETFs. Does not require any minimum balance.
Key Specs:
Deposits & Withdrawals: • Wire Transfer- Deposit- $25 and Withdrawal – $45 • ACH deposit and withdrawals no fees Investment options: US market stocks, options, ADRs, and ETFs, and specific cryptocurrencies. Minimum Balance: You don’t need to maintain a minimum balance. Support: Chat, email, and Phone. Visit Webull »
2) M1 Finance – Don’t want to take an active role in portfolio management
M1 Finance is a cost-free investment service and a strong competitor of Robinhood. With the M1 Finance investment app, you can get both traditional investment services and receive professional investment guidance. It also provides a quick way to access your money and transfer the money seamlessly between investments.
Features:
This alternative to Robinhood offers 2% Loans Through M1 Borrow. You can earn 33x the national average APY for a checking account. Earn stock back from spending. It is one of the best alternatives of Robinhood, allowing you to purchase fractional shares of stock. It allows you to send physical checks without ever touching a pen. A hybrid between self-directed and robot-advisor. Supported platforms: iOS and Android.
Key Specs:
Fees: $125 per month. Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading Investment options: M1 automates the building and maintenance of your custom investment portfolio. (ETFs or individual stocks) Minimum Balance: You cannot withdraw or deposit less than $10. Investment types available: Stocks, ETFs. Visit M1 Finance »
3) Public – Looking for social trading features.
Public.com is a stock and ETF trading app founded in 2017. This app uses a third party, Apex Clearing, to handle the background administrative stuff of running public user accounts. Public allows you to purchase a fractional share. It is a trading app like robin hood that allows you to follow specific companies. This investment app makes your portfolio public to other users and gives you the ability to browse others’ portfolios.
Features:
Free investment platform Social trading features You can trade cryptocurrencies It is one of the best apps like Robinhood that Never charge any trading fees or commissions
Key Specs:
Fees: Free stock/ETF trades Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading Investment options: Stocks and ETFs Minimum Balance: No minimum balance Support: Phone and Live Chat. Visit Public.com »
4) TD AmeriTrade – All-around, balanced investors, and optional Trading.
TD Ameritrade is one of the best replacements of Robinhood, and the platform is easy to navigate and works perfectly on both the app and desktop/laptop computers. This brokerage firm does stock research and offers numerous investment opportunities. This trading app, like robin hood, helps you become a better investor with its multitude of available tools. Depending upon your needs, you can create several watchlists and set custom alerts to remain updated with the trends.
Features:
Great for new or experienced investors. Comprehensive trading options. No commissions. Interactive courses and webcasts. Supported platforms: iPhone App, Apple Watch, Android App.
Key Specs:
Fees: $0.00 commissions. Deposits & Withdrawals Methods: Electronic bank transfer, Wire Transfer, Deposit via mobile, etc. Investment options: Stocks, Options, ETFs, Mutual Fund, futures, Forex, Margin Trading, Crypto Trading, IPO, etc. Minimum Balance: platform fees and no trade minimums. Support: Phone: 24/7; Text: 24/7; Live Chat: 24/7; Email Link: https://www.tdameritrade.com/
5) CoinBase
This strong replacement of Robinhood does more than allowing you to invest in crypto. Signing up for a Coinbase account allows you to get a Coinbase Visa debit card to spend crypto anywhere. A Robinhood competitor offers a handy dashboard that allows you to keep an eye on your assets’ real-time prices and value. This crypto trading exchange platform keeps you fully informed, making sure you can make the most of each coveted opportunity.
Features:
Manage your portfolio, make recurring buys, and have vault protection to store your funds Earn $5 in bitcoin for getting started on Coinbase Over 56m verified users operate on the platform It allows you to securely store a wide range of digital assets in offline storage It provides a safe way to buy Bitcoin online and schedule your crypto trading at any time of the day This crypto exchange stores your funds in a vault for safety purposes
Key Specs:
Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading Investment options: Crypto Minimum Balance: $2 per month. Countries Supported: Bahamas, Bermuda, Canada, Mexico, Panama, Trinidad and Tobago, United States, etc. Support: Chat and Email. Visit CoinBase »
6) Acorns – Long-term investors
Acorns is a micro-investing platform that’s gained quite a bit of steam over the past few years. This Robinhood competitor uses the hands-off approach to investing. Therefore, you don’t have to spend time researching, building, and rebalancing your portfolio.
Features:
It helps you to expand your earnings potential in financial markets. You can start investing with just $5, making the app perfect for new and small investors. Like Robinhood, this app improves your financial stability through better spending habits. Recurring Investments and One-Time Investments Supported platforms: Android and iOS.
