9 BEST Robinhood Competitors & Alternatives (2024) (2024)

Robinhood is a brokerage firm that offers commission-free stock, crypto, and ETF trades. The company was founded in 2013 by Stanford Graduate School of Business classmates Vlad Tenev and Baiju Bhatt. This company is backed by well-known investors like Google Ventures and Andreessen Horowitz.

The primary purpose of Robinhood is to make investing more accessible by providing an online service that allows investors to invest in the stock market without the need for minimum account balances or high transaction fees. In addition, Robinhood offers free access to its core financial products through a mobile app and a web interface.

However, recently Robinhood has faced scrutiny over its influence on meme stocks. Investors bought meme stocks based on hype. Many people believe that this has led to more than one million users opening brokerage accounts with just a $0 balance requirement, making them susceptible to bad investments and scams. It also does not provide an option for mutual fund investment. Also, their role in GameStop came under heavy criticism.

Here is a curated list of Top applications capable of replacing Robin Hood with its pros, cons, features, and key statistics.

Best Robinhood Alternatives: Top Competitors

1) Uphold

Best for discovering new, exclusive altcoins

Uphold is a Software wallet that helps you to store your bitcoins. Uphold provides a user-friendly platform for buying, trading, and holding a diverse range of assets, from crypto (over 250) to traditional currencies and precious metals. Uphold’s has a 100% reserve model that safeguards user funds and an openness to transparency, where real-time asset and liability data is publicly available and updated every 30 seconds.

Features:

• Broad range of tokens and earliest token support
• Connected to 28 underlying exchanges to find you the best token prices
• Spend assets anywhere in the world with the Uphold Card (in the UK only)
• Set up automatic, recurring transactions for dollar-cost averaging
• Advanced trading features like take profit and trailing stop loss.
• Number of global cryptocurrencies – Over 250+
• Deposits & Withdrawals Methods: Bank transfers (ACH), Credit cards, Debit cards, PayID
• Investment options: Crypto

Visit Uphold >>

2) Webull

Intermediate-level investors but still actively involved in stock market and options trading

Webull is a relatively newer investment platform designed for new and seasoned investors. It has no fees—including commissions – except some minor wire transfers and SEC fees.

This online brokerage firm puts heavy emphasis on the idea that innovative technology has the potential to improve your returns in the stock and cryptocurrency market. It also provides a practice account that lets you make trades with fake money.

Features:

• It provides lots of tools for analysis.
• Commission-Free Trading.
• It offers an option to buy and sell a long list of cryptocurrencies.
• Provide an option to access stocks listed on major exchanges, options, and ETFs.
• Does not require any minimum balance.
• Deposits & Withdrawals:
  • Wire Transfer- Deposit- $25 and Withdrawal – $45
  • ACH deposit and withdrawals no fees
• Investment options: US market stocks, options, ADRs, and ETFs, and specific cryptocurrencies.
• Minimum Balance: You don’t need to maintain a minimum balance.
• Support: Chat, email, and Phone.

Visit Webull >>

3) M1 Finance

Don’t want to take an active role in portfolio management

M1 Finance is a cost-free investment service and a strong competitor of Robinhood. With the M1 Finance investment app, you can get both traditional investment services and receive professional investment guidance. It also provides a quick way to access your money and transfer the money seamlessly between investments.

Features:

• This alternative to Robinhood offers 2% Loans Through M1 Borrow.
• You can earn 33x the national average APY for a checking account.
• Earn stock back from spending.
• It is one of the best alternatives of Robinhood, allowing you to purchase fractional shares of stock.
• It allows you to send physical checks without ever touching a pen.
• A hybrid between self-directed and robot-advisor.
• Supported platforms: iOS and Android.
• Fees: $125 per month.
• Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading
• Investment options: M1 automates the building and maintenance of your custom investment portfolio. (ETFs or individual stocks)
• Minimum Balance: You cannot withdraw or deposit less than $10.
• Investment types available: Stocks, ETFs.

