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16 Best RobinHood Alternatives In 2022 (Ranked and Reviewed)

Written by Cody

Updated: Mar 23, 2022

If you’re new to investing and researching which platform to use to make your first trade, you’ve likely heard of the Robinhood app. This publicly-traded company has pioneered the way for making trading and investing easy, and straightforward for newbies. However, the app does have some pitfalls which may leave you wondering what Robinhood alternatives are out there?

In this post, we’ll cover an extensive list of the 16 best Robinhood alternatives and go over why you may or may not want to use Robinhood as your primary app for trading and investing.

What are the Best Robinhood Alternatives?

Robinhood is one of the leading trading platforms and it offers a variety of features that make it excellent for both beginners and seasoned traders. As good as it is, users may be disgruntled because of one or two features and may be on the lookout for Robinhood alternatives. 

Let’s discuss a few Robinhood alternatives and their features.

1. M1 Finance

Overview

M1 Finance is a unique American financial services company that was founded in the year 2015. M1 is a robo-advisory investment platform which is a digital platform that offers investment services with very minimal human intervention. M1 Finance focuses on brokerage accounts, lines of credit, and digital checking accounts. Hands-off investors enjoy a wide selection of tailored investment portfolios while hands-on investors can enjoy the ability to pick individual assets to build customized portfolios.

Highlights

  • More affordable fees on margin accounts. 
  • Smart and intuitive trading tools. 
  • Flexible and customizable user-friendly platform. 
  • Portfolio customization and a wide range of tailored investment portfolios.
  • Sec registered investment adviser.
  • Offers investment research. 
  • Automated investment services.
  • Users have a selection of more than 6000 stocks and ETFs to pick from to create personalized portfolios. 
  • The automated tools can help users to move excess cash into investment accounts.
  • Offers retirement accounts.

Pricing

M1 Finance does not charge commissions and it has affordable fees. M1 Finance has two levels which are:

  • M1 Basic- free
  • M1 Plus- the first year is free with $125 paid every year afterward

Both levels provide basic services like rebalancing investments but M1 Plus has a few more features.

Bottom Line

M1 Finance is the best choice for investors who have developed some skills but still need a platform that can manage their investments. 

2. Public

Overview

Public is an online brokerage company that lets users invest with any amount of money. It is an interactive app that allows investors to chat with each other and give each other ideas. The interactive feature  makes Public unique. Public also makes it possible for investors to invest in companies using dollar amounts, instead of the number of shares they are buying. Investors get access to thousands of stocks and they can start investing with commission-free trading.

Highlights

  • Beginner-friendly platform, perfect for amateurs.
  • Commission-free trades.
  • No account minimum.
  • Investors can interact with each other via chats and comment functions.
  • New Public users get a free $10 stock slice. 
  • Users can access prebuilt portfolios.
  • Public is a mix of social media and brokerage. 

Pricing

Public is completely free. An investor can open a brokerage account with as little as $1. Equity trades also have zero commission though other fees like wire transfer fees may apply.

Bottom Line

Public is perfect for amateur investors. You can take advantage of the commission-free trades and start investing today.

3. Webull

Overview

Another good choice for Robinhood alternatives is Webull. Webull is a commission-free trading platform that can be accessed via an investment app on mobiles or a desktop computer. Webull offers a wide variety of selections for seasoned traders with up to 11 cryptocurrencies. The mobile app is perfectly designed with an easy-to-use user interface.

Highlights

  • Zero commission.
  • $0 account minimum. 
  • There is the option to conduct paper trading.
  • Traders who open new accounts are offered two free stocks.
  • A selection of up to 11 cryptocurrencies. 
  • Offers investment research.
  • Efficient mobile app with a neat user interface. 
  • Webull users can connect via the active Webull community. 
  • Access to Roth IRAs, rollover IRAs, and traditional IRAs.

Pricing

Webull offers free stock trading with zero commissions. Webull only charges for premium data. All registered users get a 3-month subscription to Level 2 Advance completely free of charge.

Bottom Line

Webull is better suited to seasoned traders because of its weak educational content. Take advantage of the zero commission and the $0 account minimum and start trading stock.

4. SoFi Invest

Overview

SoFi Invest offers automated investing and allows users to trade crypto, stocks and ETFs, and invest in IPOs. Users can start trading with zero commission and they can participate in upcoming IPOs before they are accessible to the public market. 

