Robinhood launched at the end of 2014 with a waitlist of over half a million people. The mobile-only online brokerage app, which aims to make financial markets more accessible, continues to be popular today. People like Robinhood for its commission-free trades and no minimum account requirement.
Especially among millennials, Robinhood has become well-known as an affordable and easy way to start investing money.
However, since Robinhood has debuted as an alternative to incumbent brokerages, other online brokerages have changed policies to become more appealing to new investors and a batch of new competitors has cropped up. Depending on your needs, these Robinhood alternatives might be better options for you.
Best Robinhood Alternatives—E*Trade + Betterment
Is There a Better App than Robinhood?
Yes, in a nutshell. Depending on your individual investing needs, you might find other apps to be more worthwhile and capable of handling your investing needs.
Robinhood offers simplified investing but lacks what many other services offer for free or at low prices. If you’re looking for an alternative to the Robinhood app, consider the following options:
| App | Best For | Fees | Promotions |
|---|---|---|---|
 E*Trade | ☆ 4.6 / 5 Intermediate traders, options traders | Commission-free trades | Free account deposit bonus commensurate with contributed funds ($100-$5,000 value) |
 SoFi Invest | ☆ 4.8 / 5 Personal finance-focused investors | Commission-free equity trades | Free stock with $10 deposit ($5-$1,000 value) |
 Interactive Brokers | ☆ 4.5 / 5 Day traders | Equities: IBKR Pro has fixed rate $0.005/share commissions with volume discounts starting from $0.0035/share with < 300k shares traded/mo. to $0.0005/share with 100m+ shares traded/mo. | None |
 CIBC | ☆ 4.5 / 5 Canadians | $6.95 per trade for investors (150 or fewer trades per quarter); $4.95 per trade for active traders (150+ trades per quarter). Money market mutual funds: $0. Mutual funds: $6.95. Options trades also include a $1.25 contract fee.** | None |
 Betterment | ☆ 4.7 / 5 Passive investors seeking tax-loss harvesting capabilities | $4/mo., or 0.25% annual fee | None |
 moomoo | ☆ 4.6 / 5 New and advanced traders | Commission-free trades | 15 free stocks |
 Webull | ☆ 4.7 / 5 Self-directed investors and intermediate traders | Commission-free trades | 20 free stocks with $500 deposit, valued between $60 - $60,000 |
 Public.com | ☆ 4.7 / 5 New investors with limited capital | Commission-free trades | None |
 TradeStation | ☆ 4.6 / 5 Advanced traders, Options and Futures traders, Active stock traders | Commission-free trades | 50% off futures brokerage fees forever when you open a new account using promo code FUTRAFZT |
 M1 Finance | ☆ 4.3 / 5 Passive investors | Commission-free trades and automated investing | None |
 eToro | ☆ 4.6 / 5 U.S. investors focused on crypto-trading | Commission-free trades | None |
1. E*Trade (Best Robinhood Alternative for Intermediate Investors and Traders)
- Best for: Intermediate investors and traders
- Platforms: Web, mobile app (Apple iOS, Android)
E*Trade has long been seen as a leading stock trading app for retail investors. E*Trade provides investors access to educational resources that assist you with conducting investment research and analysis and diversifying your portfolio.
E*Trade, like most of the best stock trading apps, offers zero-commission stock, ETF, and options trading. It also has a leg up on some platforms by offering $0-commission mutual fund trading. Options still incur a 50- to 65-cent contract fee, however. Meanwhile, bond trades are $1 apiece, and future trades are $1.50 per contract per side, plus other fees.
E*Trade has two platforms, both of which are free, and both of which have web and mobile versions:
Power E*Trade
Power E*Trade is designated for more intermediate-to-advanced traders. Features include:
- Advanced charting that includes intraday and historical options; more than 100 studies; over 100 drawing tools; and the ability to automatically identify technical patterns
- Snapshot Analysis, which lays out risk-reward probabilities in your options trading
- Powerful stock and trade scanner; use preset filters or customize as you wish
- Paper trading to test out strategies without putting your money at risk
- Ability to design exit strategies
Like with the Power E*Trade web platform, the Power E*Trade app is a more powerful version of its basic counterpart. This app allows you to use preset scans, work with interactive charts, place complex options trades, and more.
E*Trade
The “basic” E*Trade web platform might be more suitable for beginning-to-intermediate traders and investors, but that doesn’t mean it’s short on features.
E*Trade’s main web platform includes everything you need to keep up to date on your portfolio, including real-time quotes, charts, market commentary, and stock news. The latter includes free access to Thomson Reuters and TipRanks research. Meanwhile, you’ll have ample tools at your disposal, including stock, mutual fund, bond, and ETF screeners; trade optimizers; backtesters; and more.
