10 greatest Robinhood options and 5 different choices to contemplate

Robinhood screenshot best Robinhood alternatives

Credit score: Joe Hindy / Android Authority

Robinhood modified the face of investing, because it was one of many pioneers of the $0 commissions rule that the majority brokerages observe now. Tnot solely that, the app is insanely simple to make use of, simple to entry, and it will get folks into a sophisticated factor at a tempo that works for lots of people. Sadly, it’s not all good. Robinhood lets freshmen do issues they shouldn’t be capable of do with out higher information corresponding to buying and selling choices. Plus, with the entire GameStop controversy, Robinhood value lots of people cash by restricting dozens of stocks. This tanked public opinion of the app and many individuals need to depart. We may also help with one of the best Robinhood options to attempt.

Additionally, the above and under data is just not monetary recommendation and is supposed for informational functions solely. We aren’t drawing affiliate or promoting income from any of the companies listed or mentioned right here.

Learn extra:

What made Robinhood good?

There’s a cause why tens of millions of individuals flocked to Robinhood to start with. The corporate shaved away a whole lot of the difficult components of inventory buying and selling to make it so much simpler for freshmen. In truth, Robinhood continues to be among the many most beginner-friendly inventory brokers obtainable wherever. You’ll be able to commerce shares rapidly and simply while not having to know the ins and outs of buying and selling shares. Sadly, that method is a double-edged sword. Individuals commerce shares with ease on Robinhood however don’t actually know the way it works. That may trigger all kinds of issues, particularly if customers get into issues like choices.

There may be extra to Robinhood than simply ease of use. It allows you to commerce cryptocurrency, purchase fractional shares, and it reveals you massive, attractive graphs so you possibly can see your beneficial properties and losses simply. It additionally livestreams quote costs all day (earlier than, throughout, and after market hours), it allow you to commerce shares instantly after a deposit, and it strips away a whole lot of the rigamarole of inventory buying and selling to make the expertise extra pleasurable. Some folks imagine the gamification of inventory buying and selling is a foul factor, however that’s one among many opinions on the subject. Consider it or not, the app’s design and options are fairly troublesome to seek out elsewhere.

Lastly, just a few minor particulars. Robinhood costs you $75 to switch your account to a different brokerage so put together your self for that. Moreover, with the sheer quantity of individuals switching away from Robinhood, a whole lot of brokerages are having issues with the sudden inflow of latest prospects. Such issues embody occasional server lag, lengthy maintain instances for customer support telephone calls or chats, and inflated account switch wait instances. All brokerages price switching to are having these points, so bear with them as they cope with this large exodus of individuals.

Finest total: Constancy

Worth: Free / Varies

Constancy has a really robust monitor report. It has a few of the greatest customer support of any service on this listing. Plus, it was one of many few brokerages under no circumstances affected by the GameStop controversy. It allows you to commerce the standard shares but additionally has a ton of choices for retirement plans and different such issues. The desktop app is among the prime two or three greatest within the business. Plus, the customer support may be very affected person with explaining all the foundations that Robinhood didn’t. The cellular app is simply okay and it undoubtedly wants some fixes, new options, and a contact of modernization. In keeping with Constancy government Gregg Murphy, some changes to the app are on the way and Constancy has job postings for Android developers as lately as February twelfth, 2021. So long as Constancy isn’t blowing smoke about bettering the app, it’s undoubtedly the highest choose on this listing. The one evident omission is the dearth of cryptocurrency assist.

Fidelity screenshot

Credit score: Joe Hindy / Android Authority

Most hardcore: TD Ameritrade

Worth: Free / Varies

TD Ameritrade is correct up there with Constancy as top-of-the-line Robinhood options. It did have some restrictions, however not almost as many nor for almost as lengthy. Ameritrade has two completely different apps. The primary is the bottom Ameritrade app. It’s comparatively beginner-friendly and straightforward sufficient to arrange with no ton of help. It really works effectively sufficient, though we did observe some server points throughout heavy buying and selling days. Ameritrade’s ace is its Assume or Swim platform. The desktop model of the app is correct up there with Constancy as a prime two or three possibility. The cellular app provides you extra data than you understand what to do with till you grow to be effectively versed within the inventory market scene. Assume or Swim is far, a lot tougher to arrange in comparison with Ameritrade’s major app, however it’s so rather more highly effective. Charles Schwab owns Ameritrade so we’re uncertain of how that merger goes to play out long run. Like Constancy, Ameritrade doesn’t supply cryptocurrency buying and selling proper now.