Highlights

  • Offers a wide range of cryptocurrencies to choose from.
  • Advanced traders can invest in upcoming IPOs before they are available to the public market.
  • No commission trade
  • Investment advisory services are offered.
  • Offers up to 20 coins that users can trade.
  • Fractional shares allow traders to invest with very little amounts.
  • Automatically managed diversified portfolio. 
  • Offers automated investing service.
  • Traders can start investing with as little as $5.

Pricing

SoFi Invest is a free, zero-commission platform where traders can save money and start trading with as little as $5. There are also no withdrawal or inactivity fees.

Bottom Line

SoFi Invest is excellent for beginners as it offers a low-cost automated advisor and zero commission. Take advantage of the fractional shares and start investing with as little as $5.

5. Moomoo

Overview

Moomoo is one of the best Robinhood alternatives and it offers a superior trading experience. Moomoo charges low commission and users can freely invest in U.S. stock and ETFs. Moomoo is a relatively safe trading platform that is regulated by high-level finance authorities. It has investor protection that goes up to $500,000.

Highlights

  • A reliable platform that offers high volume and fully optimized features.
  • Level 2 market data at no cost.
  • Low commission fees.
  • Safe trading platform with investor protection.
  • High-quality analysis tools. 
  • Easy and hassle-free registration and account opening.
  • Moomoo doesn’t charge an inactivity fee.
  • Intuitive platform. 

Pricing

Moomoo has low trading fees at $0.99 commission per trade. They have a very low platform fee and opening an account is completely free of charge. It also has no minimum funding requirement.

Bottom Line

Moomoo is beginner-friendly. The low commission also makes it an attractive option for more experienced traders.

6. eToro

Overview

eToro is one of the best Robinhood alternatives and it is a unique social trading platform that offers both stock and cryptocurrency investment options. Investing involves risk. eToro ensures the safety of client funds by keeping them secure in tier 1 banks and using SSL encryption to safeguard data.

Highlights

  • Allows investors to buy fractional shares. 
  • Zero commission and no limits to commission-free trades.
  • Offers the option to connect with other traders.
  • Rapid execution of market orders.
  • Customizable crypto-based investment portfolio. 

Pricing

Opening an account with eToro is free and there is zero commission on stocks and no payment of management fees. Withdrawals do have a charge and the fee is $5. Non-USD deposits and withdrawals are subject to FX rates.

Bottom Line

eToro is beginner-friendly and therefore, suitable for beginners. The zero commission is also attractive to experienced traders.

7. Stash

Overview

Stash aims to make investing easily accessible and affordable for the average American. Investors can start trading with a balance of as little as $5. Beginners can select a plan that suits their needs.

Highlights

  • Investors can begin with a minimum of $5.
  • Users can schedule investments.
  • Enables buying of fractional shares.
  • Stash has no hidden fees.
  • Users can pick from 3 packages. 
  • Employs cutting-edge security features to keep data safe.

Pricing

Stash offers three packages:

  • Stash beginner: $1 per month.
  • Stash Growth: $3 per month. 
  • Stash+: $9 per month.

Investors can pick a package that suits their needs.

Bottom Line

Stash is excellent for beginners who need automatic investment options. Fractional shares allow subscribers to invest in a large number of securities.

8. Acorns

Overview

Acorns aim to make investment fast and easily accessible to everyone. It gives users the chance to invest for their future and those of their kids. Acorn is a platform of advanced traders that specializes in micro-investing and robo-investing and they offer investment advisory services.

Highlights

  • $3 to $5 monthly fee.
  • Smart portfolios created by experts. 
  • Reliable and backed by leading investors.
  • Multi-factor authentication and encryption for data protection.
  • Investment account
  • Retirement account
  • Automated savings tool.
  • Passive investment solution.

Pricing

Acorns has transparent pricing and offers two packages. 

  • Personal: $3 per month
  • Family: $5 per month.

Bottom Line

Acorn is user-friendly, therefore, it is a perfect fit for beginners. The minimum balance is also an added advantage for beginners.

9. TD Ameritrade

Overview

TD Ameritrade works with Schwab to provide online brokerage services for online stock trading, long-term investments, and retirement planning. Ameritrade offers a customizable learning experience, which makes it good for beginners.

Highlights

  • Customizable learning experience. 
  • Wide selection of investment choices.
  • Commission-free trading.
  • Objective, third-party research. 
  • A powerful trading platform. 
  • Good customer support. 
  • $0 account minimum. 