E*Trade also touts its educational resources, which includes articles, videos, and classes, as well as monthly webinars and live events. But we will note that its educational content is difficult to sort through.
E*Trade Pro
E*Trade does have a third platform, which it doesn’t even openly promote, called E*Trade Pro. This is a more advanced trading platform for active traders that boasts even more powerful tools to research and trade stocks and options. To get E*Trade Pro, you’ll need to call the broker and establish that you’re going to be an active trader (10 or more trades per month) and are going to fund your account with at least $25,000. E*Trade will then sync up your account on the back end to provide you access with E*Trade Pro.
Other considerations
Like with a couple other trading apps on this list, E*Trade also allows you to earn additional income by allowing the firm to borrow your fully paid-for holdings. E*Trade also offers retirement planning to clients as well as some in-person informational sessions.
For a limited time, E*Trade offers a new account funding bonus when you use reward code “OFFER24” in the following amounts:
- $50-$999 earns $100
- $1,000-$19,999 earns $150.
- $20,000-$99,999 earns $300.
- $100,000-$199,999 earns $600.
- $200,000-$499,999 earns $800.
- $500,000-$999,999 earns $1,000.
- $1,000,000-$1,499,999 earns $3,000.
- $1,500,000 or more earns $5,000.
To open a free E*Trade brokerage account, click “Open Account” below.
Related: How to Get Free Stocks for Signing Up: 9 Apps w/Free Shares
2. SoFi Invest (Best Robinhood Alternative for Automating Investments)
- Available: Sign up here
- Best For: Investors looking for automated investing already using SoFi’s other personal finance products
- Price: Free stock/ETF trades
SoFi Invest is an app that allows you to track and trade your money. The service is the latest from the SoFi financial wellness platform and offers free trades on stocks, ETFs, cryptos and more.
The service allows you to be an active trader by buying and selling offered assets on a daily basis or passive through its automated investing service.
This last part answers the question: Is SoFi better than Robinhood? On that account, the automated investing service is superior to Robinhood.
The company wants to serve all customers who have an interest in improving their financial situation alongside participating in their other personal finance products like student loans, money management, credit cards and more.
- SoFi Invest allows you to trade or invest in stocks, ETFs, and options with no commissions and no account minimums. You can also invest in cryptocurrency and participate in some initial public offerings (IPOs).
- Invest for as little as $1 with fractional shares.
- Free robo-advisory services, including goal planning and auto-rebalancing.
- Special offer 1: Fund a new account with at least $10 within 30 days of opening an account, and receive $5, $10, $25, $100, or $1,000 worth of stock. (Prize level awarded at random.)
- Special offer 2: You can receive up to $100 in Bitcoin when you make you first cryptocurrency trade with SoFi.*
- Good selection of available investments
- No options contract fees
- DIY and automated investing options
- Fractional shares
- Doesn't support mutual funds
- Limited trading tools
- Higher-than-average cryptocurrency trading fees
- No tax-loss harvesting
- No socially responsible robo-advisor functionality
Related: How to Know What Stocks to Buy [Picking Long-Term Stocks]
3. Interactive Brokers (Best for Day Traders)
- Available: Sign up here
- Best for: Advanced and professional traders seeking low margin rates
- Platforms: Desktop app (Windows, macOS), web, mobile app (Apple iOS, Android)
Interactive Brokers, founded in 1978, is one of the largest U.S. electronic trading platforms, offering traders access to stocks, bonds, funds, options, cryptocurrencies, foreign exchange, and more.
IB’s Trader Workstation (TWS) is Interactive Brokers’ flagship desktop program—a trading platform with roots back to 1995. But since then, the company has launched a number of other access points for brokerage accounts, including:
- IBKR Mobile: A powerful app for iOS and Android that allows people to trade on the go
- IBKR GlobalTrader: A simplified app for iOS and Android that targets global traders, allowing deposits in up to 23 different currencies
- Client Portal: A lighter web-based platform allowing clients to manage their account, evaluate performance, and read market news
- IBKR EventTrader: A web-based platform allowing investors to trade “event” contracts (yes-or-no questions like “Will the S&P 500 Index close above 4,400 today?”)
- IBKR Impact: A mobile app that helps investors select holdings most in line with their values.
But Workstation remains the workhorse. The platform supports investments across 150 global markets, and offers a wide variety of features, including real-time monitoring, risk management tools, paper trading—all packaged under a heavily customizable layout.
While TWS users can still select the original view, they can build their own bespoke view through Mosaic. Functions such as stock monitoring, order entry, charts, and more appear as “tiles,” sized and arranged however you want them, and you can save custom layouts designed for one or more monitors.
