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Best Robinhood Alternatives: 10 Online Brokers Like Robinhood

[ad_1] Traditional online brokerages were once intimidating to the rookie investor, so many flocked to Robinhood when the mobile-only brokerage announced new, revolutionary features in late 2014. Robinhood attracted these young stock market investors with an easy-to-use mobile app and commission-free trades. To sweeten the deal, Robinhood didn’t require account minimums, so even investors with limited capital could start investing. Gone were the restrictions of many investing platforms with account minimums and hefty trading commissions. Young people could trade stocks and cryptocurrency from their phones with little money upfront. Table of Contents Robinhood Troubles Best Robinhood Alternatives 1. Fidelity 2. Charles Schwab 3. Public 4. M1 Finance 5. Q.ai 6. Ally Invest 7. Webull 8. Stash 9. Stockpile 10. SoFi Invest Best Robinhood Alternatives: Final Thoughts Robinhood Troubles Things began to change for Robinhood with the meme stock rallies that took over the market during the COVID-19 pandemic. While the commission-free trading app brought in millions of new investors, many were left feeling disenfranchised when Robinhood restricted meme stock trading. Many of these people were intent on turning investing into a mass movement and felt betrayed by Robinhood’s reaction. As a result, Robinhood lost $3.69 billion in 2021, leading many investors to seek alternatives. FINRA also fined Robinhood $70 million for misleading customers and system outages that impacted investors. Many accused the company of improperly educating its clients. Critics of Robinhood were upset with how the company handled these meme stock rallies. They felt Robinhood misled rookie investors about margin trading, encouraging them to treat investing like some game. In response, the company invested in educational resources for investors and additional customer service staff. However, many feel that Robinhood should’ve made these moves much sooner, and many people are migrating from the popular investing app. While Robinhood remains a great option for new investors, it’s not the only one out there. #ap29741-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Archivo, sans-serif}#ap29741-ww #ap29741-ww-indicator{text-align:right;color:#4a4a4a}#ap29741-ww #ap29741-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end;margin-bottom:8px}#ap29741-ww #ap29741-ww-indicator-wrapper:hover #ap29741-ww-text{display:block}#ap29741-ww #ap29741-ww-indicator-wrapper:hover #ap29741-ww-label{display:none}#ap29741-ww #ap29741-ww-text{margin:auto 3px auto auto}#ap29741-ww #ap29741-ww-label{margin-left:4px;margin-right:3px}#ap29741-ww #ap29741-ww-icon{margin:auto;display:inline-block;width:16px;height:16px;min-width:16px;min-height:16px;cursor:pointer}#ap29741-ww #ap29741-ww-icon img{vertical-align:middle;width:16px;height:16px;min-width:16px;min-height:16px}#ap29741-ww #ap29741-ww-text-bottom{margin:5px}#ap29741-ww #ap29741-ww-text{display:none}#ap29741-ww #ap29741-ww-icon img{text-indent:-9999px;color:transparent} Ads by Money. 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Online Stockbrokers will guide you with their vast knowledge, so you can wisely invest your hard-earned dollars. Don't give it a second thought and click on your state today. HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas View Results Best Robinhood Alternatives Over the years, as demand for platforms like Robinhood has surged, several competitors have emerged. Here are ten top Robinhood alternatives to consider if you’re shopping for an online broker like Robinhood. Robinhood Fidelity Charles Schwab Public M1 Finance Q.ai Ally Invest Webull Stash Stockpile SoFi Invest Monthly fees? $0 $0 $0 $0 $0 $0 $0 $0 $1-$9 $0 $0 Trading fees? $0 $0 $0 $0 $0 $0 $0 $0 $0 $0.99-$3.99 plus a 3% debit/credit card processing fee $0 for stocks and ETFs. 1.25% for crypto trades. Fractional shares? ✓ ✓ ✓ ✓ ✓ Y X X ✓ ✓ ✓ Stocks? ✓ ✓ ✓ ✓ ✓ Y Y ✓ ✓ ✓ ✓ Funds? ✓ ✓ ✓ ✓ ✓ Y Y ✓ ✓ ✓ ✓ Crypto? ✓ X X X X X X ✓ X X ✓ Margin accounts? ✓ X ✓ X X Y Y ✓ X X X Options? ✓ X ✓ X X Y Y ✓ X X X 1. Fidelity Fidelity is one of the largest brokerages in the US, with over 34.4 million individual brokerage accounts. While Robinhood is often the go-to beginner investing app, Fidelity has multiple options, from IRA accounts to research tools to help you make informed decisions – something Robinhood doesn’t provide. Fidelity also has a $0 commission fee for stocks and ETFs, no account minimum to get started, and a highly-rated mobile app. Unlike Robinhood, Fidelity does have a $0.65 options contract fee. Fidelity has many investment options with over 10,000 mutual funds, plus its Fidelity Go service for those looking for an affordable robo-advisor (with no fees for account balances under $10,000). One drawback, Fidelity doesn’t have the same simple user experience as Robinhood, making it slightly more intimidating to use at first. You won’t find any crypto here either, as the brokerage doesn’t allow for cryptocurrency trading. However, the Wall Street Journal recently reported that Fidelity is considering offering cryptocurrency, and the company announced earlier this year that corporate clients could add bitcoin to their 401(k) plans. Currently, users can purchase a crypto industry ETF. 2. Charles Schwab Charles Schwab is a viable alternative to Robinhood because you can manage all your finances with one login. Charles Schwab is a major brokerage that has worked on keeping up with the fintech space, updating its mobile app, and offering fractional shares. In addition, Charles Schwab offers $0 commission stock and ETF trades along with no account minimum to start investing. Like Fidelity, Charles Schwab charges a $0.65 per contract fee for options, and the platform doesn’t allow cryptocurrency trading. What helps Charles Schwab stand out is its educational resources for investors, assisting clients in learning more about general investing and specific stocks. The company offers access to traditional financial advisors and extended customer service with 24/7 options. While retirement may not seem like something younger investors are thinking about, Charles Schwab is the leader in that space. Since Robinhood only offers a taxable brokerage account, consider Charles Schwab for the variety of individual retirement accounts if you’re planning life after a career. 3. Public

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