With all the negative buzz around Robinhood lately, many investors are deciding to jump ship and try out a new brokerage. But Robinhood paved the way with so many features, like an easy-to-use app and commission-free trading.
So which apps are comparable? In this article, I’ll review the best Robinhood alternatives, so if you’re looking to explore more options you should be able to find a suitable replacement below.
Overview of the best Robinhood alternatives
- Free investment platform.
- Fractional investing.
- Social components.
Public is a free investment app that’s primarily aimed toward new investors. They concentrate on helping individuals make investments determined by their social choices. Public does this by having a social media angle to the investment process.
Additionally, they offer fractional investing, which allows you to buy less than a whole share of any certain stock. You can also keep track of other users and their investment strategies, as well as follow specific companies.
And because the platform is free WITH fractional investing you’re able to invest right away in companies with a high cost per share (think, Tesla, Google/Alphabet, Apple).
Public says that they’re trying to make the stock market more inclusive. And because the app has a social feed, you can invest right alongside other more experienced investors as well as your friends. This is where the social aspect comes in.
On top of that, Public includes (verified) public figures (hence the name of the app) within the app so you can see what these people are investing in. They’re verified much in the way Twitter does it. You can then see their trading activity so you can either pull ideas from their strategy or copy it completely.
Right now, Public is offering a $10 bonus for signing up and making an initial deposit. You can also gift fractional shares to others who you refer to the app.
Learn more about Public or read our full Public review.
- 250 fee-free ETFs.
- Hybrid investment options.
- Access to E*TRADE bank.
E*TRADE is one of the most advanced trading platforms out there. Their app is incredibly intuitive and lets you trade not only stocks and ETFs, but also options and mutual funds. You’ll have the ability to do extensive research if you want to, or simply use an ETF screener to find a match for your investment needs.
This makes it great for both beginners and more advanced investors alike. Speaking of advanced investors, you can upgrade to the Power E*TRADE app, which gives you access to more intricate trading strategies, as well as the ability to trade futures.
I also really like the educational information that E*TRADE provides for free. If you’re a new investor, these resources will help teach you how to research a stock, diversify your portfolio, do technical analysis, actually buy stocks, and more.
Additionally, you can get access to options and more investment research since E*TRADE has now purchased OptionsHouse. And, unlike Robinhood, E*TRADE has retirement options – IRAs, etc. So you can invest for the long haul in a tax-advantaged account.
Learn more about E*TRADE or read our full review.
- No minimum balance requirement.
- No fees.
- Hybrid between self-directed and robo-advisor.
M1 Finance is a well-known cost-free investment service as well as an interesting rival to Robinhood. With M1 Finance, you can get both traditional investment services, and also receive professional investment decision guidance. And what I love is that the app lets you control where your dollars will go.
It’s like a hybrid between a traditional brokerage and a robo-advisor. However, as opposed to some other apps or robo-advisors that invest your money automatically and tell you the details, this particular app uses its cutting edge “pie” system to totally explain the details of all the investment possibilities that may help you make your choice. Here’s the way it works:
Initially, the app asks for all your specifics once you join. Depending on the information you give, M1 Finance makes a “pie,” for which you get lots of investment “slices,” which equate to an individual investment. Only, you don’t have to buy the full share – you can buy a fractional share. That’s the “slice” of your “pie.” That way, you are able to diversify your investment portfolio and invest in a wide array of investments without performing any grueling research.
After that, M1 Finance will rebalance your portfolio every time you make an investment, keeping with the proportions of each “slice” that you’ve already established. So if you have four investments (four “slices”) each at 25% allocation, M1 Finance will make sure that ratio stays consistent as you add more money to your account.
In comparison to Robinhood, M1 Finance fails to buy and sell stocks speedily. In fact, there is only one window of time during the day where M1 purchases stocks. You can upgrade your account to get two time-windows, but it’s still limited. Nevertheless, it does provide you with IRA solutions and a $0 commission level. In summary, it’s an easy-to-use solution to get started with long-term investment.
Learn more about M1 Finance or read our full M1 Finance review.
- Lots of analysis resources.
- No commissions.
- No minimum balance.
Webull is a newer investment platform, designed for both new and seasoned investors. It has no fees – including commissions – with the exception of some minor wire transfer and SEC fees. This makes it a viable alternative to Robinhood.
There are a lot of things to like about Webull when compared to Robinhood. One feature that’s incredibly valuable is that Webull’s app will analyze investments for you, based on your financial situation, to help determine which investments are the best choices for you. This way, you don’t spend all day deciding on an investment – you can instead make a quick decision on your investments.
Webull also works hard to make sure its customers understand the stock market well. You’ll have access to a really helpful practice account that lets you make trades with fake money. This way, you can practice certain investment strategies before you take them live in your real Webull account. Then once you’re happy with a plan of attack, you can use those tactics on real investments with real money.
