You know that feeling when you’ve been using a particular app or service for a while and wonder if something might be better.
Thanks to its user-friendly approach, Robinhood has been the go-to choice for many of us looking to dip our toes into investing.
But trying out other platforms can open up your portfolio to new investments and make growing your wealth more possible.
To help you out, I’ve researched 15 investment platforms that could work as Robinhood alternatives.
Whether you are a new or seasoned investor, there is sure to be one on this list you will like!
In under 3 minutes, start investing spare change, saving for retirement, earning more, spending smarter, and more.
Quick Picks
- Best For Auto Investing – Acorns
- Best For ETFs – Betterment
- Best For Pre-Built Portfolios – M1 Finance
Key Takeaways
- Robinhood has been a go-to starter platform for many users, but is it the best for you?
- Some Robinhood users are ready to switch because of service outages and restrictions on investment options.
- Robinhood users are exploring alternatives with advanced features, better education, and improved financial tools.
- There are several alternatives available for different types of investors. Beginners can check out Acorns, Betterment, and more on this list!
Robinhood At A Glance
Robinhood gained popularity as a beginner-friendly option for entering the stock market, offering commission-free trading and a user-friendly interface.
However, it’s encountered its fair share of issues, including the GameStop incident and a need for advanced trading analysis tools and educational resources.
Its handling of volatile trades and financial losses resulted in job cuts. Many beginner investors and experienced retail investors are now looking for Robinhood alternatives.
Some are leaning toward a traditional investment service, but some online brokers could offer investment accounts and trading strategies that fit your style.
Check out my Robinhood Review to see why people are still signing up, but keep reading to see what platforms people are switching to!
15 Best Robinhood Alternatives
1. Acorns
Acorns is one of the best Robinhood alternatives that’s been making waves in the investment world. One of its standout features is ’round-ups.’
Here’s how it works: When you make a purchase, like buying a $3.50 coffee, Acorns rounds that up to $4 and invests the extra 50 cents.
Investing your spare change might not sound like much, but it adds up over time. It’s a simple way to start investing without a big initial investment.
But Acorns isn’t just about rounding up. They offer different investment portfolios designed by experts, catering to various risk levels.
And remember, they even provide a checking account to help you meet your financial goals, making it an all-in-one solution for your financial needs.
Find out more about the platform in my Acorns Review.
In under 3 minutes, start investing spare change, saving for retirement, earning more, spending smarter, and more.
2. Betterment
Betterment is gaining a reputation as the best Robinhood alternative out there. Its user-friendly investment app that simplifies the whole investing process makes it stand out.
You won’t believe how easy it is to manage your investment account with them- because this Robo-advisor does all the leg work to grow your portfolio!
But what wows me about Betterment is its approach to long-term investing. It’s not just about buying and selling stocks; it’s about creating a portfolio that aligns with your financial goals.
They’ve got goal-based saving options and socially responsible investing choices, all with robust security. And – they don’t charge sky-high trading fees!
Read more about why users love this Robo-advisor for automatic investing in my in-depth Betterment Review.
Investing made better! Meet the app that gives you the tools, inspiration, and support you need to become a better investor.
3. M1 Finance
Have you heard about M1 Finance? It’s gaining popularity as an alternative investment app to Robinhood.
It stands out because it allows you to create your own investment strategies or use pre-made portfolios called Pies.
You decide how to split up your assets in your portfolio, and M1 Finance ensures it aligns with your chosen percentages.
Besides the Pies, it also offers the option for users to borrow money through Margin Loans.
One thing to remember is that it doesn’t offer professional investment guidance like Betterment does, but its pre-built portfolios take out some guesswork in investing.
Manage your money with ease. Invest, borrow, and spend on one intuitive platform.
4. Webull
Webull is a cutting-edge trading platform perfect for trading stocks, ETFs, and options commission-free.
Seriously, it’s a game-changing Robinhood alternative for those who are a bit more experienced in trading and want to get more involved in investing.
What I love about Webull is its high-tech mobile app. It’s packed with all sorts of trading tools that make trading easy and quite sophisticated.
The best tool is the trading simulator called Paper Trading, which lets you see how things work by pretending to invest.
5. Gemini
You might want to look at Gemini if you’re searching for the best Robinhood alternative for cryptocurrency.
This sleek, secure platform makes diving into cryptocurrency pretty exciting, especially for beginners.
What stands out about Gemini is its commitment to regulatory compliance. You know you’re trading in a secure environment.
