If you are looking for the best Robinhood alternatives to open a brokerage account, this post is going to show you what the top apps like Robinhood are. When it comes to finding the best Robinhood alternatives or top apps like Robinhood, find an investment app that is right for your needs.
The key is identifying your investment goals and then finding a broker the offers you the right investment account to help achieve your short term or long term investing goals.
What is Robinhood?
Robinhood platform and app is the most popular investment app that started offering free online traders in 2015. However, Robinhood's competitors started offering commission-free trades soon, too, so zero-commission fee trading is now not special as it has become industry standard.
Although Robinhood remains the leader when it comes to investment apps, some investment apps like Robinhood also score well on user experience and other areas.
The minimum amount required to open an account with Robinhood is $0. It does not charge any fees to trade stocks. You can even buy Bitcoin and other cryptos on the platform. In a nutshell, Robinhood is best for mobile users, individual taxable accounts and margin accounts.
Robinhood has commission-free investing for stocks, options, ETFs, crypto, and tools to help shape your financial future. Sign up and get your first stock worth between $5 and $200, free.
Related: Best Stock Broker Promotions, Deals, & Bonuses
Is there a better app than Robinhood?
Robinhood made investing accessible to just about anyone in a lot of different ways, including offering free trades in a time when the average trading fee is $9! Robinhood enables people to buy fractional shares where you can buy a piece of a stock or share of a single high-value stock. So
Many people are migrating from Robinhood after the Great Meme Stock Debacle of 2021. While Robinhood still remains a popular investing app for many beginner investors, it is not the only one out there. So, if you want to open an alternative or supplement account or open your first investment account, we highly recommend that you check out our recommendations below.
Best Robinhood Alternatives
Here are our top apps like Robinhood if you are looking for the best Robinhood alternatives.
1. Webull
Webull is an app-based trading platform and one of the best Robinhood alternatives that offers zero fee, zero commission and requires no minimum amount to open an account. However, Webull does not allow you to buy fractional shares.
The platform is easy to navigate, so it offers a great user experience. Webull offers extended trading hours, so is is good for active traders. There are no trading fees and minimum amount required to open an account.
Pricing/Commission
Webull is an online trading platform that offers zero-commission trading. This means they do not charge fees for buying or selling stocks, options, or cryptocurrencies. However, Webull does charge a $0.55 per contract fee for certain options trades. Webull also charges a 100bps markup that is built into the price of the crypto you are buying/selling.
Account Minimum
Webull has no minimum deposit to open an account. You can deposit as little money as you want. However, if you want to short stocks, you'll need to open a margin account, which requires a minimum deposit of $2,000.
Best for
Webull is an appealing choice for those looking for a cost-effective, user-friendly platform with a wide range of investment options, including stocks, ETFs, options, and cryptocurrencies.
Expand your stock portfolio & own fractional shares of your favorite companies at a $5 min. Pay $0 in commission & management fees when you trade fractional shares with Webull.
2. Public
Public is a commission-free stock brokerage company. You can build your investment portfolio using the Public app. It allows you to invest in fractional shares of stocks and ETFs. It is a free investment platform that is particularly suitable for new investors.
If you want to buy fractional shares, i.e. buy less than a whole share of any particular stock, it is for you. It is one of the best Robinhood alternatives. Within the Public app, you can see other traders' trading activity so you can copy their strategy completely or get trading ideas from their strategy.
Pricing/Commission
The Public investing app is free to use as a basic member. There are no trading fees or commissions. However, you can upgrade to Public Premium for $8 per month to receive more advanced data, company financial metrics, and Morningstar research. Public Premium also unlocks advanced tools and insights to inform investment decisions.
Account Minimum
Public.com has a $0 minimum account requirement. However, there are minimums for investing in stocks and Treasury Accounts.
Best for
Public is a user-friendly application designed for novice investors, with an added social media component that enhances the investment experience. The platform provides the ability to invest in fractional shares, U.S. Treasuries, and even offers access to cryptocurrency investments.
Public is an investment platform that allows users to buy, sell, and own fractional assets. These assets include stocks, ETFs, crypto, NFTs, art, and collectibles. As a Public member, you can now grow your savings in the same place you invest, enjoying an industry-leading 5.1% APY – a rate that's hard to find elsewhere. And the best part? There are no subscription fees, account fees, or maintenance charges.
3. Acorns
Acorns is a popular micro investing app that is specially designed for new investors. Acorns automatically invests your spare change and offers cashback at select retailers. It is one of the best investment apps like Robinhood.
The app has an easy-to-navigate interface. Unlike other Robinhood alternatives on the list, their fees are on the high side. However, its automatic savings features help people save more towards investing.
Pricing/Commission
Acorns charges a $3 to $5 monthly fee to trade stocks, depending on the account type you choose.
Account Minimum
Acorns charges a $3 to $5 monthly fee to trade stocks, depending on the account type you choose.