TD Ameritrade screenshot

Credit score: Joe Hindy / Android Authority

Closest Robinhood various: Webull

Worth: Free / Varies

Webull is among the closest Robinhood options on the listing. It does nearly all the identical issues. You’ll be able to commerce cryptocurrency, view real-time quotes, and it has an on the spot settlement function so you possibly can commerce shares instantly after a switch. Webull even has a subscription with stuff like Stage 2 data similar to Robinhood. The one actual distinction between this and Robinhood is the marginally extra difficult UI and the dearth of fractional shares. A number of of us switched to Webull in the course of the GameStop subject, regardless of Webull additionally proscribing trades on it for a brief time frame. It even gives free shares upon join like Robinhood. That is about as near the expertise as you will get.

Webull screenshot 2020

Second closest: SoFi

Worth: Free / Varies

SoFi is among the latest Robinhood options on the listing. Frequent Android Authority readers might acknowledge the corporate because the one sourcing Samsung’s debit card. The funding aspect of issues are fairly first rate for freshmen, though not fairly pretty much as good as Webull. It gives quick buying and selling, cyrpocurrency assist, and a easy UI whereas additionally providing stuff that conventional brokers supply like an optionally available full service checking account. In truth, it’s principally simply pretty much as good as Webull and Robinhood at nearly every thing. The one factor I didn’t like is the dearth of instruments. For example, SoFi doesn’t assist cease orders as of the time of this writing. We assume they are going to ultimately, although, so it’s solely a short lived drawback. SoFi is in any other case fairly good.

For buying and selling crypto: Coinbase

Worth: Free / Varies

Coinbase doesn’t really allow you to commerce shares, purchase as an alternative focuses on shopping for and promoting cryptocurrency. Lots of people who swap to a brokerage like Constancy or Ameritrade additionally choose up Coinbase to allow them to proceed shopping for cryptocurrency as effectively. Coinbase has an excellent app for it. There’s a clear structure, clear itemizing of your belongings, and it helps quite a lot of distinction currencies. You additionally get some academic instruments and different stuff. The app is much from excellent and there’s a historical past of server points and worth discrepancies, nevertheless it’s higher than most cryptocurrency buying and selling apps.

Coinbase screenshot

Credit score: Joe Hindy / Android Authority

See extra:

Additionally take into account: Charles Schwab

Worth: Free / Varies

Charles Schwab is among the massive 4 on the subject of brokerages. It bought Ameritrade and it’s undoubtedly one of the vital secure Robinhood options. It has an excellent web site and an excellent desktop app. Charles Schwab has two cellular apps. Each of them really do work fairly effectively however each endure from inefficient UIs which can be onerous to navigate at first. We actually hope they take a web page of Ameritrade’s and Constancy’s notes and work to enhance app usability sooner or later. It did restrict GameStop buying and selling similar to Ameritrade however not for very lengthy. There are fractional shares right here nevertheless it’s not as sturdy as some opponents. Lastly, Charles Schwab doesn’t embody cryptocurrency. It’s nonetheless superb, nevertheless it might be higher.

Charles Schwab screenshot

Credit score: Joe Hindy / Android Authority

The most recent start-up: Public

Worth: Free / Varies

Public is among the latest buying and selling platforms on the listing and one of many higher Robinhood options. It’s simple sufficient to enroll, switch cash, and commerce shares. The app options fractional shares (or slices), a mobile-first expertise, and a colourful UI. It tries to make use of the identical philosophy as Robinhood with issues like themes and stuff like that. Plus, it has a greater social factor than lots of its opponents. This one continues to be new and fleshing itself out so we’d advocate Webull or SoFi first. Nonetheless, if you happen to don’t thoughts the marginally beta really feel of the expertise, Public is fairly first rate.

Not free however nonetheless good: Interactive Brokers

Worth: Free / Varies

Interactive Brokers is among the strongest choices on the listing. You get a bunch of options, greater than most different brokers. Nonetheless, these options come at a worth. Smaller or inactive accounts generate charges the place most brokers don’t have a minimal commerce or steadiness requirement. It additionally prices $0.005 (half a cent) per share payment when buying and selling shares. That’s not nice for freshmen or for folks with no ton of cash. Thus, we solely advocate Interactive Brokers to of us with bigger account balances who don’t thoughts paying just a little additional for some additional options. The app, IBKR, has some issues that want fastened, however the service as a complete is kind of good so long as you don’t thoughts paying for it.