Pricing

There is no fee required to open an account. However, a deposit of $2,000 has to be made to access certain privileges. Options trade has a fee of $0.65. U.S. listed stock has zero commission.

Bottom Line

Ameritrade is ideal for beginner mutual fund investors. Its low-cost funds make for an attractive offer. 

10. Gatsby Options Trading

Overview

Gatsby Options Trading is an application that offers options brokerage and makes it possible for investors to buy and sell stock and ETFs with a minimum account balance of $10. The application is easy to use and intuitive. Gatsby aims to make trading accessible to everyone. 

Highlights

  • Intuitive design. 
  • Beginner friendly. 
  • Provides commission-free options.
  • Does not support day trading in cash accounts.
  • Has a ‘risk-meter’ that helps to guide new investors and help them figure out their chances of profiting.
  • $0 fees and an account minimum of $10.
  • Active investors earn gift card rewards.

Pricing

New investors can open accounts with a minimum fee of $10 and pay no management fees. Gatsby has no commissions and no contract fees.

Bottom Line

Gatsby is a great option for beginners. The app is easy to navigate and intuitive. The commission-free options are also a tempting offer for beginners.

11. E*TRADE

Overview

E*Trade is a pricey but efficient alternative to Robinhood. It is an electronic trading platform that facilitates trading non-financial assets that include common stocks, preferred stocks, exchange-traded funds, and more. E*Trade is also secure and investors’ accounts are protected for up to $500,000 in cash.

Highlights

  • $0 commission for U.S. listed stock.
  • A service charge of $25 for trades placed through a broker. 
  • A monthly balance of $5000 is required to avoid the $15 monthly fee.
  • Professional investment advice.
  • Investors’ accounts are secured and protected.
  • Minimum opening deposit required within 30 days.

Pricing

General trading and investment accounts require a minimum opening deposit of $500.

  • Active trading accounts- $1,000.
  • Futures trading accounts- $10,000 minimum. 

Account must be funded within 30 days of being opened to remain active.

Bottom Line

E*Trade is good for beginners though it is pricey. It has good educational material and is user-friendly.

12. Charles Schwab

Overview

Charles Schwab is a good alternative to Robinhood and it provides a full range of advisory and brokerage services. There is a $0 commission fee and data is protected from hackers using cutting-edge technology. There is no account minimum.

Highlights

  • Users who open new accounts get $50 to split across stocks.
  • No account minimum. 
  • Access to more than 4,000 funds with minimum requirements. 
  • Client data is secure.
  • Robo-advisory service.
  • Pre-made portfolio. 
  • $0 commissions.
  • A variety of no transaction fee mutual funds

Pricing

There are charges for trades placed through a broker. There are $0 commissions. Talking to a consultant is also free of charge. Options trades have to pay a fee.

Bottom Line

The robo-advisor makes Schwab good for beginners. They also offer the option to manage all your investments with no charges.

13. Stockpile

Overview

Stockpile is an excellent online digital brokerage platform. It offered two different types of accounts namely: individual brokerage accounts and custodial accounts. Stockpile encrypts data to protect it from cyberattacks. 

Highlights

  • New account owners get one free stock.
  • Users can purchase gift cards.
  • Investors can buy fractional shares.
  • $0 account minimum. 
  • Low fees.
  • Simple interface
  • Limited product range and research tools.

Pricing

Opening a Stockpile account is free and trading fees are among the lowest at $0.99. Gift cards are also affordable at $2.99 with a fee of only $0.99 for every additional stock.

Bottom Line

Stockpile is a perfect fit for newbies who are still trying to navigate the world of investing. The zero account minimum also makes an attractive offer.

14. Ally Invest

Overview

Ally Invest is the perfect choice for both beginners and seasoned investors. It offers commission-free stock and ETF trades. A unique feature is that it also offers forex trading and has advanced analysis tools that are not easy to find with other brokers.

Highlights

  • No account minimum. 
  • Free commission trades on U.S. stock, ETFs, and options.
  • Excellent research and tools, which is an advantage for beginners. 
  • Strong web-based platform.
  • Automated management option for portfolios.
  • Also offers forex trading.
  • Offers specialized analysis tools that include a probability calculator and dynamic profitability graphs.
  • Users can earn interest on their cash balance.

Pricing

Ally Invest is a brokerage company that offers zero trading costs. An aspiring trader can open an account at no cost. Option trades go for $0.50 per contract. Managed accounts have a minimum investment amount of $100.