Best for
The Acorns app is best suited for beginners and millennials who are looking to start investing with small amounts of money. Acorns is a micro-investing app that rounds up everyday purchases to the nearest dollar and invests the spare change into diversified funds or individual stocks.
Start investing effortlessly with Acorns! Turn your spare change into investments, making it simple for anyone to build wealth over time. Set up automatic contributions, sit back, and watch your money grow. Plus, get a $20 bonus when you open a new account and start recurring investments.
4. SoFi Invest
With SoFi Invest, you can get started investing with as little as $5. They allow you to buy and sell stocks of your own choosing. Its automated investing option offers one of the best robo advising platforms. The platform also provides free educational seminars and meetings with financial advisors.
SoFi offers individual investment accounts, joint accounts (held by two people) and a range of retirement accounts and rollover options. Once you download the app and open an account, you can get up to $1,000 in free stocks.
Pricing/Commission
SoFi doesn't charge advisory fees or management fees. However, many SoFi ETFs have high expense ratios.
Account Minimum
SoFi Invest has no account minimum to open an account, but you need at least $1 to start investing. The minimum deposit is $0, so you can deposit as little money as you want.
Best for
SoFi Invest is suitable for a range of investors, particularly those looking for low-cost investing options and beginners. It offers easy-to-use apps and platforms, making it a good choice for newcomers.
SoFi Invest is one of the best investment apps, especially for beginners in the US. It offers an intuitive trading experience, active or automated investing, and options like cryptocurrencies. SoFi Invest offers a variety of investment options, including stocks, bonds, fractional shares, ETFs, options, IPOs, crypto trading, retirement accounts, and robo-advising.
5. Moomoo
The Moomoo app is a 0% commission professional trading platform that is free and easy to use. The platform provides free in-depth market data and useful analytical tools to help you make smart investment decisions.
Moomoo offers free stocks (depending on terms and conditions) to new customers if they open a brokerage account during the promotion period.
Pricing/Commission
Moomoo offers commission-free trading of US stocks and ETFs. However, there is a fee of $0.65 per trade for options trading.
Account Minimum
The minimum deposit at moomoo is $0. However, you need to fund your account to start trading. You might need to make a minimum deposit to qualify for a free stock promotion.
Best for
Moomoo is a stock broker that's good for both advanced and beginner traders. It offers a wide range of trading tools, including advanced charting, screening tools, and Level II Data. Moomoo also offers free quotes and smart order types.
Moomoo offers zero-commission trading for stock, ETFs, and options on an advanced trading platform with robust research and analytical tools. New users can get up to 15 free stocks worth up to $30,000.
6. Wealthsimple
The Wealthsimple app is a popular investing app that has an easy-to-use interface. Users can build a personalized diversified portfolio (including socially responsible and halal/Shariah-compliant options) specific to their goals.
Users can invest in fractional shares through the Wealthsimple app. It offers automatic rebalancing and expert financial advice. Overall, this is a popular and one of the best trading and investing apps like Robinhood.
Pricing/Commission
Wealthsimple has no fees for deposits, withdrawals, or Canadian stock and ETF trades. However, there are fees for other services:
- Wealthsimple Invest: Has a 0.5% yearly management fee for accounts under $100,000 and a 0.4% fee for accounts over $100,000. There is also a 0.2% yearly fee for ETFs.
- Wealthsimple Trade: Has a 1.5% exchange rate fee for US stocks and ETFs. There is also a $10 monthly fee to upgrade to the Plus version. Broker-assisted trades cost $45.
- Options trading: Costs $2 USD per contract.
Wealthsimple Cash accounts have no monthly fees, no minimum, and no overdraft penalties.
Account Minimum
The minimum deposit for a Wealthsimple account is $0. Wealthsimple has no account minimums, which makes it easy for new investors to get started. Wealthsimple also offers a Wealthsimple Cash account with no monthly fees and no minimum.
Best for
Wealthsimple is best suited for various types of investors, including those who are just starting out, passive investors in Canada or the U.K., socially responsible investors, those seeking halal investment choices, and millennials looking for simplified investing solutions.
Wealthsimple makes it easy to grow your month like you are one of the world's most sophisticated investors. They offer an easy-to-use investment app that has low-fees.
7. Stockpile
Stockpile is an app-based brokerage firm that offers a simple, streamlined interface to buy and sell stocks and ETFs easily. It is a great platform for newbie investors who want to build diversified portfolios. Stockpile, however, does not offer a broad range of products.
Stockpile was built with young people in mind to encourage them to start trading early. The platform offers gift card options and custodial accounts to help kids and teens learn about investing early in stocks.
Pricing/Commission
Stockpile offers two plans, a monthly membership for $4.95 per month or annual account fee of $50. Stockpile doesn't charge commissions for stock and ETF trades.
Account Minimum
There's also no minimum deposit to open an account. Stockpile offers fractional shares, so you can buy stocks or ETFs with as little as $1.
Best for
Stockpile is best suited for those who are beginner investors and want an easy way to start investing early. It's particularly useful for individuals who prefer an accessible platform for buying fractional shares of stocks with no minimum balance and few account fees.