Webull also has additional features, like after-hours trading (for certain account types), and detailed information on pretty much any asset you want to invest in. Their charting and other research options are also fairly robust, considering it’s a free platform. And lastly, like Robinhood, Webull has no minimum balance to get started.
Learn more about Webull or read our full review.
- Great for new or experienced investors.
- Comprehensive trading options.
- No commissions.
I find TD Ameritrade to be one of the best overall brokerages out there – not just compared to Robinhood. That said, they are an excellent alternative to Robinhood, for the right investor. TD Ameritrade got rid of commissions back in 2019, too. So it only made this platform more desirable.
I like to think of TD Ameritrade as a middle-ground between something like Webull (more for beginners) and E*TRADE (where beginners can invest, but it’s probably a bit too powerful and complex). TD Ameritrade finds a nice balance between usability and research options so you can quickly find stocks to invest in.
The platform is easy to navigate and works perfectly on both the app and desktop/laptop computers. With the research tools you’ll have at your fingertips (like screeners, charting, and more) you can quickly find anything you’re looking for and invest right away.
Learn more about TD Ameritrade or read our full review.
- Complete investment management.
- Tax-loss harvesting offered on taxable accounts.
- No minimum initial investment required.
Betterment is a true robo-advisor, so it’s a bit different than some others on this list. That said, they’re a good replacement for Robinhood purely because of the simplicity they offer. They’re one of the only robo-advisors that has no minimum deposit – so people coming from Robinhood will probably like that.
Betterment also offers a checking and savings account (called their Cash account) at no cost. When you sign up, you’ll go through a series of questions that help Betterment understand your goals and overall risk tolerance.
From there, Betterment will craft a unique portfolio of ETFs that they’ll automatically manage for you. And as your life changes, your goals will change. So you can modify your investment strategy at any time in the future.
The Betterment app is very easy to use, too. On the downside, you can’t pick individual stocks like you can with Robinhood, and the platform isn’t totally free (Betterment charges a 0.25% management fee), but the simplicity far outweighs that of Robinhood.
Learn more about Betterment or read our full review.
Ally Invest (Please check brand image)
- No commissions.
- Simplified dashboard.
- Managed portfolios option.
Ally Invest is part of Ally Bank, and its simplified investment platform makes it a viable alternative to Robinhood. While you don’t need to be an Ally Bank customer to sign up, it helps, as you’ll have complete integration between your accounts.
There are no fees with Ally Invest and it has many of the features that Robinhood doesn’t have. First is the ability to have both a self-directed account or a managed account. If you want to choose your own stocks as you can with Robinhood, you can elect to use the Self-Directed portfolio. Alternatively, if you want to have a more hands-off approach you can use the Managed Portfolio option, which gives you a pre-built portfolio and acts more like a robo-advisor.
The dashboard is clean and easy to navigate, too. From the dashboard, you can see your profits, losses, and easily make investments.
Additionally, you can buy not only stocks and ETFs, but also mutual funds, bonds, and options with Ally Invest. All completely commission-free. Note that options contracts do have a small fee for executing.
Learn more about Ally Invest or read our full review.
- Full banking solutions.
- Automated options.
- Helpful guidance.
Stash isn’t totally free like some of the others on this list. Its entry-level plan is $1 per month, and you’ll need at least $5 to start investing (not much, but still worth noting). That said, the Stash app is awesome. It’s easy to use and reminds me a lot of Robinhood in the way it’s designed. You can buy stocks and ETFs with Stash.
Stash has three levels of accounts – Beginner ($1/month), Growth ($3/month), and Plus ($9/month). Each has additional features that may or may not apply to you (like investing for children with the Plus level). However if you’re just looking for a Robinhood replacement, the $1 Beginner level should more than suffice.
Stash is excellent for beginners because you’ll get the investment app, banking options (like checking and savings), as well as a debit card. So everything is housed in a single app, making managing your finances a breeze.
Learn more about Stash or read our full review.
Disclaimer – MoneyUnder30 is a paid partner of Stash
Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.
¹For securities priced over $1,000, purchase of fractional shares start at $0.05.
²Debit Account Services provided by Green Dot Bank, Member FDIC and Stash Visa Debit Card issued by Green Dot Bank, Member FDIC. pursuant to a license from VISA U.S.A. Inc. Investment products and services provided by Stash Investments LLC, not Green Dot Bank, and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.” because the article mentions the debit card.
³You’ll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.
⁴Other fees apply to the debit account. Please see Deposit Account Agreement for details.
