5 Best Robinhood Brokerage App Alternatives
This isn’t a list of any old brokerages, we looked at brokerages that are true alternatives to Robinhood:
Here are the best Robinhood alternatives:
Best for: Ease of use
Webull is similar to Robinhood in that it’s a brokerage that offers you free stock for signing up as well as free trades. In fact, you can get up to 20 fractional stocks. Here’s more about that promotion.
You can trade stocks, ETFs, option and futures. There are no commissions on stocks or ETFs, and Webull supports fractional shares. You can get started for just $5.
The cash management account earns 3.75% APY, so you’ll earn a strong rate on your uninvested cash.
For research, it offers fundamental analysis, real-time insights, professional analysis, and news surrounding economic events, such as earnings calls.
Webull also offers paper trading, so you can practice investing without risking real money.
Here’s our full Webull review for more information.
Best for: Retirement accounts
SoFi Invest is the brokerage arm of the well-known fintech darling SoFi®, whose core offering started with student loan refinancing. In offering banking services, SoFi now has SoFi Invest – a no-commission brokerage service with no minimums and no account fees.
You can trade stocks, ETFs, options, and trade on margin. It will even give you access to IPOs. It doesn’t offer a cash management account, but you can pair it with SoFi’s high-yield savings and earn up to 3.80% APY (unlocked with direct deposit of at least $5,000+ every 30 days, otherwise 1.00% APY).
If you have an IRA with SoFi, it will match 1% of your contributions. You must roll over at least $250,000 to qualify for the match.
SoFi also offers a robo-advisor for those who don’t want to choose their own investments.
Best of all? They will give you $50 if you sign up through a referral link and deposit at least $1,000. There are no trading requirements to get this bonus.
Here’s our full Sofi Invest review for more information.
Best for: Multi-asset investing
Public offers free stock trades and actually gives you a rebate on option trades — meaning you get paid to invest in options. It has a wide variety of assets to choose from, including stocks, bonds, ETFs, options, and treasuries.
If you are a Premium user, you can set up “investment plans” which allow you to automate your strategy. This is great for those who want to dollar cost average their investments. You can set up your portfolio and then simply contribute to your plan. You can select premade plans or make your own.
The cash management account earns 4.10% APY, so you’ll be earning a good rate while you research your next investment.
Here’s our full Public review for more information.
Best for: Social investing
eToro’s special feature is it’s social aspect. With the Copy Trader feature, you can copy top performing member’s portfolio and trade like a pro, even as a beginner. Also, to help you learn, it offers paper trading. This allows you try out trades without risking real money.
You’ll need to deposit $50 when you open the account and each trade must be a minimum of $10.
You can invest in stocks, ETFs, crypto, and options. eToro is not available in NY, NV, HI, Puerto Rico and US Virgin Islands.
Here’s our full eToro review for more information.
Best for: Personalized advice
Ally Invest offers free trades, no minimums, no account fees, and they pair nicely with Ally Bank – an online bank that offers a full suite of banking products and higher yields than a traditional brick and mortar bank.
It offers self directed trading and a robo advisor. Plus, if you have over $100,000 with Ally Invest, you can get personalized advice from a dedicated advisor for 0.85% of your invested assets.
There’s not a direct cash management account, but the investment account pairs nicely with Ally’s high-yield savings account, which currently earns 3.70% APY. So you’ll still be earning, even when you aren’t invested.
If you are doing a full account transfer (ACAT), they will reimburse up to $75 in transfer fees.
Here’s our full Ally Invest review for more information.
Fees: Before getting started, you’ll want to understand what fees are associated with the app. Fees can take a big bite out of your earnings, so you’ll want to keep them as low as possible. All the apps on this list have free trades, but there may be other fees if you want to trade options or trade on margin.
Types of investments offered: No every app offers every type of investment. If you are interested in trading alternative investments then you’ll need an app that supports that. If you just want to trade stocks, you’ll be ok on any investment app.
Account minimums: Some investing apps have high minimums. If you are just getting started, you’ll want an app that will allow you to start small.
Tools: If you want to research investments right in the app, then you’ll want to look into the tools it offers and make sure they will meet your needs. Some apps offer a community to learn from as well as research tools.
Webull offers an easy-to-use interface and paper trading. Paper trading allows you to use a practice portfolio so you can see how real investments would perform without having to risk real money.
Webull offers advanced research tools that may be overwhelming for new users, but there is a community of traders you can plug into for help. You can learn from other traders and ask questions as they come up.
Another great platform for beginners is eToro. eToro let’s you follow experienced traders and copy their portfolio and trades, allowing you tap into their expertise while you are learning.
Choosing an investment app can be difficult. Key factors to consider are fees, investment options, account minimums, and available research tools.
Each app on this list caters to different investor needs. Webull stands out for its ease of use, offering fractional shares, and paper trading. SoFi Invest is ideal for retirement accounts, offering a 1% IRA contribution match. Public allows multi-asset investing with high-yield cash management, while eToro features social investing, letting users copy the trades of experienced investors. Ally Invest provides free trades and access to a robo-advisor, with personalized advice available for high-net-worth clients.
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