10 Best Robinhood Alternatives You Should Use
In what would come as a shock to millions of Robinhood users, the popular stock trading app has reported that arecent data breachcompromised the personal information of around 7 million users. The company revealed that an unauthorized third party had accessed a list of email addresses of roughly 5 million customers as well as the full names of approximately 2 million users. Though Robinhood has claimed that no bank account numbers and social security numbers were exposed and that there is no financial loss, you might be on the lookout for more secure alternatives. Having explored several trading apps, we have listed the 10 best Robinhood alternatives that can help you trade and invest like a pro.
Best Apps Like Robinhood on iPhone and Android
Sensational data breach aside, Robinhood doesn’t shine in all departments. While some folks complain about the lack of pro-grade analytic tools, others point out the not-so-impressive design. Besides, Robinhood hasn’t been a go-to platform for newbies who are still learning the tricks of the trade like risk management. Well, the good thing is there are many fully-equipped trading platforms you can use to buy stocks and trade cryptocurrencies with ease. So, head into the roundup to figure out which app is capable enough to meet your trading demand.
1. E*TRADE
E*TRADE is a fully-featured trading app like Robinhood. The trading app offers a wide range of tools so you can trade and invest with the desired flexibility in the US market. And with the neatly designed charts, the app also provides anin-depth insightinto how your assets are performing.
Another feature worth taking note of is the access tocommission-free online US-listed stock, ETFs, and the ability to get accurate portfolio information. The low transaction fees is one of the key features that attract traders. Just like Robinhood, E*TRADE also allows you to create a custom watchlist for preferred investments and set alerts to ensure you never miss out on great opportunities.
With the latest Bloomberg videos at your disposal, you can also tune in to the latest stories about a stock you are tracking. Even in terms of security, E*TRADE has all the bases covered, thanks to the support for Face ID/ Touch ID biometric authentication and the essential fraud protection. Overall, it deserves to be rated as one of the best Robinhood alternatives for both pros and beginners.
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Install:Free (iOSandAndroid)
2. SoFi
SoFi is a smart trading app that checks off almost all the boxes. It is designed to offer you a simplified experience oftrading stocks and crypto in one app. Since it also doesn’t ask for any commissions and there are no account minimums, you can trade at will without any restrictions. With proficient tracking tools, you can keep a tab on your spending and credit score. Additionally, it also provides financial insights to help you stay informed about upcoming investment opportunities and the ways to minimize long-term risks.
Unlike Robinhood, SoFi has put more emphasis on a clean interface that doesn’t require much of a learning curve. As the dashboard is fully customizable, you can get rid of the unnecessary info and see only the preferred assets. Therefore, you can track all of the essential info at a glance without needing to dig deep.
Beyond the interface, SoFi has vastlyimproved in terms of crypto-trading, allowing you to trade Bitcoin, Ethereum, Dogecoin, Maker, Litecoin, and other cryptocurrencies at your pace. That’s not all, though. It has also emerged as a trusted student loan refinancing provider in the US. In a nutshell, SoFi has got both pro tools and versatility to be a well-equipped Robinhood alternative for Android and iOS.
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Install:Free (iOSandAndroid)
3. Webull
Whether you are a beginner or a pro, Webull is the app you should use to make trading or investing a simple process. With this Robinhood-like app, you can trade stocks, ETS, and Options without having to pay any commissions. Furthermore, there are no deposit requirements for brokerage accounts and IRAs, making Webull a more compelling alternative to Robinhood.
Additionally, Webull also comes with ahandy fractional shares trading featurethat allows you to invest in your favorite companies without needing to purchase a whole share. Taking advantage of this feature, you can purchase fractions of stocks at a minimum of $5. Not to mention, there is a “Big Button Mode” that lets you place trades a lot faster.