8. E*TRADE
E*TRADE is an online broker that offers a platform for trading financial assets. It's a subsidiary of Morgan Stanley, a global financial services firm. E*TRADE is one of the largest online brokers in the country.
ETRADE offers two free trading platforms, ETRADE Web and Power E*TRADE. E*TRADE Web offers free streaming market data, real-time quotes, and more.
With an E*TRADE brokerage account, you can start trading immediately. This trading platform works best for advanced traders, intra day traders, derivative traders and those saving for retirement. You can trade on mobile or trade using the website through the platform.
Pricing/Commission
E*TRADE charges $0 commission for online stock, ETF, and options trades. However, options trades incur a per-contract fee. The standard price is $0.65 per contract, but if you make more than 30 trades per quarter, the options commission declines to $0.50 per contract. E*TRADE also charges $6.95 for penny stocks.
Account Minimum
The minimum deposit at E*TRADE is $0. E*TRADE doesn't require a minimum to open or maintain an account. However, some investments, like mutual funds, may require a minimum initial investment.
Best for
E*TRADE is best for a wide range of investors, including those seeking retirement planning assistance, beginner investors, and those looking for a broker with an outstanding platform. It caters to investors of all backgrounds and trading philosophies while consistently innovating to improve its services.
9. Charles Schwab
Charles Schwab is a popular and one of the leading online brokerage platforms when it comes to trading stocks online. It offers three trading platforms, including two mobile apps and a browser-based platform.
Charles Schwab offers a wide range of products for all investors and traders. Charles Schwab is particularly good when it comes to retirement savings as it offers better account types. It has a highly rated app-based platform called Schwab Mobile which is one of the best apps like Robinhood.
Pricing/Commission
Charles Schwab offers commission-free online stock and ETF trades. Online options trades cost $0.65 per contract. Service charges apply for automated phone trades ($5) and broker-assisted trades ($25). Futures trades cost $2.25 per contract.
Account Minimum
The minimum deposit to open a Charles Schwab account is $0. There are no fees to open or maintain a Schwab account.
Best for
Charles Schwab is best suited for individuals seeking a brokerage with exceptional customer service, $0 trade commissions, and a diverse selection of mutual funds. It continues to enhance its offerings based on customer feedback, maintaining its performance among online brokers.
10. Fidelity
Fidelity is a brokerage firm that offers a variety of investment options, including stocks, bonds, and mutual funds. They also provide financial planning, advice, and educational resources. Fidelity is considered one of the safest brokerages to invest with.
They have a stellar reputation and are fully regulated in the U.S.. Fidelity is trusted by over 40 million people and holds over $9.9 trillion in assets under administration. Fidelity offers a variety of services, including: Retirement services, Wealth management, Securities execution and clearance, Asset custody, Life insurance.
Pricing/Commission
Fidelity offers commission-free online trading for stocks, ETFs, and mutual funds. There are no account fees or minimums to open a retail brokerage account. Fidelity also offers no-transaction-fee mutual funds and zero-fee index funds. Fidelity's fees are generally low. For example, they charge $0.65 per contract for option trades. Fidelity's pricing is transparent and competitive.
Account Minimum
The minimum deposit to open a Fidelity account is $0. Fidelity has no account fees and no minimums for opening or maintaining a brokerage account.
However, some investment choices, such as mutual funds, may require a minimum initial investment. You can check each fund's prospectus for details.
Best for
Fidelity is a good choice for investors of all levels, from beginners to sophisticated day traders. Fidelity offers a variety of research capabilities for stocks, ETFs, and fixed income. They also provide educational tools to help new investors get started. Fidelity has no account fees or minimums to open a retail brokerage account. However, some investment choices, such as mutual funds, may require a minimum initial investment.
11. Ally Invest
Ally Invest is one of the best Robinhood alternatives that offers a wide range of investment choices. The platform also offers a wide selection of resources, including advanced charting tools to help investors make the right investment decisions.
Users have access to advanced charting tools and numerous calculators.
Pricing/Commission
Ally Invest doesn't charge commissions for stocks and ETFs priced at $2 or higher. For stocks priced below $2, Ally Invest charges a $4.95 base commission plus one cent per share. The maximum commission charge is generally 5% of the trade value.
Account Minimum
Ally Invest doesn't have a minimum balance or deposit to open a self-directed brokerage cash account. However, there is a $2,000 minimum deposit for self-directed brokerage margin accounts. Robo portfolios require a $100 minimum deposit
Best for
Ally Invest doesn't have a minimum balance or deposit to open a self-directed brokerage cash account. However, there is a $2,000 minimum deposit for self-directed brokerage margin accounts. Robo portfolios require a $100 minimum deposit
The Best Robinhood Alternatives
If you are like many people, worried about losing the great features Robinhood does offer, these are the best Robinhood alternatives. You really need to choose from the best Robinhood alternatives. But make sure you do your research to understand all the many types of brokerage accounts, so you can make sure you are choosing the right investment app for your needs.