Trader Workstation also lets investors:
- Create example watchlists
- Use preset scans or build your own
- Create real-time trading alerts using price, time, margin, and volume
- Access more than 100 order types and algorithms to execute better trades
- Read breaking news from Reuters, Dow Jones, and other financial news outlets
- Access research from Morningstar, Zacks, and other firms
Interactive Brokers offers two primary plans—IBKR Lite and IBKR Pro—and both have no account minimums and zero maintenance fees. They also provide investors with access to many of the same features, including the Client Portal, Trader Workstation, and IBKR Mobile platforms; advanced order types; fractional shares of U.S. and European stocks and ETFs; paper trading; and Risk Navigator, which evaluates your risk in single positions or across your entire portfolio.
IBKR Lite is most suitable for beginner and intermediate investors, offering unlimited commission-free U.S.-listed stock and ETF trading, and fixed pricing for non-U.S.-listed stocks and ETFs, mutual funds, options, and futures.
IBKR Pro, meanwhile, is meant for advanced investors and active traders. While it does charge commissions on even U.S.-listed stocks and ETFs, it provides better execution for trades via its IB SmartRouting, which seeks out the best available prices for stocks and options across exchanges and dark pools—possibly resulting in lower spreads that offset the commissions you pay. It also offers better margin rates than Lite, though both platforms’ rates are among the best on offer.
Pro also offers some features not available on IBKR Lite, including higher interest paid on idle cash balances, lower interest charged on margin loans, backtesting, and access to IBKR APIs, which allow you to build your own custom trading applications and even develop commercial trading software—features often used by hedge funds, Registered Investment Advisors (RIAs), and proprietary trading firms. This makes the service our top pick for day trading platforms.
We should note that IBKR’s rating does get dinged (by both us and app-store users) for its sometimes buggy mobile-app experience. But the desktop app is a mainstay among advanced and professional traders.
You can visit Interactive Brokers to sign up or learn more.
- Trade stocks, bonds, ETFs, mutual funds, options, cryptocurrencies, foreign exchange, futures, micro futures, and futures options using the powerful legacy Trader Workstation desktop software or IBKR's web and mobile platforms.
- No account minimums, no maintenance fees with both IBKR Lite and IBKR Pro.
- Commission-free stock and ETF trading with IBKR Lite.
- Optimized trade execution and higher interest on cash balances with IBKR Pro.
- Access features including watchlists, preset or customized stock scans, real-time trading alerts, advanced order types, and news and research from numerous leading providers.
- Excellent selection of available investments
- Extremely feature-rich desktop (Trader Workstation) and app (IBKR Mobile) platforms to satisfy even the most advanced traders
- Below-average options contract fees
- Trader Workstation Mosaic view is versatile and highly customizable
- Robo-advisory services are available through Interactive Advisors
- Mobile app can be buggy, difficult to navigate, and sometimes has long load times
4. CIBC Investor’s Edge (Flexible Canadians-Only Broker With Transparent Fees)
- Available: Sign up here
- Best for: Beginner to intermediate investors in Canada
- Platforms: Web, mobile app (Apple iOS, Android)
CIBC Investor’s Edge is a Canadians-only workhorse broker that provides a satisfying experience for investors across the proficiency spectrum while charging relatively modest and transparent fees. In Canada, this is one of your best Robinhood alternatives available since Robinhood doesn’t currently operate in the country. As a result, you’ve got to consider Canadian Robinhood alternatives and CIBC merits your attention.
Investor’s Edge allows you to trade not only U.S. and Canadian stocks and ETFs, but also options, mutual funds, and bonds. And you can do so from non-registered accounts, as well as a variety of registered accounts, including FHSAs, TFSAs, RRSPs, RESPs, and more.
The Investor’s Edge platform also provides a variety of screening and charting tools, analyst reports, customizable watchlists and alerts, Regular Investment Plans, and more. You can also stay informed and up to date through CIBC’s investor learning center, expert videos and webinars, and various newsletters.
Note that, in addition to flat commission fees (listed below), CIBC Investor’s Edge does sometimes charge an account fee. Specifically, you’ll pay $0 when the balance of all CIBC Investor’s Edge accounts is greater than $10,000, but $100 annually if the balance is $10,000 or less. That said, CIBC requires no minimum account balance.
And CIBC is a screaming deal for younger investors. Anyone age 18 to 24 can start trading stocks and ETFs online for free—no annual fee, and no commissions—if they first open a CIBC Smart Account with CIBC Smart Start.
Whether you’re looking to get started, or are an experienced investor who just wants to lower their commissions, look into CIBC Investor’s Edge today.
- CIBC Investor's Edge is a straightforward, easy-to-use brokerage platform that allows access to a variety of investments—including stocks, ETFs, options, mutual funds, bonds, and more—at reasonable and transparent costs.