Key Specs:
Fees: $3 a month Deposits & Withdrawals Methods: Wire Transfer and Bank Transfer. Investment options: Stocks, ETFs, bonds Minimum Balance: $0 to open, but $5 requirement to invest Support: Chat and Email. Visit Acorns »
7) Sofi Invest – IPO Investing
SoFi is an online discount broker that launched in 2011. The company offers a compelling investing experience alongside a top-notch personal finance tool. It is one of the best alternatives to Robinhood also offers student loan refinancing, insurance, a cash management account (with a debit card), personal loans, and more. A trading app like robin hood enables you to begin trading with as little as $1 with SoFi Invest. You can also trade stocks and ETFs with no commission, and it’s free of charge.
Features:
Trade stocks and ETFs with no commissions or participate in upcoming IPOs before trading on the public market. It offers an option for personal loans to student loans. Invest in Stock Bits (fractional shares. It helps you to automated investing options for a hands-off approach.
Key Specs:
Fees: $0 Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading Investment options: Free stock/ETF trades Minimum Balance: Does not charge commissions on trades or require investors to maintain any minimum account balance. Support: Phone support only. Link: https://www.sofi.com/invest/
8) E*Trade – Options traders
E*TRADE is a highly advanced trading platform out there. It enables you to trade stocks, ETFs, options, and mutual funds. You’ll have the ability to do extensive investment research if you want to or use an ETF screener to find a match for your investment needs. It is a trading app like Robinhood, ideally suited for advanced traders, active day traders, derivatives traders, and retirement savings. This is an app similar to Robinhood, which is suited to small investors who prefer to buy-and-hold and execute only a few trades per year.
Features:
$0 commission for online US-listed stock, ETF, and options trades. Allows Trading in 77 international markets. No minimum account balances. 250 fee-free ETFs. Hybrid investment options. Provide access to E*TRADE bank. Supported platforms: Web-Based, iPhone App, Apple Watch, Android App.
Key Specs:
Fees: $0 Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading Investment options: Stocks, OTC/Penny Stocks, ETFs, Mutual Funds, Bonds, Options, Forex, etc. Minimum Balance: No account minimum Support: 24/7 live chat and Email Support. Link: https://us.etrade.com/home
9) Stash – Anyone who needs banking and investment accounts
Stash is undoubtedly one of the best for beginners because you’ll get the investment app, banking options, as well as a debit card. So, everything is included in a single app, making managing your finances a breeze.
Features:
Full banking solutions. Offers automated options. Helpful guidance. Offers fractional shares investments. It helps you with personal finance management.
Key Specs:
Fees: Acorns Personal: $3/month & Acorns Family: $5/month. Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard Investment options: Stocks and ETFs Minimum Balance: No minimum balance on investment Support: Phone, email, and chat Support Link: https://www.stash.com/
10) Betterment – Tax-loss harvesting purpose.
Betterment is one of the best Robo-advisor apps for anyone who doesn’t want to pick their stock but would rather have their portfolio managed by professionals. It is one of the best alternatives to Robinhood that also offers a checking and savings account (called their Cash account) at no cost.
Features:
Offers complete investment management. Tax-loss harvesting is offered on taxable accounts. Provides and climate-conscious options, low-risk options socially. It allows you to make deposits at will or set up monthly transfers into the account.
Key Specs:
Fees: Betterment charges a 0.25% management fee Deposits & Withdrawals Methods: Electronic transfers and wire transfers Investment options: ETFs Minimum Balance: You can keep Betterment accounts with a $0 balance. Support: You can contact them via phone or email. Link: https://www.betterment.com/
What to Look for in a Robinhood Alternative?
Here are some critical steps to follow while looking for the best Robinhood alternative. Step 1) Fees: Your online brokerage may charge different types of fees, which can vary significantly from broker to broker. Robinhood is one of the cheaper brokers. Therefore if this is an essential consideration for you, make sure you select a similarly low-cost Robinhood alternative. Step 2) Account opening: Some brokers require at least $10,000 to be invested while opening an account, while others don’t set a minimum first-time deposit. It would be best to consider the time taken to open the account. Step 3) Deposit/withdrawal: The number of ways to deposit or withdraw money to or from your account matters exceptionally. For example, while you cannot deposit with your credit card at Robinhood, some alternatives might allow you to do that. Step 4) Web trading platform While online brokers are usually available on mobile apps, tablet apps, or desktop software, most people use them through their web platform in a browser. A user-friendly trading web app offers many different resources to increase your trading comfort significantly. Step 5) Markets and products Many people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products.
FAQs
WebullM1 FinancePublicTD AmeriTradeCoinBaseAcornsSofi InvestE*TradeStash
Robinhood lacks a large number of trading analysis tools, and it only allows you to create watchlists and view real-time market data.It also offers very little in the way of trading education.Its candlestick charting options are not easy to view on the mobile screen. As its mobile trading app uses the standard green and red candle scheme like other brokers, shadows are pretty difficult to see on Robinhood’s white mobile background. Moreover, you can’t adjust candle periods to minutes or hours like most other platforms.Robinhood only offers individual taxable accounts, and you cannot open an IRA or solo 401(k) through Robinhood.You cannot purchase mutual funds through Robinhood’s platform.
