The Best Alternatives to Robinhood in 2021

 

We've compiled a list of some of our favorite Robinhood alternatives that are currently accepting new users. Here are those alternatives:

 

Robinhood is facing scrutiny over its impact on meme stocks in early 2021. Investors bought meme stocks based on the excitement from sites like Reddit.com. Robinhood's retail investors missed out on monetization due to Robinhood's cuts and restrictions, putting them directly under the microscope at a recent GameStop hearing. We've compiled a list of some of our favorite Robinhood alternatives that are currently accepting new users. Still, learning about Robinhood's low-cost platform? For a crash course on what makes this broker unique, check out our comprehensive Robinhood review.

 

1-) E*TRADE

E*TRADE is a unique and powerful discount trader serving as the best alternative to Robinhood. This platform works best for advanced traders, active day traders, derivatives traders, and those saving for retirement. Trade on mobile devices, use the website, contact 24/7 support, and try E*TRADE's trading tools, indicators or charts. Along with its powerful trading options, E*TRADE keeps your fees low:

• Free stock, ETF, and mutual fund trades (except where a $19.99 transaction fee is posted)
• $0.65 per contract in options; You get up to $0.50 off when you trade 30 contracts per quarter
• $1.50 per side in futures
• $1 per bond
• free treasures
• 8.95% margin rates

 

2-) Webull

Webull essentially caters to intermediate and experienced self-directed investors and traders. Short-term and active traders can save a significant amount in commissions compared to other online brokers. The intuitive features and design of the Webull platform can be considered advanced for novice traders, but you can still learn the platform. Webull offers a range of trading courses and a trading simulator or demo trading account with real-time data and advanced charting capabilities for US-listed stocks. These features may suit beginner traders who want to learn more about the market and develop a trading plan.

Webull trading platform is available as a mobile web-based and desktop application with useful features for experienced and intermediate traders. The tools included in the platform provide insights and insights to help you make more profitable trades. At the same time, the platform has tools to help you do both fundamental and technical analysis.

 

3-) TradeStation

TradeStation offers commission-free stock and options trading along with a technically advanced yet easy-to-use trading platform. TradeStation also surpasses Robinhood in the number of investable classes it offers. In addition to stocks and options, TradeStation users can trade futures, mutual funds, bonds, and even cryptocurrencies.

TradeStation has 2 offers for you, TS GO and TS Select. We rate TS GO among the best as a mobile-only platform. Also, TradeStation provides a wealth of educational materials to make users better and smarter traders.

 

4-) SoFi Active Investing

SoFi Active Investing is a platform designed for young investors. This platform realizes free trading of stocks and exchange-traded funds, the ability to buy and sell cryptocurrencies such as Bitcoin and Ethereum, and partial shares of large companies such as Amazon and Netflix. Young investors can also take advantage of member benefits such as free educational seminars and meetings with financial advisors. And SoFi has no minimum accounts, so it's easy to get started today.

 

5-) TD Ameritrade

TD Ameritrade is one of the best online brokerages overall and a great alternative to Robinhood. After going commission-free in 2019, it instantly became a solid platform with far more trading options than Robinhood.

TD Ameritrade has one of the easiest to use platforms available on both mobile and desktop. With the suite of tools available, they make it easy to research stocks and investment opportunities. You are able to become a better investor with the many available tools.

 

6-) Moomoo

Moomoo was designed as a platform for smart trading and has the advantages of low fees. This mobile trading platform has built its advanced tools in 1 well-organized app. It is free and easy to use for both beginners and experienced traders. It can help you make smart investment decisions. There is also a paper trading feature with real-time data if you want to simulate the trading experience before doing anything.

Moomoo lets you invest when it's convenient for you. You can start trading on the go or at home with your customized setups synced across different devices. There is no minimum deposit to open an account.

 

7-) M1 Finance

M1 Finance is a free automated investment service that offers you a hybrid platform that is a cross between a traditional investment management service and a robo-advisor. Unlike other robo-advisors, M1 Finance uses a unique “pie” system, giving you control over where you want to invest.

When you sign up, you will be asked to complete an interview about your savings goals and financial situation. You will then be presented with a suggested "pie" that M1 Finance calls the asset section and is represented using a pie chart. Each pie can have up to 100 different investment "slices", making it easy to build a diverse portfolio without doing a lot of research. 

 

8-) Public

Public offers a social network where you can own partial shares of stocks and ETFs, follow others, and share your opinions within an investor community. The public makes the exchange relatable and inclusive. So, when you're new to investing, it's easy to collaborate while building your confidence.

 

9-) Interactive Brokers

If you're a trader who likes the cost-saving nature of Robinhood but also needs more in terms of research tools and functionality, you'll likely like Interactive Brokers. Interactive Brokers offers some of the lowest trading fees in the market. Most users can expect to pay $0.005 per share when buying and selling. This is significantly lower than most other brokerages.

 

10-) Tradier

Tradier provides financial platforms with trading, account management, and market data for Tradier Brokerage accounts. Tradier Brokerage also works with platforms to identify client offers that present an attractive value proposition to current and future clients. This solution offers traders value with a wide variety of stock and options platforms.

 

We hope that this blog post will be beneficial for you. We will continue to create useful works in order to get inspired by everyone. We are sure that we will achieve splendid things altogether. Keep on following Finage for the best and more.  

 

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