They offer a wide range of cryptocurrencies, so you’ve got plenty of options to choose from.
6. TD Ameritrade
TD Ameritrade has joined forces with Charles Schwab. So, what does this mean for you?
With TD Ameritrade now part of Charles Schwab, you get access to even more tools and resources on their trading platform.
It’s like having a bigger toolbox to help you with your investments, from mutual funds to individual stocks.
Both online brokers are known for being helpful and ensuring their customers understand what they’re doing, which is great if you’re new to investing.
And here’s the good part: you’ll still be able to trade at low costs across a wide range of investment options.
7. SoFi
Are you looking for a Robinhood alternative with a little extra?
Well, let me tell you about SoFi, which offers a range of features, including margin accounts and commission-free trading.
SoFi has a user-friendly approach to margin trading, making it accessible whether you’re a newbie or an experienced trader.
They have a cool cash management account that bridges the gap between your investments and everyday financial needs.
And here’s the best part– there’s no need to worry about a minimum account balance.
8.TradeStation
Are you an advanced trader looking for a platform to keep up with your expertise? You’ve got to check out TradeStation.
This platform is a powerhouse for detailed trading analysis and strategy development.
The beauty of TradeStation lies in its comprehensive toolset. It’s not just about being able to buy and sell stocks; it’s about having the right tools at your disposal for deep market analysis.
Indicators like Moving Average and Support/Resistance Trend are incredibly insightful for those who trade individual stocks.
It’s the kind of platform that turns trading into an art form and goes past just a basic brokerage account.
9. Fidelity
When thinking about where to put your money, Fidelity might just be the answer.
They’ve got many investment options for new and seasoned investors, making it easy to build a diversified portfolio.
You can dive into stocks and ETFs, both at home and abroad, and if you’re interested in options trading, Fidelity has got that covered, too.
For a more stable approach, they offer mutual funds and Exchange-traded Funds.
The best part? Fidelity is known for keeping their low trading fees so you can make the most of your investments.
They’ve also got educational resources and advanced trading tools, and if you need guidance, they offer the expertise of financial advisors to help you.
10. Ally
Ally Invest is kind of a two-in-one deal for anyone looking for low-cost trading and the convenience of having their bank and brokerage under the same roof.
Their Robo-advisor services are a big plus if you’re into getting personalized investing advice without breaking the bank.
It’s all about making investing more accessible and hands-off, which is great for anyone who doesn’t want to micromanage their portfolio.
The cool part about Ally Invest is how it syncs up with Ally Bank accounts. Moving your money between your bank account and your Ally Invest Securities account is easy for investing.
11. Charles Schwab
Charles Schwab stands out as a full-service brokerage firm, offering a pretty extensive array of investment options that cater to all kinds of investors.
One of the things I like about Schwab is that they’ve got everything from mutual funds and ETFs to money market funds to retirement accounts.
Plus, if you’re into stocks, they cover both domestic and international markets. And for those who like to mix things up with bonds and options, Schwab’s got you covered there, too.
Schwab is not just about giving you a platform to trade on; they focus on providing solid trading education and resources.
12. Public
Public is a social investing app combining stock trading with a community-driven approach.
It’s like Robinhood in that it offers commission-free trading, which is awesome for saving on those pesky fees. It’s also like Robinhood with its approach to fractional shares.
You can start investing in big-name companies with just a buck, which is great if you’re not ready to buy whole shares yet.
Public also stands out with its social vibe. It’s not just about trading stocks and ETFs; you can join a community of traders, share insights, and see what others are investing in.
Plus, if you’re into diversifying your portfolio, Public throws in some neat options like crypto, art, and collectibles.
13. Moomoo
If you’re eyeing alternatives to Robinhood, Moomoo is a name that’s been making waves in the trading world.
For those who love the global market scene, Moomoo opens doors to both the U.S. and foreign markets, which is pretty neat if you want to broaden your investment horizon.
While Moomoo packs a punch with its advanced features, it’s probably more suited for those who already have bearings in the stock market.
They step up the game by offering free Level 2 market data and real-time quotes. This is a big deal if you’re into diving deep into market insights without shelling out extra bucks for it.
14.E*Trade
E*Trade shines as a versatile trading platform packed with advanced tools and research options.
I like that E*Trade caters to different investors – from the hands-on active traders to those in for the long haul.
It’s not just about stocks, ETFs, and mutual funds; ETrade steps it up with options trading and the flexibility to buy fractional shares through its dividend reinvestment program.