Link: https://m1.com/

4) Public

Looking for social trading features.

Public.com is a stock and ETF trading app founded in 2017. This app uses a third party, Apex Clearing, to handle the background administrative stuff of running public user accounts. Public allows you to purchase a fractional share.

It is a trading app like robin hood that allows you to follow specific companies. This investment app makes your portfolio public to other users and gives you the ability to browse others’ portfolios.

Features:

• Free investment platform
• Social trading features
• You can trade cryptocurrencies
• It is one of the best apps like Robinhood that Never charge any trading fees or commissions
• Fees: Free stock/ETF trades
• Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading
• Investment options: Stocks and ETFs
• Minimum Balance: No minimum balance
• Support: Phone and Live Chat.

Link: https://public.com/

5) TD AmeriTrade

All-around, balanced investors, and optional Trading.

TD Ameritrade is one of the best replacements of Robinhood, and the platform is easy to navigate and works perfectly on both the app and desktop/laptop computers. This brokerage firm does stock research and offers numerous investment opportunities.

This trading app, like robin hood, helps you become a better investor with its multitude of available tools. Depending upon your needs, you can create several watchlists and set custom alerts to remain updated with the trends.

Features:

• Great for new or experienced investors.
• Comprehensive trading options.
• No commissions.
• Interactive courses and webcasts.
• Supported platforms: iPhone App, Apple Watch, Android App.
• Fees: $0.00 commissions.
• Deposits & Withdrawals Methods: Electronic bank transfer, Wire Transfer, Deposit via mobile, etc.
• Investment options: Stocks, Options, ETFs, Mutual Fund, futures, Forex, Margin Trading, Crypto Trading, IPO, etc.
• Minimum Balance: platform fees and no trade minimums.
• Support: Phone: 24/7; Text: 24/7; Live Chat: 24/7; Email

Link: https://www.tdameritrade.com/

6) Acorns

Long-term investors

Acorns is a micro-investing platform that’s gained quite a bit of steam over the past few years. This Robinhood competitor uses the hands-off approach to investing. Therefore, you don’t have to spend time researching, building, and rebalancing your portfolio.

Features:

• It helps you to expand your earnings potential in financial markets.
• You can start investing with just $5, making the app perfect for new and small investors.
• Like Robinhood, this app improves your financial stability through better spending habits.
• Recurring Investments and One-Time Investments
• Supported platforms: Android and iOS.
• Fees: $3 a month
• Deposits & Withdrawals Methods: Wire Transfer and Bank Transfer.
• Investment options: Stocks, ETFs, bonds
• Minimum Balance: $0 to open, but $5 requirement to invest
• Support: Chat and Email.

Link: https://www.acorns.com/

7) Sofi Invest

IPO Investing

SoFi is an online discount broker that launched in 2011. The company offers a compelling investing experience alongside a top-notch personal finance tool. It is one of the best alternatives to Robinhood also offers student loan refinancing, insurance, a cash management account (with a debit card), personal loans, and more.

A trading app like robin hood enables you to begin trading with as little as $1 with SoFi Invest. You can also trade stocks and ETFs with no commission, and it’s free of charge.

Features:

• Trade stocks and ETFs with no commissions or participate in upcoming IPOs before trading on the public market.
• It offers an option for personal loans to student loans.
• Invest in Stock Bits (fractional shares.
• It helps you to automated investing options for a hands-off approach.
• Fees: $0
• Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading
• Investment options: Free stock/ETF trades
• Minimum Balance: Does not charge commissions on trades or require investors to maintain any minimum account balance.
• Support: Phone support only.

Link: https://www.sofi.com/invest/

8) E*Trade

Options traders

E*TRADE is a highly advanced trading platform out there. It enables you to trade stocks, ETFs, options, and mutual funds. You’ll have the ability to do extensive investment research if you want to or use an ETF screener to find a match for your investment needs.