- Modest commissions. U.S. and Canadian stocks, ETFs, and mutual funds: $6.95 per trade for investors (150 or fewer trades per quarter); $4.95 per trade for active traders (150+ trades per quarter). Money market mutual funds: $0. Mutual funds: $6.95. Options trades also include a $1.25 contract fee.**
- Available account types include: Non-registered, FHSA, TSFA, RRSP, RESP, RRIF, LIRA, LRSP, LRIF, PRIF.
- Suite of investing and trading tools includes screening, charting, watchlists, alerts, news, education center, and more.
- Special offer: Investors age 18-24 can invest for free if they first open a CIBC Smart Account with CIBC Smart Start.
- Very good selection of available investments
- Large selection of registered accounts
- Modest commissions
- No minimum account balance
- Trading tools not as advanced as many other competitors' offerings
- $100 annual fee for low-balance accounts
5. Betterment (Best Investment App for Tax-Loss Harvesting + Automated Investing)
- Available: Click the “Get Started” button below
- Best for: Set-it-and-forget-it investors
- Platforms: Web, mobile app (Apple iOS, Android)
If you’re a fan of diversifying your portfolio with ETFs, a Betterment account could be a good choice. This robo-advisor platform allows you to invest in a narrow series of low-cost ETFs with different themes and purposes. For instance, you could choose to invest in its Social Impact or Climate Impact portfolios if you care deeply about social justice or the environment. Betterment also offers crypto-focused ETFs for investors interested in decentralized finance, including an ETF specifically focused on the metaverse.
Although Betterment is a robo-advisor, it does offer access to human advisors, too. This is a big plus to me—I’m a self-directed investor, but even if I convinced myself to lean on a robo-investor, I’m the kind of person who wants to learn what I can, and I’d prefer to be able to receive guidance from a financial pro. This sets Betterment apart from many other competing robo-advisors.
Alternatively, though, Betterment is primarily a robo-advisor, so this isn’t the best choice for hands-on investors.
While Betterment accounts (individual and joint taxable brokerage accounts, and Traditional, Roth, Inherited, and SEP IRAs) do have a minimum required deposit, it’s tiny, at just $10. Betterment does charge fees, however. Its accounts start at $4 a month, but that changes to a 0.25% annual fee if your balance is more than $20,000, or if you set up recurring monthly deposits that total $250 or more. Also, you can upgrade to Betterment Premium for an additional 0.15% add-on fee to receive on-demand support from a Certified Financial Planner™. Upgrading requires a $100,000 minimum balance required in cash, stocks, bonds, or crypto holdings.
The assets under management (AUM) fee might justify itself in taxable brokerage accounts through Betterment’s tax-loss harvesting feature. It works by selling positions with losses to lock in short-term capital losses and can both offset realized capital gains and potentially lower your taxable income up to $3,000 per year (any unused loss rolls over to future years indefinitely) while taking your proceeds and placing them into a similar investment. As you can see, by lowering your tax impact, the service can pay for itself.
Betterment led the way for robo-advisor services, growing from a small business to what now represents a significant book of business. Using Betterment has become a popular choice for people looking to invest toward specific goals without the need for any investing experience for a reasonable fee.
Visit Betterment’s site by clicking “Get Started” below to see if it’s the right fit for you.
- The Betterment app gives you the tools, inspiration, and support you need to become a better investor.
- Start with as little as $10 and use the top-rated mobile app to set up automatic investing into diversified ETF portfolios.
- You can also invest in diversified preset cryptocurrency portfolios.
- Customize your risk tolerance and investment goals with guidance available at any time.
- By upgrading to Premium, you can unlock unlimited financial guidance from a Certified Financial Planner™.
- Hands-off investment management
- Diversified portfolio that automatically rebalances
- Low-cost investment selection
- Limited investment selections
- Limited crypto diversification in cryptocurrency portfolios
6. Moomoo (Best Free Stock Trading App for Advanced Traders)
- Available: Sign up here
- Best For: New and advanced traders
- Price: Free stock/ETF trades
Moomoo is a commission-free trading platform for stocks, ETFs, and options. While Moomoo is best for advanced traders, offering powerful tools to empower your trading insights and strategies, it takes a different approach from other similarly targeted platforms, favoring simple interfaces and high ease of use. The desktop platform is highly customizable, while the mobile app is straightforward, allowing you to search for stocks and trade with minimal hassle.
Still, Moomoo has more than enough under the hood for advanced traders to get the job done. Its charting system, for instance, includes 62 technical analysis indicators and 22 drawing tools. You can set up alerts based on changes in price, bids, turnover ratio, and more. Free Level 2 market data helps you get a greater understanding of a stock’s value, determine how liquid a stock truly really is, and better time your trades. You can even enjoy 24/7 financial news handpicked by Moomoo’s editorial team. The trading platform provides these features to empower investors to make better investing decisions.