In terms of trading tools, I found Webull on par with Robinhood. To ensure you remain ahead of the curve, it provides smart analytics and charting tools. Hence, you can analyze trends and decipher the latest market information. Unlike Robinhood, Webull is not completely free. If you want to unlock features likeOPRA real-time data, Nasdaq TotalView, you will need to shell out $1.99 – $2.99/month.
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Install:Free, paid version starts at $1.99/month (iOSandAndroid)
4. TradeStation
For folks who are looking fortop-notch analytic and charting tools, TradeStation is a better option. With the help of this trading app, you can draw and analyze charts to derive insightful information. Moreover, it also provides a hotlist to let you track both the big losers and massive gainers. Hence, you will never miss out on any opportunity to capitalize on big gainers. If your biggest gripe with Robinhood is the lack of powerful analytic tools, you can bank on TradeStation to be a suitable substitute.
Notably, TradeStation keeps you in sync with the latest financial news and allows you to monitor your favorite symbols with ease. Thanks to the real-time quotes, you can stay updated and have a clear understanding of where your assets stand at a given point in time.
As an astute investor, you will truly appreciate TradeStation’srisk management and volatility stats. They can go a long way in helping you assess the long-term risks. Overall, this is surely the app you should get as an alternative to Robinhood if you wish to trade stocks and cryptocurrencies like a pro.
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Install:Free (iOSandAndroid)
5. moomoo
If you are looking for a Robinhood replacement that can deliver a fully personalized trading experience, moomoo is a capable app that can cater to your needs. Powered by AI, moomoo delivers real-time quotes and comes with a plethora of analytic tools that you can customize to access preferred information. You can use this app to easily invest inUS stocks, forex, ETFs, and optionswithout having to deal with the custodian or commission fees.
Finding the latest market updates becomes even more convenient when you have multiple customized screeners at your fingerprints. With moomoo, you have the freedom to make screeners based on your preferences. As someone who is more interested in detailed reports about data and how assets have performed over a certain period of time, moomoo’s visualized data reports have managed to impress me.
Besides, I have also found the large community of avid investors here helpful. Apart from keeping you updated about what’s happening in the market, you can interact with like-minded people. On the security front, this has been a reliable trading app. With industry-standard security protocols, it shields your data against hacking. Do note that moomoo’s freemium version has some limitations, though. Therefore, you will need to spend some bucks to unlock goodies like US Options Month Card and National Quotation Month Card.
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Install:Free, Offers in-app purchases (iOSandAndroid)
6. TD Ameritrade
What makes TD Ameritrade a powerful alternative to Robinhood is the availability of several trading options. So, if you are someone who likes to have a variety of trading options to cash in on the big gainers without being too late, I suggest you check out TD Ameritrade right away. Depending on your needs, you can create several watchlists and set custom alerts to remain up-to-date with the trends.
TD Ameritrade features a pretty intuitive interface that’s easier to navigate. Additionally, there is anever-updating dashboardto let you monitor specific data at a glance. With the latest alerts and real-time streaming quotes, the app also enables you to keep an eye on both the sensational movers and shocking losers.
If you wish to dive into the details, TD Ameritrade’s analyst reports andvideos from trusted sources like CNBCand Thomson Reuters will play a key role in making you an informed trader. Another department where TD Ameritrade plays a good match-up with Robinhood is customization. Things like creating watchlist screens and setting up positions on your own terms make it a go-to asset for new-age traders.
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Install:Free (iOSandAndroid)
7. M1 Finance
M1 Finance is an all-in-one trading app that lets you invest, borrow, and spend your money wisely. The best part about this app is a suite of intelligent automation tools that allow you to make investments as per a schedule and organize your transactions without any hassle. And that’s what makes it a great asset for newbies. So, if Robinhood seems daunting to you, make sure to check out M1 Finance as an easy-to-use and hassle-free alternative.
Using M1 Finance, you can create a portfolio with any stock. As it doesn’t require any minimum balance to open an account or even obtain APY (annual percentage yield), you can trade without any constraints. Moreover, it also provides a quick way to access your money and also transfer the money seamlessly between investments.
