10 Best Robinhood Alternatives

10 Best Robinhood Alternatives

A few years back, Robinhood grew to become one of the most well-performing trading apps for investors in the retail business phase. However, in recent days it has faced some setbacks and investors have been moving their securities from Robinhood to other alternatives that seem better. 

Robinhood experiences outages and the users are unable to trade their assets. Sometimes the whole system goes down, and the users are left on the sidelines. Here are some Robinhood alternatives where you can also invest your money.

1. Acorns

10 Best Robinhood Alternatives

Acorns is a financial investment app that allows you to invest in various trading options. Their main driver is micro-savings, which gives you a chance to invest your spare change. Acorns link your card and checking account. It reviews your spending habits using your credit card, and for each transaction, there is a round off to the nearest whole number. It then gets the difference from the checking account and invests in the account you have created in Acorns.

The good thing about this finance app is that you can invest more than just for spare change. You can open multiple accounts: retirement, custodial, and a checking account. It is also a great financial app for starters as it has a minimum investment of $0. It is super affordable and can help you access different financial products.

The table below gives the merits and demerits of Acorns. Check out Acorns website.

ProsCons
Spare change is invested automaticallyThere is a high fee for accounts with small balances
Offers education for beginners The portfolio for investment is small
There are cashback chosen retailers

2. M1 Finance

10 Best Robinhood Alternatives

This is a financial platform that offers free brokerage services for automated investing. M1 Finance gives you a chance to invest in ETFs or fractional share of your stocks. It has high levels of customization, and the users can create a portfolio that is shaped towards what they expect.

M1 Finance is good for sophisticated investments because clients can customize their investing to favor their expectations. It also does not charge trading and management fees or withdrawals and deposit fees to the connected banks. 

Below are the highlights of the cons and pros of M1 Finance. Check out M1 Finance website.

ProsCons
No management fee is paidThere is only one window for trading per day
You can invest in both ETFs and stocksThere aren’t human advisors on finance
Customization of accountTax-loss harvesting is not available
Offers fractional securities investing

3. Stash

10 Best Robinhood Alternatives

Stash is another Robinhood alternative that you should consider. Stash enables you to access investments, banking savings, and retirement all in one. It has a fractional sharing option, and this offers you to invest any amount you wish.

Stash is not free, but it is one of the best for beginners. It charges $1-$9 per month, depending on the account that you have signed upon. The minimum amount for investing is $0. Stash is best for beginners, impact investors, and those investors who want guidance selecting investing. 

Use the table below to understand the pros and cons of Stash. Check out Stash website.

ProsCons
Offers financial advisoryUnavailable investment management
There is a fractional investment of sharesExpense ratios for ETF are high
Offers values-based investment

4. Webull

10 Best Robinhood Alternatives

Webull is an investing app that doesn’t have commissions or fees. The company offers zero deposit minimums and commissions. Webull helps in the diversification of portfolios with a detailed space for the investment of stocks, ETFs, and ADRs.

The only fees charged are the ones required by the law and wire transfers. What makes Webull better than Robinhood is the company offers a detailed analysis of options to make your investments in. This helps users to make better decisions and lower risks. Webull provides a testing platform where you can trade without money. 

Below are some pros and cons of Webull. Check out Webull website.

ProsCons
The platform is easy to useLimited education on finance 
You can trade with cryptocurrencyNo shared(mutual) funds
The charges are low
There are advanced trading techniques

5. Ally Invest 

10 Best Robinhood Alternatives

Ally Invest is a product of Ally Bank whereby you do not need to Have an Ally Bank account to access Ally Invest services. The company has two trading options: managed-portfolios and self-directed trading. 

Self-directed trading does not have commission fees on ETFs and U.S stocks. It also does not have commissions for options trades. The option is created with the simplicity of the system in mind. There are mutual funds, bonds, and margin accounts.

Managed portfolios don’t charge anything for advice, annual charges, and rebalancing. 30% of the portfolio is secluded for interest-earning.

