Robinhood is one of the most popular online brokers for a reason — it’s user-friendly, has zero fees, and you can use it on your mobile app, making it a viable alternative to the traditional trading platform offered by your broker. But since it launched in 2013, many worthy competitors have burst onto the scene. It only makes sense to consider whether it’s the best choice for your stock trading or if you should consider one of the many Robinhood alternatives instead.
If that’s the case, you’re in the right place. We’ve assessed the top trading platforms on the market to find the best alternatives. Whether you’re a swing trader or buy-and-hold investor, whether you prefer cryptos to stocks or trade price breakouts over momentum, you’ll find something here to suit your needs.
Robinhood has had its fair share of controversies over the years. Back in 2019, a few users realized that a glitch in the system allowed them to trade with almost unlimited leverage — some traders managed to claim up to $1,000,000. At the start of 2021, scandal-hit again due to Robinhood’s involvement with the Gamestop fiasco. The app decided to freeze trades involving the stock, leaving many traders upset, given Robinhood’s status as one of the most popular and accessible trading apps.
Like Robinhood, ETRADE doesn’t charge a fee for trading stocks or ETFs — but unlike Robinhood, it lets you trade mutual funds (also with no commissions). It also offers other asset types, like futures and options trading, but these involve fees. Plus, you can open a range of tax-efficient accounts, including Roth and traditional IRAs.
Webull is what you might call a genuine Robinhood replacement. Webull is another app-based trading platform that lets you start trading without fees and requires no fixed minimum balance. The platform lets you trade outside of usual trading hours, running “extended hours” for a few hours before and after typical sessions. You can also open an account like an IRA on the app, which differentiates it from Robinhood.
TD Ameritrade might be a more traditional platform, but that doesn’t mean it can’t make for an excellent alternative to Robinhood. In addition to the usual suspects, TD Ameritrade lets you trade a diverse range of assets, including forex, futures, options, cryptocurrencies, and more. The diverse range makes TD Ameritrade an excellent choice for more advanced traders., especially given the more sophisticated features it boasts.
Acorns made its name for being a platform that makes it easier for you to save and invest by rounding up your purchases and investing it on your behalf. It’s not necessarily the obvious Robinhood alternative, but it’s well worth considering if you struggle to put money aside for investing. For a $3 a month fee, Acorns will invest your spare change through “round-ups” (aka you spend $3.60 and it invests $0.40 for you) into a diversified portfolio using a mix of stocks, bonds, and ETFs.
If you’re primarily interested in trading cryptocurrencies, Gemini is an obvious choice. It has more than 52 different cryptocurrencies available for trading (including 21 pairs), and there’s something for traders of all levels. You can use ActiveTrader for advanced features like charting and block trading. It even has a dedicated Gemini Wallet where you can securely hold your crypto — a convenient option for active traders.