One Moomoo feature worth noting is its mobile charting, which allows traders to take advantage of more than 60 investing indicators and 38 drawing tools. And any drawings or annotations you make are saved and synced with your profile so you can view them from either the app or your desktop.
While Moomoo isn’t as suitable to beginner traders, the trading platform does include some useful educational tools. For instance, paper trading functionality with real-time data simulates the investment experience without committing any of your real money. (This feature is also helpful to advanced traders, allowing them to test out strategies and hone their skills.)
Moomoo also boasts relatively low rates for trading on margin. The annualized interest rate on financing, as of this writing, is 6.8%—one of the most competitive rates among its peers.
The app pays you for giving it a spin by offering free stocks when you make a qualifying deposit after signing up. Specifically, you can get free stocks if you sign up for a Moomoo account and make a qualifying deposit.
If you want a professional-grade system for research and trading, but with a simpler user experience, Moomoo is among the best trading platforms to consider.
Moomoo’s parent company is Nasdaq-listed Futu Holdings Ltd (FUTU). Their subsidiaries are licensed and regulated in the United States, Singapore, Australia and Hong Kong.
- Moomoo is an all-in-one investment app geared toward stock, ETF, and options traders who want to work with real-time market data at the ready.
- The service offers free Level 2 market data, offering more insight into the trading activity below the NBBO surface shown on many financial data sites.
- Use the service's powerful stock charting software capabilities to find trading opportunities.
- Get a great return on uninvested cash: Moomoo currently offers a 5.1% APY from its cash sweep program, though current promo offers 8.1% for a limited time.
- Special offer: Get up to 15 free stocks worth $30-$30,000 when you sign up through WealthUp, for opening a new account and funding it with certain minimums.*
- Free Level 2 market data
- Free powerful stock charting software
- Free paper trading
- Low margin rates
- Fewer features than peers
- No robo-advisor functionality
Related: Best Brokerage Account Sign-Up Bonuses, Promotions and Deals
7. Webull (Best Robinhood Alternative for Intermediate Stock Trading)
- Available: Sign up here
- Best For: Self-directed investors and intermediate traders
- Price: Free stock/ETF trades
Similar to Robinhood, Webull’s stock trading platform is commission-free. There also isn’t any minimum threshold for investing in trades.
Superior to Robinhood, its analytic tools like Level 2 Advanced Quotes help with your trading decisions. In fact, Webull can also be considered the best stock analysis app for its cost (free).
Webull educates investors about the market. It has a unique option that allows you to try out new strategies and learn through the app before trying out an approach with real money.
This paper trading can allow you to gain real-world experience without putting your money at-risk. You can even experiment with penny stocks on Webull with the paper trading feature.
They provide detailed information about any option you’re considering and their data charts have information in real-time. A financial calendar reminds you of important dates and stocks worth looking at.
You can also use the app to track stocks as well with customizable alerts and notifications.
Further, Webull allows short selling, subject to certain conditions, whereas Robinhood does not offer this functionality at this time.
Read more in our Webull review.
- Webull is a low-cost trading and investing app that allows you to invest in stocks, ETFs, options, and crypto, and participate in initial public offerings (IPOs). Webull has also expanded its U.S. offerings to include futures and commodities trading.
- Commission-free trades on stocks, ETFs, and options.
- Trading features include charting tools, technical indicators, customizable screeners, real-time stock alerts, and group orders.
- Let Webull manage your money for you with Webull Smart Advisor, which combines Webull's in-house investment expertise and artificial intelligence to build, manage, and rebalance an ETF portfolio for you.
- New users also get one free month of Nasdaq TotalView's Level 2 Quotes service. (That subscription costs $2.99/mo. thereafter.)
- Sign up for Webull Cash Management to earn a 5.0% APY without fees or minimums.
- Special offer: Open an account and deposit at least $500 to receive 20 free fractional shares, collectively worth between $60-$90,000.*
- Good selection of available investments
- Fractional shares
- Powerful technical analysis tools
- Offers robo-advisory services
- Accessible to beginning and intermediate users
- Voice commands
- Offers highly competitive APY through Webull Cash Management
- Does not support mutual funds
Related: How to Get Rich Off Stocks [Steps to Invest in the Stock Market]
8. Public.com (Best Robinhood Alternative for Not Monetizing Payment for Order Flow)
- Available: Sign up here
- Best For: New investors with limited capital
- Price: Free stock/ETF trades
Public.com is another free stock app catering toward young adults intent on investing in accordance with their social preferences.
This stock investing app, much like many of its peers, offers fractional investing, or the ability to buy smaller amounts of a stock than one share.
This lower cost makes investing in some big name companies (e.g., Amazon, Google, Apple) more accessible to the retail investor.