Ally is a better Robinhood alternative because it offers a wide range of options and offers most of the services for free.

The table below gives the cons and pros of Ally Invest. Check out Ally Invest website.

ProsCons
U.S stocks, ETFs, and options are commission-freeAlly Invest has no branches
There is no account minimumNo mutual funds
Best for option traders
The platform is very strong compared to other financial apps

6. Stockpile

10 Best Robinhood Alternatives

Stockpile is a brokerage that is focused on making investments in stock easier and more accessible, especially to young people. It makes buying and selling of stocks and ETFs easy. There are gift card options in which users share stocks as gifts for birthdays or even holidays.

Most Robinhood alternatives do not have commissions. Stockpile charges $0.99 for every share that is traded. However, the company does not have monthly fees or minimums. The good thing with this company is, you can invest over 1000stocks and ETFs without any restrictions. Stockpile allows you to open accounts for kids, but you need to take control of it. 

Stockpile has both good sides and bad sides, as shown in the table below. Check out Stockpile website.

ProsCons
It is simple to useFewer securities offered (options, futures, bonds, and forex are unavailable)
There are gift card optionsLimited analysis tool and research
Commissions are quite low for tradingNo guarantee for better prices
Offers accounts for kids and teenagers

7. eToro

10 Best Robinhood Alternatives

eToro is a brokerage and social trading company that is based in Israel. Its main aim is to offer financial and copy trading solutions. It has other branches in Britain, the US, Cyprus, and Australia. The company allows investors to trade commodities, indices, currencies, and stocks.

If you are looking for a Robinhood alternative where you can invest in cryptocurrency. eToro is the best alternative for you. The company’s popularity in crypto destinations is rising quickly because it offers access to the best coin. You only need to deposit a minimum of $50 to start trading using eToro’s platform. 

The table below highlights the pros and cons associated with eToro. Check out eToro website.

ProsCons
Provides cryptocurrency access of up to 15US eToro users are not able to access crypto trades
Low starting minimum depositNot available in all U.S 50 states
Offers social trading
It has several branches across the world

8. TD Ameritrade

10 Best Robinhood Alternatives

This is another Robinhood alternative. TD Ameritrade is one of the oldest trading assets of the Robinhood alternatives. It is one of the best trading platforms for beginners and investors who are active in the assets trading sectors.

In 2019, the company stopped charging anything on commissions. There is no minimum deposit for you to start trading on their platforms. It is better than Robinhood because it offers several trading options like forex, bonds, and mutual funds. 

The table below gives the pros and cons associated with TD Ameritrade. Check out TD Ameritrade website.

ProsCons
No charges for commissions on ETFs, stocks, and optionsThere are no fractional shares
Advanced trading platform
Nill account minimum
Good customer relations
Vast investment selection

9. Firstrade

10 Best Robinhood Alternatives

Firstrade is a financial transform that is considered secure because it has a long track record and regulators. It is based in the US, and it is regulated by the U.S commissions that deal with securities exchange. It offers the users with various account options like stocks, options, ETFs, and mutual funds.

Firstrade offers intensive education to investors to help them grow their assets and understand how to invest effectively. This company has no hidden fees, and it also offers free trades. 

The table below shows the advantages and disadvantages of using this platform for trading. Check out Firstrade website.

ProsCons
Offers quality educational materials to investorsThe company does not offer space for credit cards or any electronic means for money transfer
Offers no fee on trading stocks, ETFs, and optionsOnly trade with the US alone
Provide investors with quality research toolsIt is not popular with investors

10. E-Trade

10 Best Robinhood Alternatives

E-Trade has been in existence for many years. It excels well even outside its $0 commission trades. The platform is very flexible and has better features. Active investors enjoy $0 commission on all ETFs, stocks, and options trading.

E-Trade is best for research data, beginners, active traders, and free commissions. 

The pros and cons are highlighted in the table below. Check out E-Trade website.

