The Robinhood app is a free stock-trading mobile application that offers a no-commission trading. It has an easy to use interface and is a good alternative to huge brokerage firms. The paid account of the platform, named Robinhood Gold enables users to engage in pre- and post-market trading and also gives them the option to trade on a stipulated margin in exchange for an active account maintenance fee. The Robinhood Gold service requires users to keep a minimum account balance of $2,000. However, the app is currently under fire for restricting users to purchase shared in GameStop and others Redditors have engaged in. as such, the Robinhood users are displeased and are switching to other apps for trading and investment.
Today we list some of the best Robinhood alternatives for all.
This is a free automated investing service app that is a bridge between the regular investment management service and a robotic advisor. The app gives total control to the users over where they want to invest their money through a unique “pie” system. The M1 Finance app lays emphasis on the regular investing methods, wherein the customer will be able to set up automatic contributions. The app will handle distribution and rebalancing of the deposits once they are cleared. The M1 is not specialized for day traders and it doesn’t allow users to purchase and sell stocks as efficiently as the Robinhood app. However, it does offer a clean and efficient way to engage in long-term investing.
This app has no limit on money trading volumes. It gives free access to stock analyses by experts and price targets, and also gives room and information to new traders starting out in stocks. Users will also get a ‘ProCharts’ tool for a through marketing analysis. The app is a commission-free stock investing and would need users to invest around a $200 deposit. It has more than 1,000 stocks for users to purchase and sell.
This is a new trading platform wherein users can invest in stocks and cryptocurrency. It, however, doesn’t have the extensive investing facilities like the other traditional investing apps. Users can create a personal brokerage account or initiate an IRA for retirement process. The app extends trading hours before and after the market closings, alongwith giving access to multiple market analysis tools. There is also no account minimums or commission fees charged in this app.
This is a new and robust financial robo-advisor app one can ever find. founded in 2014, the app strives to provide qualitative financial advice for every user, regardless of age and status. The app has more than 175,000 clients at present and is one of the largest robo-adviser platforms existing in the world. WealthSimple has essential features like the Portfolio Review Service wherein one can access the platform immediately after signing up and it evaluates the account in relation to tax efficiency and other details. Users who have a taxable account can also use the Free tax-loss harvesting feature and reduce the tax rates on investment gain. Additionally, one can carry out fractional investments and the site also allows one to create a portfolio taking the ETFs into account. WealthsSimple suggests asset allocations to users as per the risk tolerance capacity of the user. Other additional features include tools like Wealthsimple Trade, Wealthsimple Cash, and Halal investment. The best part of the WealthSimple is the low rate ETF MERs in the entire trading industry. This means users will get financial goal-setting facilities, savings account, as well as other tax-efficient features.
This is a micro-investing app and bank account platform wherein users can successfully invest in a risk-adjusted stock portfolio through an ETF index fund or an individual stock. Users can successfully invest as little as they want as Stash enables users to purchase fractional shares. The app enables a low minimum investment and users can invest in as little as $5. The Stash Invest also gives a $5 bonus if a person signs up and funds their account with a minimum of $5.
This app is a no-commission platform and users don’t require investing in any account minimum fee. As such, one can headstart as soon as they want. The app also gives extensive information about the trading market. The platform is efficient for beginners and people who want thorough information about the trading/stock market.
This is a no- commission trading app that offers several trading options and banking services for investors and first time traders alike. Users can choose from a multitude of investment platforms. It also offers professional and cost-efficient advice to make trading easier for everyone. The platform has an easy-to-use interface and gives efficient navigation. Once the user creates an account, their investment options and details gets stored in the cloud service. This way, users can access their data from anywhere and at any time feasible. There are also several educational tools, analysis and trading tools for users. Charles Schwab platform also enables a person to monitor their trade progresses through the Portfolio Checkup tool.
Users can deal in two facilities through this app- self-directed trading and managed portfolios with an efficient robo-advisor. If one chooses the former, they won’t have to give any commission fee or any account minimum. They will also get easy access to several investing options like stocks, bonds, options, and margins. The app also has detailed research and market analyses tools. For users who want to take a robo-advisor, they can start trading with $100 and access the Ally’s recommendations and investment monitoring facilities.
This is not an entirely commission-free trading app. However, the features make it an efficient Robinhood alternative. Through this app, one can purchase and sell stocks at a minimal trading fee- $0.99. In addition to stock trading, users can also purchase fractional shares through various investments or offer single shares too. The advantage of the fractional sharing app is that users can engage in shares in high-end companies like Amazon and Google.
Betterment offers stocks, and enables a user to set up retirement and checking accounts. One can also sync multiple accounts through this platform. The Betterment Digital plan needs a 0.25% annual management fee, however, with a zero account minimum. The Betterment Premium needs $100,000 account minimum and a 0.4% annual fee. Betterment is a perfect choice for people who want to indulge in auto-handling investing through robo-advisors.
This is a good app for trade beginners. Acorns cost around $1-$5 every month, depending on the plan that the user chooses. It, however, offers more than just investing service- it is more of a premium holistic financial app that gives retirement and checking accounts for users. It also enables one to invest in stocks. On linking the debit and credit cards, Acorns tallies the purchases and invests the difference efficiently into stocks.
This is another commission-free app with no account minimum. One can invest in stocks and retirement as well. Fidelity also offers efficient client wealth management information and market analysiscanv tools. the app is a great tool for first-time traders who need information and support to make successful investments.