If for some reason you want to switch from Robinhood app to other similar investment options, here is a comprehensive list of the best Robinhood alternatives that may make even better sense.
Online real estate investment apps are a great way to earn a passive income through your earnings. If you’re already familiar with crowdfunding and investment apps like Fundrise, or YieldStreet, you probably know that their services come at a price.
What if we tell you that with the Robinhood app, you can make your investments for free?
Yes, Robinhood lets you pursue low-cost trading without any service or management fee. We know what you’re thinking; no fee makes the platform sound shady, right?
Think about it this way. When you’re investing, there’s always a certain amount of risk involved at all times.
Commission-free stock trading apps like Robinhood provide you a chance to avoid spending more than you need to, to minimize the amount that’s subject to risk.
However, with Robinhood, it’s not all positives. There are some downsides to the platform that may not work for you. That’s where Robinhood alternatives come in.
Here, we’ve listed the best Robinhood alternatives to help you choose the ideal platform for yourself.
Table of Contents
Why Go for Robinhood Alternatives?
Before we start with the alternatives to Robinhood, you’ll need to know why you might need to go through them.
As compared to large, high-profile brokerage firms, Robinhood is an easy-to-use and user-friendly platform. You can use this mobile app to conduct free stock trading without any commission.
Despite that, there are a few features that the platform does not offer. These include online educational resources, trading resources, and analysis tools.
Similarly, Robinhood only offers its deals for taxable accounts, so if you’re thinking about directing your income towards an IRA account, Robinhood isn’t the platform for you.
Don’t worry if you still want to enjoy low-cost trading opportunities online. There are other Robinhood app alternatives that you can go for, that we’ve listed below.
List of Best Robinhood Alternatives to Invest Money
These are the best Robinhood alternatives to invest your money.
M1 Finance is a popular free investment service. Through this platform, you can benefit from traditional investment services and get professional investment advice as well.
Simply enough, the app lets you control where your money goes.
Unlike other apps that invest your money automatically and let you know the details, this app uses its cutting edge pie system to fully clarify the details of all investment options to help you make your choice. Here’s how it works.
The app asks you for all your details when you sign up. Based on these details, the platform creates a pie, in which you get lots of investment slices. This way, you can diversify your portfolio and invest in a wide array of options without conducting any grueling research.
Besides that, M1 will redistribute and rebalance your investment only after your deposit is clear. This means, on this platform, you’ll need to be consistent with your investments.
Compared to Robinhood, M1 Finance does not buy and sell stocks quickly. However, it does give you IRA options and a $0 commission level. In a nutshell, it’s an easy-to-use option to get started with long-term investment and saving.
Want a more thorough comparison? Check out my article on Robinhood vs M1 Finance.
Webull is a reliable commission-free stock trading platform for beginners and established investors alike. Apart from the wire transfer fee and some SEC fees, the platform does not require any service or management fee from its users.
Many aspects make Webull one of the best Robinhood alternatives. First of all, the app analyses each investment option for you with its risks and profit margin according to your income and investment. These analytic tools help you make quick trading decisions.
Secondly, the app works to educate its investors about the market as well. They have a unique practicing option that lets you try out new strategies that you learn through the app.
Once you’re satisfied with the results, you can use the strategy on real money.
Thirdly, Webull gives hands-on information about any option you need to check out in a clear, detailed manner. Their data charts bring you accurate information in real-time so that you can rely on it.
Also, it has a financial calendar that reminds you of important dates and stocks that you want to look out for.
The best part is, you’re not restricted to any minimum balance threshold to invest in stocks.
Like what you are hearing? Read more in my full Webull review.
Wealthsimple is one of the most reliable financial robo advisors you can find today. Founded in 2014 by Michael Katchen, the platform is relatively new and aims to provide quality financial advice for everyone regardless of their age and status.
The company employs a strong team of financial experts, engineers, and designers who work together to make their website a go-to solution for businessmen all over the world.
Working with more than 175,000 clients currently, the company is easily one of the largest robo advising platforms in the world.
Most importantly, it’s their features and offers that make Weathsimple a genuine financial advising solution.