ProsCons
It is easy to operateThe website can be hard to navigate
Wide range of investment selection
High-quality app
Free commissions on options, stocks, and ETFs trades

10 Best Robinhood Alternatives

10 Best Robinhood Alternatives

A few years back, Robinhood grew to become one of the most well-performing trading apps for investors in the retail business phase. However, in recent days it has faced some setbacks and investors have been moving their securities from Robinhood to other alternatives that seem better. 

Robinhood experiences outages and the users are unable to trade their assets. Sometimes the whole system goes down, and the users are left on the sidelines. Here are some Robinhood alternatives where you can also invest your money.

1. Acorns

10 Best Robinhood Alternatives

Acorns is a financial investment app that allows you to invest in various trading options. Their main driver is micro-savings, which gives you a chance to invest your spare change. Acorns link your card and checking account. It reviews your spending habits using your credit card, and for each transaction, there is a round off to the nearest whole number. It then gets the difference from the checking account and invests in the account you have created in Acorns.

The good thing about this finance app is that you can invest more than just for spare change. You can open multiple accounts: retirement, custodial, and a checking account. It is also a great financial app for starters as it has a minimum investment of $0. It is super affordable and can help you access different financial products.

The table below gives the merits and demerits of Acorns. Check out Acorns website.

ProsCons
Spare change is invested automaticallyThere is a high fee for accounts with small balances
Offers education for beginners The portfolio for investment is small
There are cashback chosen retailers

2. M1 Finance

10 Best Robinhood Alternatives

This is a financial platform that offers free brokerage services for automated investing. M1 Finance gives you a chance to invest in ETFs or fractional share of your stocks. It has high levels of customization, and the users can create a portfolio that is shaped towards what they expect.

M1 Finance is good for sophisticated investments because clients can customize their investing to favor their expectations. It also does not charge trading and management fees or withdrawals and deposit fees to the connected banks. 

Below are the highlights of the cons and pros of M1 Finance. Check out M1 Finance website.

ProsCons
No management fee is paidThere is only one window for trading per day
You can invest in both ETFs and stocksThere aren’t human advisors on finance
Customization of accountTax-loss harvesting is not available
Offers fractional securities investing

3. Stash

10 Best Robinhood Alternatives

Stash is another Robinhood alternative that you should consider. Stash enables you to access investments, banking savings, and retirement all in one. It has a fractional sharing option, and this offers you to invest any amount you wish.

Stash is not free, but it is one of the best for beginners. It charges $1-$9 per month, depending on the account that you have signed upon. The minimum amount for investing is $0. Stash is best for beginners, impact investors, and those investors who want guidance selecting investing. 

Use the table below to understand the pros and cons of Stash. Check out Stash website.

ProsCons
Offers financial advisoryUnavailable investment management
There is a fractional investment of sharesExpense ratios for ETF are high
Offers values-based investment

4. Webull

10 Best Robinhood Alternatives

Webull is an investing app that doesn’t have commissions or fees. The company offers zero deposit minimums and commissions. Webull helps in the diversification of portfolios with a detailed space for the investment of stocks, ETFs, and ADRs.

The only fees charged are the ones required by the law and wire transfers. What makes Webull better than Robinhood is the company offers a detailed analysis of options to make your investments in. This helps users to make better decisions and lower risks. Webull provides a testing platform where you can trade without money. 

Below are some pros and cons of Webull. Check out Webull website.

ProsCons
The platform is easy to useLimited education on finance 
You can trade with cryptocurrencyNo shared(mutual) funds
The charges are low
There are advanced trading techniques

5. Ally Invest 

10 Best Robinhood Alternatives

Ally Invest is a product of Ally Bank whereby you do not need to Have an Ally Bank account to access Ally Invest services. The company has two trading options: managed-portfolios and self-directed trading. 

Self-directed trading does not have commission fees on ETFs and U.S stocks. It also does not have commissions for options trades. The option is created with the simplicity of the system in mind. There are mutual funds, bonds, and margin accounts.

Managed portfolios don’t charge anything for advice, annual charges, and rebalancing. 30% of the portfolio is secluded for interest-earning.