The company argues this feature provides for a more inclusive stock market. Further, the app’s social feed allows people to invest alongside friends and other well-regarded investors who might offer useful investing insights.
To aide investors sort through investing thought leaders, Public.com marks verified public figures on the platform with the standard blue check mark logo. This investing feed provides visibility into the trade activity of these verified investors.
→ Public.com Breaks with Monetizing Payment for Order Flow (PFOF)
Public.com announced a change in its revenue model following the GameStop market mania in early 2021, breaking with how many free stock apps generate income. They no longer generate revenue from Payment for Order Flow (PFOF) and has introduced a tipping feature in the app, acting as a de facto (optional) commission.
The company believes they have a responsibility to lead the industry in a different direction and no longer receive compensation for routing orders to market makers for trade execution.
With the Robinhood blow up, we saw how this created a conflict of interest between the brokerage and customer. By doing this, Public.com will better align their financial incentives with the best interests of their customers.
If this sounds like an interesting investing app, open an account and make an initial deposit to see if the app meets your needs.
Read more in our Public.com investing app review.
- Public.com offers zero-commission trading on thousands of stocks and ETFs, available as fractional shares. The app also allows you to invest in cryptocurrency, and it's one of the rare brokerages that allows its users to buy alternative assets.
- Earn a 5.3% yield with Public.com's Treasury Account, which allows you to earn state- and local-tax-exempt income from T-bills.
- Use a social feed where members can share why they believe in certain companies (or don't) and can post comments on others' trades.
- Invest in curated lists of stocks and ETFs for people to aggregate investments by interest area or values.
- Subscribe to Public Premium for features such as advanced company-level data, Morningstar insights, and exclusive audio content from Public.com's expert analysts.
- Special offer: Transfer investments from another broker to Public.com and earn between $150 and $10,000.*
- Fractional shares
- Allows you to trade alternative assets
- No payment for order flow (PFOF)
- Creative social investing features
- Doesn't support mutual funds
- Limited investment research and other tools
9. TradeStation (Robinhood Alternative for U.S. & Non-U.S. Citizens [European, APAC, North America])
- Available: Sign up here
- Best For: Advanced traders, Options and Futures traders, Active stock traders
- Price: Free stock/ETF trades, $0.60 per options contract, $1.50 per futures contract
If you are a serious trader and want a high-powered Robinhood alternative for non-US citizens, you may want to consider TradeStation.
The service is also available to Americans, but can also be a Robinhood European alternative as well as for APAC residents.
This app is a top-of-the-line choice for those who think of themselves as advanced traders on stocks, options and futures.
The trading platform is geared toward the experienced trader who wishes to trade in high volumes on a diverse range of products and have access to a powerful investment research software platform.
To learn more about the app providing industry-leading trading technology alongside exceptional customer service and commissions, click the link below. Open your account to see what TradeStation can do.
- TradeStation is a powerful trading platform that allows you to invest in a wide array of products, including stocks, ETFs, mutual funds, options, bonds, forex, futures, micro futures, and futures options. You can also participate in IPOs through TradeStation.
- The platform comes equipped with trading and investing tools that are useful to seasoned professionals and new traders alike. Identify trading opportunities, explore option markets visually, even create your own trading tools with TradeStation's proprietary programming language.
- TradeStation's brokerage services and trading education resources are recognized by respected industry reviewers.
- Excellent selection of available investments
- Professional trading features and capabilities
- Intuitive trading interfaces and tools
- Competitive pricing for trading volume
- Varied and confusing fees for specific actions/events
- Mac users can only run TradeStation desktop platform through a Windows emulator
Related: Best Day Trading Software, Platforms and Apps
10. M1 Finance (Robo-Advisor Robinhood Alternative)
- Available: Sign up here
- Best For: Passive investors
- Price: Free stock/ETF trades
M1 Finance differs from Robinhood as it acts as a free automated investing tool, also commonly referred to as a robo-advisor. However, despite this description, it does vary in a few ways in terms of features and functionality.
For example, robo-advisor services like Betterment assess fees for managing your assets. Instead, M1 Finance, does not charge a fee for assets under management (AUM). This makes it one of the best investing apps for beginners.
Another major feature of M1 Finance which causes it to differ from Robinhood (and robo-advisors) is how you select the specific stocks and index funds you invest in for your portfolio. You can select them directly or you can opt to choose from 80+ expert, curated portfolios.
→ Upfront Portfolio Selection, Long-Term Automation
Investing with M1 Finance can be as simple as depositing money, setting your stock and index selections and having the platform automate your investments on your behalf. Choose your desired portfolio allocation upfront and let M1 Finance handle the rest for your investment portfolio. Follow along with this app’s stock news feature over time.