Bottom Line

Ally Invest is suitable for both beginners and seasoned traders. It’s the best option for individuals who need to link investment to their banking accounts. The $0 account minimum and free commission are attractive to all traders. 

15. Fidelity

Overview

Fidelity helps users with financial planning and has zero commission. New traders can open an account with a balance of $0 and gain access to user-friendly tools. Fidelity is best known for its mutual funds. The customer service is excellent. They also offer diversified investment brokerage and very low trading fees.

Highlights

  • Offers excellent self-directed investment tools.
  • Offers portfolio advisory services to help manage your portfolio. 
  • Wealth management services.
  • Automated robo-advisory platform. 
  • Suited to all investors.
  • Traditional IRAs, Roth IRAs, and Rollover IRAs.
  • Offers small business, investment only, and self-employed retirement plans.
  • Fidelity BillPay makes it possible for account holders to pay bills online. It is also available at no cost.
  • Fidelity mobile apps are compatible with Android, Apple iOS, Apple Watch, Apple TV, and Amazon devices.

Pricing

It costs $0 to open a Fidelity account. Fidelity charges no commission for online U.S. stock, ETF, and option trades. Fidelity has low trading fees and offers zero expense ratio index funds.

Bottom Line

Fidelity makes an excellent investment broker for both beginners and seasoned traders. The low trading fees coupled with excellent research tools make it the perfect choice.

16. Coinbase

Overview

Coinbase is the best platform for trading in cryptocurrency. Coinbase aims to make trading accessible to everyone and users can convert digital currency into a currency of their choice. Trading using Coinbase is as easy as buying stock via an online brokerage.

Highlights

  • Allows users to schedule buys.
  • Compatible with Android and iOS. 
  • Data is safe and secured in offline storage that is inaccessible to cybercriminals. 
  • Supports several digital currencies.
  • Easy to navigate for beginners. 
  • Coinbase Pro offers pricing that is a little more affordable. 

Pricing

Trades that are over $200 have a percentage-based fee and transactions are subject to a fee of 0.50%. Some withdrawal methods and account funding methods are also subject to a fee.

Bottom Line

Coinbase is easy to use for beginners but the fees can discourage beginners. It provides an easy and quick way to buy or sell cryptocurrency. 

What Is Robinhood?

Robinhood was founded in 2013. It is an American company in the finance sector well known as the pioneer of commission-free trades of stocks, cryptocurrencies, and exchange-traded funds. Robinhood aims to give the average person access to financial markets and open the doors to investing online. Robinhood has created a platform where both experts and beginners can sell stocks and invest freely. 

Users can trade on the stock market using Robinhood free of charge which means zero commission and they allow a minimum of $0 in your account. Users on Robinhood can trade using cryptocurrencies like Bitcoin, Litecoin, and Ethereum. The zero commission makes it possible for amateur traders to start making money. Robinhood allows users to trade stocks, options, cryptocurrencies, REITs, and ETFs.

As efficient as Robinhood is, it comes with a few disadvantages that may prompt a few people to look for Robinhood alternatives.

Robinhood Disadvantages:

  • Robinhood does not offer automated trading features.
  • Robinhood does not offer retirement accounts or any tax-sheltered accounts.
  • Robinhood is not available in some countries like Canada and India and the whole of Europe.
  • Limited customer service
  • Robinhood has had multiple down periods during volatile trading days
  • Robinhood was caught up in a lot of controversy regarding popular trading tickers such as Gamestock and AMC

On the other hand, Robinhood also has a lot of advantages. For one, Robinhood has a lot of features on its app. The average investor likely won’t end up using even half of the features they offer although they’re there if you need them.

Robinhood Advantages

  • Commission free trading
  • Easy to use interface
  • Purchase fractional shares
  • IPO access
  • Purchase cryptocurrencies

Why Should You Use a Robinhood Alternative?

There are a few reasons why you might want to use one of the Robinhood alternatives listed in this article. Robinhood certainly isn’t for everybody and given the current landscape of stock trading platforms you have a lot of choices.

Better Customer Service

Many users have complained about the fact that Robinhood’s customer service isn’t great. If you do a quick search on Sitejabber or Trustpilot you’ll find a lot of users talking about how bad their customer service is when they wanted to withdraw their funds.

Other reviews mention being locked out of their account and not being able to retrieve the money they had in it.