It is a trading app like Robinhood, ideally suited for advanced traders, active day traders, derivatives traders, and retirement savings. This is an app similar to Robinhood, which is suited to small investors who prefer to buy-and-hold and execute only a few trades per year.

Features:

• $0 commission for online US-listed stock, ETF, and options trades.
• Allows Trading in 77 international markets.
• No minimum account balances.
• 250 fee-free ETFs.
• Hybrid investment options.
• Provide access to E*TRADE bank.
• Supported platforms: Web-Based, iPhone App, Apple Watch, Android App.
• Fees: $0
• Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading
• Investment options: Stocks, OTC/Penny Stocks, ETFs, Mutual Funds, Bonds, Options, Forex, etc.
• Minimum Balance: No account minimum
• Support: 24/7 live chat and Email Support.

Link: https://us.etrade.com/home

9) Stash

Anyone who needs banking and investment accounts

Stash is undoubtedly one of the best for beginners because you’ll get the investment app, banking options, as well as a debit card. So, everything is included in a single app, making managing your finances a breeze.

Features:

• Full banking solutions.
• Offers automated options.
• Helpful guidance.
• Offers fractional shares investments.
• It helps you with personal finance management.
• Fees: Acorns Personal: $3/month & Acorns Family: $5/month.
• Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard
• Investment options: Stocks and ETFs
• Minimum Balance: No minimum balance on investment
• Support: Phone, email, and chat Support

Link: https://www.stash.com/

10) Betterment

Tax-loss harvesting purpose.

Betterment is one of the best Robo-advisor apps for anyone who doesn’t want to pick their stock but would rather have their portfolio managed by professionals. It is one of the best alternatives to Robinhood that also offers a checking and savings account (called their Cash account) at no cost.

Features:

• Offers complete investment management.
• Tax-loss harvesting is offered on taxable accounts.
• Provides and climate-conscious options, low-risk options socially.
• It allows you to make deposits at will or set up monthly transfers into the account.
• Fees: Betterment charges a 0.25% management fee
• Deposits & Withdrawals Methods: Electronic transfers and wire transfers
• Investment options: ETFs
• Minimum Balance: You can keep Betterment accounts with a $0 balance.
• Support: You can contact them via phone or email.

Link: https://www.betterment.com/

What to Look for in a Robinhood Alternative?

Here are some critical steps to follow while looking for the best Robinhood alternative.

Step 1) Fees:

Your online brokerage may charge different types of fees, which can vary significantly from broker to broker. Robinhood is one of the cheaper brokers. Therefore if this is an essential consideration for you, make sure you select a similarly low-cost Robinhood alternative.

Step 2) Account opening:

Some brokers require at least $10,000 to be invested while opening an account, while others don’t set a minimum first-time deposit. It would be best to consider the time taken to open the account.

Step 3) Deposit/withdrawal:

The number of ways to deposit or withdraw money to or from your account matters exceptionally. For example, while you cannot deposit with your credit card at Robinhood, some alternatives might allow you to do that.

Step 4) Web trading platform

While online brokers are usually available on mobile apps, tablet apps, or desktop software, most people use them through their web platform in a browser. A user-friendly trading web app offers many different resources to increase your trading comfort significantly.

Step 5) Markets and products

Many people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products.

Why Robinhood Might Not Be Right for You?

Here are some reasons why you should consider opening an account at some of above given Robin hood alternatives:

• Robinhood lacks a large number of trading analysis tools, and it only allows you to create watchlists and view real-time market data.
• It also offers very little in the way of trading education.
• Its candlestick charting options are not easy to view on the mobile screen. As its mobile trading app uses the standard green and red candle scheme like other brokers, shadows are pretty difficult to see on Robinhood’s white mobile background. Moreover, you can’t adjust candle periods to minutes or hours like most other platforms.
• Robinhood only offers individual taxable accounts, and you cannot open an IRA or solo 401(k) through Robinhood.
• You cannot purchase mutual funds through Robinhood’s platform.

Best Robinhood Competitors & Alternatives