When selecting to use the platform in this way, you can set M1 Finance to rebalance your portfolio in line with your stated asset allocation targets. This can remove yourself from making emotionally-charged decisions, leaving your investments alone.
Read more in our M1 Finance review.
- M1's Smart Money Management gives you choice and control of how you want to invest automatically, borrow, and spend your money—with available high-yield checking and low borrowing rates.
- Includes an FDIC-insured checking account and an M1 Visa debit card that delivers 1% cash back.
- Unlock perks including higher cash-back rewards on the M1 Owner's Rewards Credit Card, 4.25% APY from high-yield savings, ATM reimbursements, and 0% international fees.
- Invest in stocks, ETFs, and cryptocurrencies.
- Robo-advisor with self-directed investing capability
- Attractive cash-back and APY opportunities
- Doesn't support mutual funds
- Doesn't allow trading throughout the trading day
- Monthly fees for account balances <$10,000
Related: Portfolio Analysis Tools [Investment Portfolio Analyzers]
11. eToro (Robinhood Alternative for Crypto)
- Available: Sign up here
- Best For: U.S. investors focused on crypto-trading
- Price: Commission-free stock and ETF trades
Some people use the Robinhood app not to invest just in standard stocks, but to invest in cryptocurrencies like Bitcoin, Ethereum and Dogecoin.
If you’re looking for a different trading app than Robinhood for trading cryptocurrencies, eToro is an option to consider.
eToro is the world’s leading social investing platform, offering a social trading feature where you can learn and copy the strategies of other traders. If you are a profitable trader, you can have eToro users follow you.
The platform offers multi-asset trading capabilities with over 2,000 instruments available through the brokerage. You can trade crypto and other assets in 14 exchanges worldwide.
eToro can fulfill your needs as a Robinhood alternative for crypto by offering commission-free trading on 17 cryptocurrencies and other assets. Opening an account is simple and only takes $100 to start.
The bad news is that the forex fees are high and there is a $5 withdrawal fee charged.
- The eToro trading platform allows you to buy and sell stocks, ETFs, and options with 0% commission, including no contract fees on options.
- Trade dozens of the most popular cryptocurrencies.
- Not sure what kind of trading strategy you want to employ? eToro allows you to replicate the trades of popular traders automatically, in real time.
- Test out your strategies with eToro's $100,000 practice account.
- $100 minimum deposit to get started.
- Special Offer: Get $10 when you deposit $100 or more.*
- Good selection of available investments
- No options contract fees
- Fractional shares
- Copy trading functionality
- Strong technical analysis tools available
- $100,000 virtual portfolio included for free
- Charges withdrawal fee ($5)
- Doesn't offer robust fundamental tools
- Unavailable in 4 U.S. states (NY, NV, HI, and MN)
Transacting in virtual currencies is subject to various risks, such as price volatility, and is therefore not suitable for everyone. Your capital is at risk.
Do You Need a Robinhood Alternative?
While there are many advantages to the Robinhood app, it doesn’t have the extensive trading analysis tools others provide.
Further, the stock app halted trading in several active stocks during early 2021, causing a major backlash from users. As a result, many have looked for alternatives to Robinhood in light of this development.
Many might see the company’s mission of “democratizing finance” as hypocritical after these actions.
They saw how Robinhood only allowed users to sell certain securities they owned would stand to benefit Wall Street hedge funds- not mom-and-pops who have wielded this app.
This article looks at the top apps like Robinhood you might consider opening instead. But first, let’s look at Robinhood as an app and why it might not be right for you.
Related: 10 Best Micro Investing Apps
What is Robinhood?
Robinhood is a free stock trading app that became the first to offer commission-free investing to the masses.
The service, aimed at democratizing finance, targets younger investors who may not have much money to invest at once and feel drawn to commission-free trading.
The Robinhood service offers commission-free stock, ETF, cryptocurrency and options trading but lacks the full-service trading platform other brokers provide.
Their platform has an intuitive and visually-appealing look, attracting many seeking an alternative to a larger brokerage.
Robinhood offers a paid account, Robinhood Gold, which provides higher instant deposit limits, pre- and post-market hours trading windows and the ability to trade options.
You must maintain a minimum $2,000 account balance with a Robinhood Gold subscription.
Why Robinhood Might Not Hit the Mark for You
If you think Robinhood offers only a basic trading setup, know you won’t find yourself alone.
When looking for a Robinhood alternative that offers a more sophisticated system, consider the following features which Robinhood does not provide:
Analysis and Tools
Robinhood does basic trading very well. It offers an easy-to-use interface and doesn’t complicate it with a significant level of analytical insight or investment tools.
Instead, it keeps it simple and places the power of making informed trades squarely in your hands.
