Home Craft The Best Robinhood Alternatives for Your Money

The Best Robinhood Alternatives for Your Money

by Staff
0 comment

Several apps exist for investing and trading in stocks, ETFs and other assets. Many are mobile-based, but some are also web-based to cater to the needs of various investors. Among the most popular of such apps is Robinhood, an investment platform that lets you buy and trade stocks and cryptocurrencies commission-free.

Below, we discuss the top five alternatives to this app, pointing out their features and how they compare.

What Is Robinhood?

Robinhood is a commission-free stock trading and investing app. Owned by Robinhood Markets, Inc., a financial services company based in America, it is used to trade stocks, exchange-traded funds (ETFs), and cryptocurrencies through its mobile app.

There are thousands of stocks available for investors to choose from, with investments starting from as low as $1. Cryptocurrencies include Bitcoin, Ethereum, and many other altcoins to choose from.

Robinhood boasts of having high-end security to protect customers’ crypto investments, which include cold storage of assets and insurance against theft and cyberattacks.

Though the platform securely holds your assets, you are given full control of the assets and can do with them as you please. Robinhood has users from all countries of the world, except in Cuba, Iran, North Korea, Syria, and the Crimea region of Ukraine. You can access it as an app on Android and iOS as well as on the web.

On the Robinhood website, you’ll find information such as how to trade options on Robinhood, and other essential details to help you make the right investment decisions. So, what are some alternatives to Robinhood that promise the same thing or even better for you as an investor?

Webull is a stock trading app that allows you to trade for free. The app is available for use in America, India, Brazil, Turkey, the Philippines, Malaysia, Japan, China, and Korea, but still not yet available in Europe. Supported assets include stocks, options, ETFs, OTCs, and ODRs.

There are thousands of stocks available, and you can invest from as little as $5. In addition to investing in stocks and other assets, you can also maintain an IRA account with Webull, where you can also trade stocks, ETFs and options commission-free. IRA types include Traditional, Roth, and Rollover.

Also like Robinhood, you can buy and trade cryptocurrencies on Webull, which also offers a crypto wallet for storing your assets. There are over 44 cryptocurrencies you can buy on Webull starting from $1, including Bitcoin, Ehereum, and other top altcoins.

There is also a paper trading feature that lets you experiment with trading before you can use real funds. This makes it more beginner-friendly for those just entering the market.

Webull is available as an app on Android, iOS and desktop. It is also accessible directly on the web. Further comparison of Webull and Robinhood may help you more towards choosing the right platform if you are not sure about it.

Interactive Brokers is yet another viable alternative to Robinhood. It is an American brokerage firm, and is currently the “largest electronic trading platform in the U.S. by number of daily average revenue trades.” You can trade stocks, options, futures, EFPs, futures options, forex, bonds, and funds.

While trading on the platform is not commission-free as is the case with Robinhood, the fees are negligible and start from $0, with no spreads or other charges. Interactive Brokers is available in 33 countries, 150 markets, and supports 26 currencies.

You can create any account type, including individual, joint trust, IRA, institutional, and others. In collaboration with Paxos, Interactive Brokers now allows investors to buy and trade cryptocurrencies.

You can trade and hold Bitcoin, Bitcoin Cash, Ethereum and Litecoin with low commission from 0.12% to 0.18%, and no spreads, markups, or custody fees. Trading is 24/7, with trade execution offered by Paxos Trust Company. You can access Interactive Brokers as an app on Android and iOS as well as on the website.

Freetrade is a UK-based platform for investing in and trading stocks. As the name implies, the app offers zero-commission trading, and is regulated by the Financial Conduct Authority (FCA) in the UK. Its goal is to make investing as simple and accessible to everyone as possible.

There are over 6,000 UK, US, and European stocks and ETFs available for commission-free trading. For additional features, premium plans starting from 4.99 GBP a month. Three types of accounts are available, namely Stocks and Shares ISA, Self-invested personal pension (SIPP), and General investment account.

Freetrade does not offer direct exposure to cryptocurrencies such as Bitcoin and Ethereum, it only allows investors to buy and trade crypto-related stocks. The platform is only accessible as a mobile app on Android and iOS devices.

TradeStation is an American online trading and brokerage services provider. Like Robinhood, it offers commission-free trading on stocks, ETFs, options, and futures. Accounts are available for individuals, retirement, and also caters to institutional investors.

For those who are new to trading, TradeStation provides materials and guides to help them get started and move on to invest and trade. For professional traders, it provides a full suite of tools that make trading easier and more fulfilling to help them maximize their trading potentials. Investors also have access to market research details and insight to help them make informed investing decisions.

There are 11 cryptocurrencies available to buy and trade, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and others. There is a customizable dashboard, and you can place orders with just one click.

The available tools also let you do a quick analysis of the market to have an idea of unrealized profits even before you place a trade. TradeStation is accessible on the web, as a desktop client, and also as a mobile app for both Android and iOS devices.

Firstrade is an American discount broker for trading stocks, ETFs, and other assets. You can buy and sell stocks, ETFs, options, and mutual funds commission-free. Firstrade is also a platform for retirement accounts, with traditional, Roth, and Rollover IRAs available.

There are currently 38 cryptocurrencies available for trading, including Bitcoin, Ethereum, and other top assets. Investing in crypto starts from $1, and you can trade 24/7. More cryptocurrencies are added monthly, so in case your favorite is not available, you can check back later.

Trading can be done from your desktop, iPad or mobile phones, both Android and iOS. As a member of FINRA and SIPC, Firstrade is a secure platform covered by $500,000 insurance and has been around for over 37 years.

You can also access educational materials that will help you in your investment journey, whether you’re a newbie or a seasoned trader.

There Are Plenty of Investment App Options

These investment apps are the best alternatives to Robinhood, and they make it easy to invest in and trade stocks, ETFs, and other assets including crypto.

Having seen their features and what they can do, you should be able to pick one of them that best suits your investment and trading goals. And there are plenty of other investment apps for individual share trading.

Read the full article here

You may also like

Leave a Comment

Iman Hearts is one of the biggest lifestyle news and articles portals, we provide the latest news and articles about family, lifestyle, entertainment, and many more, follow us to get the latest news about what matters to you.


© 2022 Iman Hearts. All rights reserved. Sitemap