Regardless of how much merit each of these reviewers has regarding the situation they faced, it’s not a good look for Robinhood’s brand. Therefore, if you’re looking for a trading platform that has better and more responsive customer service, using one of our Robinhood alternatives may be a good option.

Better App Reliability

Robinhood has had a number of app reliability issues through the years. During time of extreme volatility in the stock market are often the best times to make money.

However, Robinhood seems to go down more than some may care to experience with a trading platform.

During the rush of new stock market investors in 2020, Robinhood’s app was down many times.

So if you’re looking for a reliable app that is able to sustain increased demand during volatile times, one of our Robinhood alternatives may be a good option.

More Data/Charting Options

Robinhood is primarily geared towards new investors. That being said, new investors typically don’t require much in terms of data and charting options.

However, if you’re an intermediate or seasoned investor you likely want advanced charting options so that you can perform technical analysis on a stock.

You Want to Diversify Apps

Although Robinhood does have some reliability issues, truth be told, no app is perfect. Software will always have bugs and no app can run 100% perfectly 100% off the time.

Therefore, if you’re an active investor, it’s a good idea to hold money at multiple trading platforms. Personally, I recommend using 2 or 3 different apps that way if one goes down you always have a backup.

Remember, during times of volatility are usually the best times to make money so make sure you’re ready to act when volatility arrives.

What to Look For in a Robinhood Alternative

There are a few things you should be looking for in a Robinhood alternative. These include:

Free or Low Fee Trades

In the U.S many brokerages are now offering free of very low fee stock trades. This is great for the modern-day trader as they no longer have to be burdened with ridiculously high trading fees whenever they buy or sell.

Unfortunately, if you’re outside of the U.S you’ll likely find that many brokerages still charge a fee to conduct a trade. However, international companies like Wealthsimple are also starting to offer zero commission trading.

Regardless of which Robinhood alternative you go with, make sure their trading commission rates are $0 or VERY close. There is no longer a need to pay to trade.

Access to a Mobile App

Nowadays everyone is using their phones to get things done online. Trading and investing is no different.

No matter if you’re a beginner or advanced trader, look for a platform that also offers a mobile app. This way if you’re on the go and hear that the market is providing you with an opportunity you can easily access your account through your mobile phone.

Great Customer Service

If you’re looking for a Robinhood alternative you’ll want to go with something that offers great customer service.

Not every app is perfect but try a platform’s online chat option or give them a call to discuss your needs. That way you’ll get a feel for how fast their support team responds.

Robinhood Alternatives FAQ

Is Robinhood Only for US Citizens?

Yes, currently Robinhood is only available for US citizens who:

1. Are 18 years or older
2. Have a valid social security number
3. Have a legal U.S residential address
4. Are a U.S citizen, U.S. permanent resident, or have a valid U.S. visa

Is Robinhood a Rip Off?

I wouldn’t say Robinhood is a rip-off or a scam. Do they have some downfalls? Sure. Although they are a growing company and are still working through some growing pains.

That being said, I wouldn’t trust Robinhood with a lot of money. I’d recommend using them as a backup or secondary brokerage while using 1 or 2 more reputable brokerages as my primary trading accounts.

Is Robinhood Safe for Beginners?

In my opinion, Robinhood is actually best suited for beginners. They offer an easy-to-use app that makes trading very intuitive.

As a beginner in the stock market, you’re likely feeling overwhelmed, and without the creation of apps like Robinhood, many beginner investors likely wouldn’t have entered the market due to fear, lack of confidence, etc.

So if you want to get you’re feet wet in the stock market I believe Robinhood is a great way to do that. Additionally, many of the Robinhood alternatives in this article are also great for beginners looking to get started in the stock market.

Which Robinhood Alternative Will You Choose?

There isn’t such thing as a perfect stock trading and investing app. All apps will have their own set of bugs and downtime.

So if you choose to take your trading and investing seriously you need to be prepared for when these apps eventually go down for an indeterminate amount of time.

In order to soften the impact of these downtimes, we recommend choosing 2-3 investing platforms and using an alternative if your main platform goes down.

Typically, apps go down on days where there is a lot of trading action due to a big news event or catalyst. The increase in traffic takes down the app which is in most cases an unforeseen occurrence.

However, it’s during these times that you can buy at low prices. Therefore if your trading platform goes down you can always switch to another one and take advantage of the day’s fluctuation in prices.

Regardless of which of the Robinhood alternatives you choose, make sure that you’ve done your research and you choose a couple of platforms that suit your investing style.

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