IBKR screenshot

Credit score: Joe Hindy / Android Authority

Wildcard possibility: Moomoo

Worth: Free / Varies

Moomoo doesn’t get a whole lot of love within the brokerage running a blog area, nevertheless it’s really not half unhealthy. It’s backed by some bigger enterprise capital companies together with Tencent (sure, that one). It options no fee trades, $0 choices contract charges, entry to after hours and pre-market buying and selling, and extra. It even provides you Stage 2 advertising and marketing knowledge totally free, one thing Robinhood costs for by way of its Robinhood Gold subscription. The app doesn’t have cyrptocurrency and the customer support is a bit missing, however there are social options built-in so you possibly can chat with different merchants. We particularly recognize the higher than common UI. We additionally fear as a result of there isn’t any web site or desktop app to fall again on if the app has an issue.

Moomoo screenshot

Credit score: Joe Hindy / Android Authority

If all else fails: E*Commerce

Worth: Free / Optionally available subscriptions

E*Commerce is the ultimate of the massive 4 brokerages on this listing and one of many worthy Robinhood various. It lately had a cellular refresh for a extra fashionable look that truly works fairly effectively. There are bugs the builders have to work out, nevertheless it undoubtedly feels prefer it was from this decade not less than. E*Commerce does the fundamentals, together with real-time quotes, after hours and pre-market assist, and fairly first rate platform administration. The web site is certainly adequate for a lot of and that’s excellent news as a result of there isn’t any desktop app as of the time of this writing. It’s missing in some respects examine to its opponents, nevertheless it’s undoubtedly greater than adequate to interchange Robinhood.

Etrade screenshot 2021

Credit score: Joe Hindy / Android Authority

5 extra Robinhood options to attempt

There are tons of different brokerages specializing in various things. They aren’t direct opponents to Robinhood however of us who commerce a particular method might get pleasure from a distinct expertise. Listed below are 5 extra Robinhood options you possibly can attempt if you need one thing completely different.

  • Money app – A ton of individuals use Money App to offer cash to their associates for a beer or to pay for dinner. Because it seems, Money App additionally allows you to purchase and promote shares together with Bitcoin. You’ll be able to even switch your Bitcoin to a Bitcoin pockets after you purchase it. Money App is a little bit of a bizarre expertise because it’s principally targeted on transferring cash between folks, however you possibly can completely purchase shares right here if you happen to already use it and kill two birds with one stone.
  • Firstrade – Firstrade is correct up there with companies like SoFi, Webull, and E*Commerce. It’s simple sufficient to advocate for issues like inventory buying and selling even when it doesn’t assist cryptocurrency. Nonetheless, it lately re-did its app from the bottom up and there are just too many bugs presently to advocate it above the ten listed above. Control it, although, as a result of most apps don’t keep damaged perpetually.
  • M1 Finance – M1 Finance is definitely a wonderful buying and selling app. We don’t advocate it as a major Robinhood various as a result of it gears itself for long-term investing. You received’t have on the spot money settlements or a ton of lively buying and selling options right here. The corporate needs you to purchase corporations you imagine in and maintain the inventory for a protracted, very long time. If that sounds such as you, put M1 Finance in your brief listing together with Constancy and Ameritrade.
  • Vanguard – Vanguard is correct up there with Constancy for issues like long run investments and retirement plans. Vanguard undoubtedly allows you to commerce shares and even has instruments like its robo-advisor that makes use of algorithms that can assist you construct a portfolio. The app and web site are pretty fundamental. Energetic tradres could also be happier with one thing like Constancy, Ameritrade, or Webull. That mentioned, a ton of individuals belief Vanguard and prefer it fairly a bit.
  • Your financial institution’s funding platform – Some banks have funding platforms constructed into their companies. A few notable examples embody Chase Financial institution and Financial institution of Ameria (by way of Merrill Edge). These platforms profit individuals who use the prevailing financial institution companies, however don’t signify nice choices for individuals who don’t. We advocate not less than checking your financial institution out to see if it has an funding platform. Typically talking, transfers occur method quicker however they don’t normally have a ton of options for lively merchants or hardcore merchants.

Thanks for studying! Test these out too:

If we missed any nice Robinhood options, inform us about them within the feedback. You can too check out our latest Android app and game lists by clicking here.

Recent Articles

What we’re anticipating from Google I/O 2021

As a result of we’re nonetheless within the midst of COVID19, Google I/O goes digital this yr, — it was canceled final yr —...

Idea: How Apple may increase iPhone customization past widgets with iOS 15 – 9to5Mac

iOS 14 noticed the introduction of House Display widgets on the iPhone, and that alone was anticipated to trigger a tsunami of artistic customization...

#AndroidDevChallenge – It’s a wrap!

Posted by The Jetpack Compose Workforce From pleasant doggos to artistic countdowns and storming climate apps, the 2000 submissions to the #AndroidDevChallenge blew our...

Related Stories

Stay on op - Ge the daily news in your inbox