They have the Portfolio Review Service which you can access as soon as you sign up and evaluate your account regarding tax efficiency and other details. If you have a taxable account, you can use their Free tax-loss harvesting feature and lower your taxes on investment gain.
Secondly, you can conduct fractional investments on the site. Wealthsimple creates a portfolio for you taking your ETFs into account. The tool suggests asset allocations according to your risk tolerance that results in immediate investment returns.
Additionally, the platform recommends low-carbon, clean-tech, and human rights positive companies as investment options so you can invest while being socially responsible.
Other notable features include Wealthsimple Trade, Wealthsimple Cash, and Halal investment.
The best part is, Wealthsimple has the lowest ETF MERs compared to any other platform in the industry. This means you’ll get benefits like financial goal-setting, savings account options, and tax-efficient features, all for a nominal price.
Acorns is another personal finance app that lets you invest in multiple trading options at $0. Not only does the app let you invest your money, but it gives you ideas and counseling for saving your money for investing.
How? You see, you can connect the Acorns app to your credit or debit card. Once connected, the app monitors every purchase and transaction you make through your account and rounds up the amount you spend.
After that, each transaction is automatically rounded up to the nearest dollar figure. And the rest of the amount is invested in the app. This way, you don’t have to save intentionally, the app does it all for you.
Besides that, the app has five different investment options. Upon signing up, you’ll have to answer a few questions. According to this data, the app will select the best investment option for you.
The best part about Acorns is, it’s a saving, investment, and cashback app all in one. It’s affiliated with several well-known apps, including Nike and Home Depot.
You’ll get automatic cashback whenever you purchase at any of their partner retailers.
If you’re looking for completely free alternatives, then Stash is not for you. Nevertheless, Stash gives you an accessible platform for investing in stocks and exchange-traded funds and charges only $1.
You can set up an account with a $0 balance, but you’ll need at least $5 to start investing.
Furthermore, Stash is the ideal brokerage app for beginners. It’s easy to use and gives you access to its brokerage account, online bank account, and debit card as well. In short, everything you need in the ideal investing app.
Moreover, Stash has a range of other options, including its retirement account or IRA at $3 and $9, respectively. The app also posts a monthly investment research report so you can be in terms of what’s going on in the market.
Stockpile is not a complete commission-free stock trading app. However, it has features that make it qualify as a Robinhood alternative. Through this app, you can buy or sell stocks at a trading fee starting from $0.99.
Along with stock trading, you can buy fractional shares through your investment, or gift single shares as well. The advantage of fractional sharing is that you can get your stakes in high-profile companies. These include Amazon and Google.
Mostly, the shares of such companies cost a fortune and aren’t affordable for a small investor. Stockpile allows you to buy a part of these expensive shares so you can start investing at a nominal price while gaining steady benefits.
With E-Trade, you get access to a professional investor’s educational library, and multiple trading options, without any commission fee.
The platform is great for beginner investors because it provides frequent trading opportunities, accurate data, and retirement planning as well. Mainly, E-Trade has three trading platforms. Believe it or not, all three platforms are free and have no minimum investment limit. So you can choose and start with any option you want.
Power E-Trade is for active investors offering real-time data, studies, and drawing tools. Besides that, E-Trade Pro offers back-testing and strategy scanners, while E-Trade Web gives you live market commentary, stock analysis, and resourceful quotes.
With each program you choose, you get access to the dashboard where you can keep track of your investments, accounts and make your trades.
The educational resources at E-Trade can help beginners learn how to choose from investing options, conduct technical analysis, and diversify their investment portfolios.
This platform has also recently acquired OptionsHouse, which has it’s own trading options and data to help beginners.
Charles Schwab was awarded the best broker of the year in 2019. The commission-free stock trading app provides an extensive range of trading options and full banking services for active investors and beginners alike.
You can choose from a variety of investment platforms available on the app. If you can’t decide yourself, the app gives you professional, low-cost advice to make the task easier for you.
The website and app have a user-friendly interface with an intuitive design that lets you navigate through the options effortlessly.
Once you create your account, all your investment options and details will be saved in a cloud format. This way, you’ll be able to access your data from anywhere you need to. Besides that, you can access educational tools, options analysis, and trading tools through the mobile app even when you’re on the go.