You would never confuse Robinhood for one of the best stock research websites or stock charting software options.
Robinhood alternatives aim for a higher level of information know-how, providing ample investing tools, stock analysis and educational resources to inform your investing decisions.
Robinhood allows you to create basic watchlists and view real-time data, but lacks educational resources, something its target market sorely needs.
Instead, it mostly gives you the keys without guiding you on what to do. If you don’t need the bells and whistles and only want a free stock trading platform, Robinhood might be best for you.
But if you want above the basic functionality, you’ll need to look at other apps like Robinhood to meet your needs.
Mutual Fund Access
Many brokers don’t offer the ability to purchase mutual funds. Count Robinhood in that number. Some brokers, like Firstrade, allow you to purchase mutual funds.
What Can I Use Instead of Robinhood?
Before moving into the best Robinhood alternatives you should consider, let’s review some of the major characteristics which affect most people’s decisions to invest with a specific broker:
| Item | Description |
|---|---|
| Fees | Undoubtedly, firms often compete on price. For brokerages, that means fees, commissions, or other related expenses for maintaining and using a brokerage account. Brokerages can assess multiple types of fees and both the number and the size of these fees may vary significantly from broker to broker. Looking forward to how these fees could impact your potential performance, both of these fee considerations can impact your returns and your overall experience. Because Robinhood does not assess trading commissions, as a baseline, you may wish to consider a similarly low-cost Robinhood alternative. |
| Account Opening | In the past, many brokerages required a minimum opening account deposit. Because this might pose a barrier to entry for some, it can limit the attractiveness for certain brokerages. Thanks to the advance of FinTech companies like Robinhood, Webull, and many others, account minimums and opening balances have become less common. Further, the amount of time from account opening to ability to make your first trade matters as well. Many brokerages now offer instant, same day account credit to begin trading once you authorize a deposit into your account instead of waiting for the funds to settle in your account. |
| Markets and Products | Depending on the types of investments you would like to make, (e.g., traditional investments in stocks and bonds, alternative investments, etc.) different brokerages may become more attractive. As a baseline, many offer trades in stocks, bonds, and index funds like Robinhood. However, investors should know the specific products of interest and whether stocks, forex, mutual funds, and other products are available at the targeted Robinhood alternative. |
| Deposits & Withdrawals | Breaking down barriers to entry has been a hallmark of the FinTech movement. Therefore, many of the best Robinhood alternatives offer multiple means for depositing or withdrawing funds from your account. Be cautious, however, because some investment brokerages do allow deposits with credit cards, which can act as a costly method for funding your account. |
| Trading Platform | As a final common element for consideration, be sure to understand the types of platforms available to you, whether through a desktop application, mobile app (iOS, Android), or other access point. Make sure you select a user-friendly trading platform which offers many useful resources for increasing your trading confidence and decision-making. |
Additionally, recurring outages have some current users looking elsewhere for their investing strategies.
Not to mention, Robinhood upset users by halting trading in many popular stocks that experienced a significant amount of market activity during early 2021. Names like GameStop (GME), AMC Theaters (AMC), Express Outfitters (EXPR), Nokia (NOK) and more all had restrictions placed on them.
Traders looking to jump ship for other apps that allow unfettered trading in these stocks will find a lot of comfort in this list of options.
Related Questions on Robinhood Alternatives
Is Robinhood Only for US Citizens?
You will need to be a US citizen or resident or have a valid U.S. visa with a U.S. residential address if you want to apply for a Robinhood account. Specifically, you will need to meet the following requirements in order to open and trade within a Robinhood account:
- Be 18 years or older;
- Have a valid Social Security Number;
- Have a legal U.S. residential address within the 50 states or Puerto Rico (exceptions apply for military members stationed abroad); and
- Be a U.S. citizen, permanent resident or have a valid U.S. visa.
If you don’t meet all of these requirements, I highlight three of the best online brokers for non-US residents or for Americans living outside the US:
Is Robinhood a Rip Off?
While Robinhood might not always represent the best investing app available, it should be easily recognized as the company leading change across its industry. Becoming the first company to offer commission-free trading deserves recognition.
Based on the apps described above, you should choose the app that best fits your needs as an investor. If you’re still unsure, try out a few apps to see which is the ideal one for you.
As you decide on the best brokerage for your needs, also consider tracking all of your accounts in one comprehensive investing tool like Stock Rover.
Evaluate All Your Apps Like Robinhood
Robinhood is an amazing app for many of its users. However, if you want a Robinhood alternative, there are plenty of other options available which offer more functionality, features and options.
Robinhood led the way in slashing commissions and fees charged by established trading platforms and has established its legacy as a market leader as a result.
Many investors can thank the company for its bold strategies and innovative thinking as other brokers have had to adapt their business models to remain competitive in the field.