⁵Stock-Back® is not sponsored or endorsed by Green Dot Bank, Green Dot Corporation, Visa U.S.A, or any of their respective affiliates, and none of the foregoing has any responsibility to fulfill any stock rewards earned through this program.
Summary of the best Robinhood alternatives
|Brand||Minimum balance||Commission fee||Investment options|
|Public||$0||$0||Stocks, bonds, mutual funds, ETFs|
|E*TRADE||$0||$0||Stocks, bonds, mutual funds, ETFs, options, futures|
|M1 Finance||$100||$0||Stocks, ETFs|
|Webull||$0||$0||Stocks, ETFs, crypto|
|TD Ameritrade||$0||$0||Stocks, bonds, mutual funds, ETFs, options, futures|
|Betterement||$0||N/A (0.25% on your balance)||ETFs|
|Ally Invest||$0||$0||Stocks, bonds, mutual funds, ETFs, options|
|Stash||$0||$0 (but costs minimum of $1/month)||Stocks, ETFs|
How I came up with this list
To find the best Robinhood alternatives there were a few primary factors I considered:
Since Robinhood really opened the door for $0 commissions, I wanted to find brokerages that offered trading for free. Where this used to mean you gave something up, nearly all major brokers have gotten on board with $0 commissions and you still get loads of features.
Ease of use
Robinhood crushes it with ease-of-use. That’s one reason they got so popular so fast – their mobile app gamifies the investment experience. I looked for brokerages that had a clean and easy-to-use mobile app as well as a useful desktop option if you want to invest from home.
Robinhood has extra features like the ability to invest in crypto or using Robinhood Snacks – their news feed that I absolutely love. When looking for suitable replacements, I wanted to make sure each option had a unique feature or two so you have options.
What is a Robinhood alternative platform?
Robinhood is one of the fastest-growing and most popular investment platforms on the market. But many people are considering leaving since they blocked their customers from investing in certain stocks due to a variety of reasons I won’t get into.
So a Robinhood alternative is an investment app that is similar to Robinhood in its cost and simplicity but provides new and unique features. These investment apps should allow former Robinhood-users to switch with ease.
Why should you use a Robinhood alternative?
If you’re moving off of Robinhood, or just like what they generally stand for but want to look elsewhere, you should look into a Robinhood alternative. Generally speaking, you will like these options if you:
Are a newer investor
Robinhood (and its alternatives) are primarily geared toward newer investors. This isn’t to say that more advanced investors won’t benefit from them, though. It just means they have options, a platform, pricing, etc. that cater to new investors.
Want to trade for free
Robinhood set the bar with free investing. So if you’re looking for no-commission trades, looking at a Robinhood alternative platform that I’ve listed above will start you off in the right direction (and save you some money).
You want ease
Whether you’re looking for an easy-to-use app or you want something completely hands-off like a robo-advisor, those who are seeking an alternative to Robinhood will want investing to be easy. All the options listed here are extremely easy to get started with and use.
Why shouldn’t you use a Robinhood alternative?
There are some circumstances where these options don’t make sense for you. They include:
If you want to trade cryptocurrency
If you want to trade cryptocurrency, I recommend using a credible crypto exchange like Coinbase. While some of these brokers do offer crypto (like Webull) your crypto has to stay with the platform. If you use an exchange, you have more ownership over your coin.
You like advanced charting and options
With the exception of E*TRADE, none of these platforms really dominate with advanced research and charting. So if you’re a day trader or someone who wants to do deep, deep research, you’ll want to look elsewhere.
You have a ton to invest
If for some reason you have a lot of money to invest (I’d say $300,000 and up) you might want to look into a wealth management solution, which will give you more tailored advice and dedication to your money.
Most important features of a Robinhood alternative
Here are the key things you want to look for in a Robinhood alternative platform:
Make sure you find a platform that has little to no fees. Usually, there is going to be some kind of fee for things like wire transfers and standard SEC fees (like on options contracts), but for the most part, you can find brokers who won’t charge you a fee.
Make sure to read the terms and conditions of the account, as well as browse the broker’s fees section of their website so you understand exactly what you will be charged, if anything. Sometimes there are hidden fees if, for example, you have an IRA and want to move it out at some point in the future.
Everyone is on their phones nowadays. Make sure whichever broker you use has a great mobile app experience. The app doesn’t have to be loaded with features, but it should be easy to navigate, easy to make investments, and have some type of news section so you can quickly get nuggets on the happenings in the markets.
Extra account options
You won’t this with all Robinhood alternatives, but one nice thing to look for is extra account options, such as a checking account or savings account. Stash does this, so does Betterment, and many other brokerages are jumping on-board.
The reason this is helpful is that you can keep all of your money, theoretically, with one brokerage/app. Instead of having a checking account somewhere, an online savings somewhere else, and an investment account on an app.