Furthermore, Schwab lets you monitor your progress through the Schwab Portfolio Checkup. Here, you can record your investment details from other platforms as well.
The system will compare your results to your target and make recommendations for improvement.
Fidelity is a well-known commission-free Robinhood alternative. It’s an ideal app for beginners who need guidance and research data to conduct effective investments.
Their most popular program is Fidelity Zero. This platform has no minimum investment threshold and a no expense ratio that offers the ultimate benefit to investors.
Besides that, the platform has completely removed all commissions from stocks, ETF, and trading options since 2019.
Most importantly, Fidelity is a great option for people who’re looking for a steady retirement plan. That’s because it gives you access to more than 3500 mutual funds at almost no commission fee.
Furthermore, the platform has an unmatched research base. It gets its data from about 20 third-party information providers that make their data highly reliable. Also, it provides strategies, ideas, and options analysis for newbies.
See Related: Best Alternatives to Fidelity Investments
Ally Invest is a stock brokerage platform that’s originally an offset of Ally Bank. If you’re an Ally Bank customer, you can enjoy easy account management and integration.
However, even if you’re not affiliated with the bank, creating an account with Ally invest is easy and requires no fee.
It’s a great Robinhood alternative because it has the ideal analysis tools that Robinhood lacks.
Once you create an account, you get access to the dashboard where you can manage your investments and keep track of potential stocks.
Besides that, you can monitor your profits, losses, and conduct purchases and sales through the dashboard.
Ally invest also lets you buy and sell stocks, mutual funds, ETFs, bonds, and options contracts completely commission-free.
Beginners who need help finding their way around the trading options find their app and desktop page organized and easy to use as compared to other Robinhood alternatives.
See Related: 10 Best Fundrise Alternatives
Trade App is another stock brokerage platform that offers brokerage trading deals at $0 commission. The app is easily available for Android and iOS.
It has a user-friendly interface combined with an intuitive design to make things easy for the newbies.
If you check out their website, you’ll see that all the company’s policies, terms, profit margins, and charges are clearly mapped out according to every situation.
This way, even though each investment involves some risk to an extent, you can conduct your investment keeping all aspects in mind.
Furthermore, Trade App is also a social app that lets you share your progress and strategies with other investors online. You can also gain knowledge and experience from active investors through the platform.
Apart from that, the app has its own educational resource center. They help their investors keep in touch with the latest stock market situations and other investing strategies to facilitate steady growth.
The best part is, if you don’t have enough savings, you can benefit from their fractional investing program. You can partially purchase shares with a minimum investment of $5 only.
See Related: 10 Sites That Give Free Stocks
Betterment does not offer commission-free stock trading. Nevertheless, its charges are as low as they get. If you’re looking for the best Robinhood alternative with all the features Robinhood lacks, this option at 0.25% annual fee is a great option.
While creating your portfolio with Betterment, you can choose from 12 different ETF classes. Besides that, no matter which option you choose, you can start investing in any amount at hand.
It has no minimum investment requirement, which is great for beginners looking to avoid a major financial risk.
When you create an account, you’ll be asked to set some financial goals and preferences. The app will conduct its research based on your information and bring you the ideal options for your investment.
With your information at hand, the app will devise strategies to minimize the risk factor and diversify your investment portfolio. Most importantly, you can customize your portfolio yourself, too, if you wish to.
It also has an automatic portfolio rebalancing system that adjusts your portfolio according to market conditions, so you don’t have to worry about that yourself.
Unfortunately, there are no day-trading options at Betterment to benefit active users.
See Related: How to Trade Options for Income
Conclusion on Robinhood Alternatives
That wraps up our list for the best Robinhood alternatives. There are many options if you’re looking for commission free stocking trading apps.
The trick is to look for platforms that provide the optimum benefit to you according to your investment level and expertise.
Also, take the resources and analytics provided by the platform into account as they help with your overall growth as an investor.
Remember, don’t choose a $0 platform over a minimum-cost platform just because it’s free.
Balance out the benefits and the downsides to get the ultimate benefit out of your investments in the long run.
Robinhood is free but doesn’t have the features that most investors need to succeed. But, apps like Fidelity and Betterment offer a range of services at a nominal price.
Assess all the aspects before making your choice. Good luck!
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