Whether you’re looking at individual taxable accounts or planning for retirement, ETrade has options like Roth IRA, Traditional IRA, SEP IRA for solo players, and even Inherited IRA accounts.
This versatility makes E*Trade a standout choice for those who want more from their investment options, blending advanced features with a broad spectrum of account types.
15. Stash
Stash is a standout choice, particularly for those just stepping into the investing scene.
Stash is like a multi-tool for your finances. It’s a personal finance app packed with features for savings accounts, investing, and budgeting, all designed to help you get a better grip on your money management.
Stash embraces a low-pressure approach to investing. It’s perfect if you’re not keen on being glued to the market’s every move or making trades all the time.
They handle the heavy lifting, allowing you to invest at a pace that suits you without the stress of constant market monitoring.
The platform also boasts an Auto-Invest feature. This allows you to set up automatic transfers into your Stash accounts.
FAQs
Are there better platforms than Robinhood for investing?
Several platforms might be a better fit for you than Robinhood, depending on your investing style and what you’re looking for in a platform:
- Acorns: Acorns automatically invests your spare change by rounding up your purchases with a linked debit or credit card.
- M1 Finance: M1 Finance stands out with its unique ‘Pie’ approach to investing, where you can create your own investment ‘pie’ made up of slices of stocks and ETFs.
- Betterment: Betterment is a robo-advisor that automatically invests funds and offers features for advanced traders, such as tax-loss harvesting and retirement planning.
What platform is Robinhood’s biggest competitor?
Robinhood’s biggest competitor is undoubtedly Webull. Both platforms are vying for the attention of the modern, app-savvy investor with their user-friendly interfaces and appeal to beginners.
They share a common ground in offering commission-free stock trading, a huge draw for anyone eager to enter the market without hefty fees.
But Acorns and M1 Finance are also competitors in the broader investment platform arena. They play a slightly different game.
Acorns is more about micro-investing and simplicity, turning your spare change into investments, while M1 Finance offers a unique, customizable investing approach with its ‘Pie’ system.
They cater to different investor needs compared to the more direct stock trading focus of Robinhood and Webull.
What platform is most similar to Robinhood?
If you’re looking for a platform that is most like Robinhood regarding style and functionality, then Webull is your go-to choice.
Why Webull? Both are all about making investing feel less like a chore and more like something you’d want to do.
They offer commission-free trades, which is awesome if you don’t want to cough up extra cash every time you buy or sell stocks.
Which is better, Robinhood or Webull?
Both traditional investment services are a solid choice for free stock trading, and it’s important to remember that investing involves risk, no matter which platform you choose.
They’re both overseen by the Financial Industry Regulatory Authority, ensuring credibility and safety in your trading journey.
Robinhood is a great choice if you’re new to stock trading. It’s known for being super user-friendly, a big plus when you’re just getting your feet wet in investing.
Webull, on the other hand, is a bit more suited for those who have some experience or are looking to step up their game when they trade stocks.
Webull offers a range of sophisticated trading tools for intermediate and advanced traders.
What are some of the top-rated investment platforms compared to Robinhood?
- Acorns: Imagine turning your spare change into investments – that’s Acorns, great for easy, automatic saving and investing.
- Betterment: As a robo-advisor, Betterment takes care of your investments for you based on your financial goals and risk tolerance.
- M1 Finance: With M1 Finance, you can customize your own investment ‘pie’ with slices of different stocks and ETFs.
- Webull: It’s a bit like Robinhood’s techier sibling, offering more advanced tools for those who love digging into charts and analysis.
How do the fees on other investment platforms compare to Robinhood’s?
Here are some Robinhood alternatives and their fees:
- Fidelity: Offers commission-free trades on stocks and ETFs
- Acorns: $1 – $5 per month (monthly subscription)
- Betterment: 0.25% management fee per year
- Webull: Offerscommission-free trades on stocks and ETFs/basic trading
- TradeStation: Commission-free, but different plans have fees
Final Thoughts
When choosing investment apps, finding what best matches your style and needs is key.
The hands-on approach of Robinhood works for beginners or experienced investors who prefer simplicity in their investments.
Meanwhile, platforms like Acorns and Betterment bring more advanced features to the table, ideal for advanced investors looking for a deeper dive and more tools.
Whether you’re taking your first steps in investing or you’re a seasoned investor seeking new capabilities, it’s important to remember to choose a platform that resonates with you.
In under 3 minutes, start investing spare change, saving for retirement, earning more, spending smarter, and more.