If you invest $5000, you will take advantage of benefits like the ability toborrow money at 2 – 3.5% interestand more buying power. Long story short, you should try M1 Finance to trade stocks with ease and also borrow more money for less.
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Install:Free (iOSandAndroid)
8. Coinbase
If you are looking for a Robinhood alternative just for cryptocurrency trading, look no further than Coinbase. It is a popular cryptocurrency exchange app preferred by several traders because it’s easy to use and feature-rich. With thesupport for many crypto assets, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic(ETC),0x, (ZRX)and USD Coin (USDC), Litecoin(LTC), and Basic Attention Token (BAT),it ensures you always have plenty of options to choose the best-performing assets.
Coinbase featuresa pretty clean dashboardthat allows you to keep an eye on the real-time prices and the value of your assets. With the timely price alerts, the app keeps you fully informed, making sure you can make the most of each coveted opportunity. And on the security front, Coinbase stores up to98% of cryptocurrency offline, and it uses high-end online security tools to safeguard the remaining 2% of cryptocurrency. Hence, you can rely on this app to protect your crypto-trading from the prying eyes.
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Install:Free (iOSandAndroid)
9. eToro
For an efficient crypto-trading experience, you can also count on eToro to live up to your expectation. What makes it a better Robinhood substitute is its ability to let youcreate a diversified stock portfolio, without having to pay management or markup fees. You can use this app to create portfolios with indices, ETFs, currencies, stocks, cryptos, commodities, and CopyPortfolios. So, if Robinhood doesn’t offer you the flexibility to create and manage diversified portfolios, you should try out this app.
eToro’s pre-defined CopyPortfolios are designed to pick the best-performing assets while also keeping long-term risks under control. Plus, the app sports a clutter-free interface that feels snappier. To keep track of the latest trends with ease, you can create as many watchlists as you need and set volatility alerts. Talking about security, eToro isregulated by well-known financial authoritiessuch as FCA, ASIC, and CySEC. Besides, it also offers you the option to keep your profile public or private, depending on your preference.
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Install:Free (iOSandAndroid)
10. Public
Last but not least, Public is well-known for offering more user-friendly tools for trading and building an impressive portfolio. So, if you are on the lookout for a Robinhood alternative that lets you craft a solid portfolio, Public is the app you shouldn’t check out. Whether you want to invest in ETFs, crypto, or stocks, Public offers nifty tools to let you figure out what is the best option. It will also help you gain a better understanding of therisk and volatility with the safety labels. And yeah, you also won’t have to worry about the minimum deposits or commission fees before making any investments.
Public alsosupports a wide range of cryptossuch as Bitcoin (BTC), Dash (DASH), and Zcash (ZEC), Ether (ETH), Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), and Ethereum Classic (ETC). Furthermore, it adds new cryptos regularly, so you always have plenty of crypto assets to explore.
Backed by a large community of investors and entrepreneurs, it also allows you to interact with fellow investors and pro traders to discuss investment strategies. As for customer support, Public is up to the mark (if not the best in the business). Thelive customer supportvia in-app chat or email can help you fix any issues with ease.
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Install:Free (iOSandAndroid)
Top Robinhood Alternatives You Should Check out
That’s pretty much it! Hopefully, you have found an ideal Robinhood substitute for your needs. While there is no denying that Robinhood is a featured-rich and useful trading app, it does have a few downsides. Faced with strong rivals like E*TRADE, SoFi, and Webull, Robinhood must walk on a tight rope to stay ahead. The recent data breach has exposed its lacking security practices that were already under scrutiny for some time. So, it would be interesting to see whether users stay loyal to Robinhood or ditch it for good. What’s your take on the whole development? If you plan to switch, which app like Robinhood will you pick from the list above? Tell us in the comments below.
Rajesh Mishra
An old school bibliophile who turned a tech nerd out of obsession. When he is not digging into hacks and tracking down stories that are breaking the internet, you may find him reciting poems.
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