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by Finage at September 16, 2021 5 MIN READ

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What are the 5 Best Robinhood Alternatives?

 

The best five alternatives of Robinhood, an online brokerage application for mobile devices that aim to make financial markets more accessible, are in our blog post.

 

What is Robinhood?

Robinhood is a free stock trading app that was the first to offer commission-free investing to the masses. Aiming to democratize finance, this service is aimed at young investors who do not have a lot of money to invest at the same time and feel drawn to commission-free trading. The Robinhood service offers commission-free stock, ETF, cryptocurrency, and options trading. However, it does not have the full-service trading platform that other brokers provide. Their platform has an intuitive and visually appealing look and attracts many people looking for an alternative to a larger brokerage.

In addition, Robinhood offers Robinhood Gold, a paid account with higher instant deposit limits, pre-and post-market trading hours, and options trading. You must maintain a minimum balance of $2,000 for a Robinhood Gold subscription. So, what are the best alternatives to Robinhood?

 

1-) Webull: Best Robinhood Alternative

Similar to Robinhood, Webull's stock trading platform is commission-free. It also does not have any amount to invest in transactions. Analytical tools such as Level 2 Advanced Quotes, superior to Robinhood, assist you in your trading decisions. Webull is also seen as the best stock analysis app for its cost. Webull educates investors about the market. It has a unique option that allows you to try new strategies and learn through the app before trying a real money approach. This paper trading can allow you to gain real-world experience without risking your money. You can even experiment with penny stocks on Webull with the paper trading feature.

They provide detailed information on any option you are considering, and data charts contain real-time information. A financial calendar also reminds you of important dates and stocks worth looking at. You can also use the app to keep track of stocks with customizable alerts and notifications.

 

2-) Public.com: Social Investment App

Public.com is another free stock app for young adults who want to invest according to their social preferences. This stock investing app offers fractional investing or the ability to buy shares in smaller amounts than one share, like any other stock investment app. This lower cost makes investing in some large companies more accessible. This company argues that this feature provides a more inclusive exchange. Also, the app's social feed allows people to invest with friends and other reputable investors who can provide useful investment information.

Public.com marks verified public figures on the platform with the standard blue checkmark logo to help investors choose among thought leaders who invest. This investment stream provides visibility into the business activities of these verified investors.

 



3-) SoFi Invest: Is SoFi Better Than Robinhood?

SoFi Invest is an application that allows you to track and trade your money. The service is the latest in the SoFi financial health platform and offers free trading on stocks, ETFs, cryptos, and more. The service allows you to become an active trader by buying and selling assets offered daily or passively through the automated investment service.

Our main question here is this. Is SoFi better than Robinhood? Is the auto investment service superior to Robinhood? Apart from participating in other personal finance products such as student loans, money management, credit cards, and more, the company also wants to serve all customers who are interested in improving their financial situation.

 

4-) TradeStation: Robinhood Alternative for US and Non-US Citizens

If you're a serious trader and want a high-powered Robinhood alternative for non-US citizens, TradeStation is for you. This service is also available for Americans. But for APAC residents as well as Robinhood could be a European alternative. This app is a premium choice for those who consider themselves advanced traders in stocks, options, and futures.

The trading platform is aimed at experienced traders who want to trade high volumes on a wide variety of products and have access to a powerful investment research software platform. Learn more about the app that provides industry-leading trading technology along with excellent customer service and commissions. We're sure you'll want to see what TradeStation can do.

 

5-) eToro: Robinhood Alternative for Crypto

Some people use the Robinhood app just to invest in standard stocks. If you are looking for a different trading app than Robinhood for cryptocurrency trading, eToro is an option to consider. eToro offers a social trading feature where you can learn and copy other traders' strategies. It is the world's leading social investment platform. If you are a profitable trader, you can get eToro users to follow you and turn your skills into income-generating assets. The platform offers multi-asset trading capabilities with over 2,000 instruments available through the broker. You can trade crypto and other assets on 14 exchanges worldwide.

eToro can meet your needs as a Robinhood alternative for crypto by offering commission-free trading on 17 cryptocurrencies and other assets. Opening an account is simple and only needs $50 to get started.

 

Final Thoughts

Robinhood is a great app for many of its users. However, if you want a Robinhood alternative, you can find many other options that offer more functionality, features, and options. Robinhood took the lead in reducing commissions and fees charged by established trading platforms and ultimately established its legacy as a market leader.

 

Other brokers have to adapt their business models to stay competitive in this space. That's why many investors can thank the company for its bold strategies and innovative thinking. Robinhood may not always represent the best investment app available. However, it should be easily accepted as the company that is leading the change in its sector. Being the first company to offer commission-free trading deserves credit. Based on the applications mentioned above, you should choose the application that best suits your needs as an investor. If you're still unsure, try a few apps to see which one works best for you. 

 

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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