Ally is a better Robinhood alternative because it offers a wide range of options and offers most of the services for free.

The table below gives the cons and pros of Ally Invest. Check out Ally Invest website.

ProsCons
U.S stocks, ETFs, and options are commission-freeAlly Invest has no branches
There is no account minimumNo mutual funds
Best for option traders
The platform is very strong compared to other financial apps

6. Stockpile

10 Best Robinhood Alternatives

Stockpile is a brokerage that is focused on making investments in stock easier and more accessible, especially to young people. It makes buying and selling of stocks and ETFs easy. There are gift card options in which users share stocks as gifts for birthdays or even holidays.

Most Robinhood alternatives do not have commissions. Stockpile charges $0.99 for every share that is traded. However, the company does not have monthly fees or minimums. The good thing with this company is, you can invest over 1000stocks and ETFs without any restrictions. Stockpile allows you to open accounts for kids, but you need to take control of it. 

Stockpile has both good sides and bad sides, as shown in the table below. Check out Stockpile website.

ProsCons
It is simple to useFewer securities offered (options, futures, bonds, and forex are unavailable)
There are gift card optionsLimited analysis tool and research
Commissions are quite low for tradingNo guarantee for better prices
Offers accounts for kids and teenagers

7. eToro

10 Best Robinhood Alternatives

eToro is a brokerage and social trading company that is based in Israel. Its main aim is to offer financial and copy trading solutions. It has other branches in Britain, the US, Cyprus, and Australia. The company allows investors to trade commodities, indices, currencies, and stocks.

If you are looking for a Robinhood alternative where you can invest in cryptocurrency. eToro is the best alternative for you. The company’s popularity in crypto destinations is rising quickly because it offers access to the best coin. You only need to deposit a minimum of $50 to start trading using eToro’s platform. 

The table below highlights the pros and cons associated with eToro. Check out eToro website.

ProsCons
Provides cryptocurrency access of up to 15US eToro users are not able to access crypto trades
Low starting minimum depositNot available in all U.S 50 states
Offers social trading
It has several branches across the world

8. TD Ameritrade

10 Best Robinhood Alternatives

This is another Robinhood alternative. TD Ameritrade is one of the oldest trading assets of the Robinhood alternatives. It is one of the best trading platforms for beginners and investors who are active in the assets trading sectors.

In 2019, the company stopped charging anything on commissions. There is no minimum deposit for you to start trading on their platforms. It is better than Robinhood because it offers several trading options like forex, bonds, and mutual funds. 

The table below gives the pros and cons associated with TD Ameritrade. Check out TD Ameritrade website.

ProsCons
No charges for commissions on ETFs, stocks, and optionsThere are no fractional shares
Advanced trading platform
Nill account minimum
Good customer relations
Vast investment selection

9. Firstrade

10 Best Robinhood Alternatives

Firstrade is a financial transform that is considered secure because it has a long track record and regulators. It is based in the US, and it is regulated by the U.S commissions that deal with securities exchange. It offers the users with various account options like stocks, options, ETFs, and mutual funds.

Firstrade offers intensive education to investors to help them grow their assets and understand how to invest effectively. This company has no hidden fees, and it also offers free trades. 

The table below shows the advantages and disadvantages of using this platform for trading. Check out Firstrade website.

ProsCons
Offers quality educational materials to investorsThe company does not offer space for credit cards or any electronic means for money transfer
Offers no fee on trading stocks, ETFs, and optionsOnly trade with the US alone
Provide investors with quality research toolsIt is not popular with investors

10. E-Trade

10 Best Robinhood Alternatives

E-Trade has been in existence for many years. It excels well even outside its $0 commission trades. The platform is very flexible and has better features. Active investors enjoy $0 commission on all ETFs, stocks, and options trading.

E-Trade is best for research data, beginners, active traders, and free commissions. 

The pros and cons are highlighted in the table below. Check out E-Trade website.

ProsCons
It is easy to operateThe website can be hard to navigate
Wide range of investment selection
High-quality app
Free commissions on options, stocks, and ETFs trades