In what would come as a shock to millions of Robinhood users, the popular stock trading app has reported that a recent data breach compromised the personal information of around 7 million users. The company revealed that an unauthorized third party had accessed a list of email addresses of roughly 5 million customers as well as the full names of approximately 2 million users. Though Robinhood has claimed that no bank account numbers and social security numbers were exposed and that there is no financial loss, you might be on the lookout for more secure alternatives. Having explored several trading apps, we have listed the 10 best Robinhood alternatives that can help you trade and invest like a pro.
Sensational data breach aside, Robinhood doesn’t shine in all departments. While some folks complain about the lack of pro-grade analytic tools, others point out the not-so-impressive design. Besides, Robinhood hasn’t been a go-to platform for newbies who are still learning the tricks of the trade like risk management. Well, the good thing is there are many fully-equipped trading platforms you can use to buy stocks and trade cryptocurrencies with ease. So, head into the roundup to figure out which app is capable enough to meet your trading demand.
- E*TRADESoFiWebullTradeStationmoomooTD AmeritradeM1 FinanceCoinbaseeToroPublic
1. E*TRADE
E*TRADE is a fully-featured trading app like Robinhood. The trading app offers a wide range of tools so you can trade and invest with the desired flexibility in the US market. And with the neatly designed charts, the app also provides an in-depth insight into how your assets are performing.
Another feature worth taking note of is the access to commission-free online US-listed stock, ETFs, and the ability to get accurate portfolio information. The low transaction fees is one of the key features that attract traders. Just like Robinhood, E*TRADE also allows you to create a custom watchlist for preferred investments and set alerts to ensure you never miss out on great opportunities.
Install: Free (iOS and Android)
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SoFi is a smart trading app that checks off almost all the boxes. It is designed to offer you a simplified experience of trading stocks and crypto in one app. Since it also doesn’t ask for any commissions and there are no account minimums, you can trade at will without any restrictions. With proficient tracking tools, you can keep a tab on your spending and credit score. Additionally, it also provides financial insights to help you stay informed about upcoming investment opportunities and the ways to minimize long-term risks.
Unlike Robinhood, SoFi has put more emphasis on a clean interface that doesn’t require much of a learning curve. As the dashboard is fully customizable, you can get rid of the unnecessary info and see only the preferred assets. Therefore, you can track all of the essential info at a glance without needing to dig deep.
Beyond the interface, SoFi has vastly improved in terms of crypto-trading, allowing you to trade Bitcoin, Ethereum, Dogecoin, Maker, Litecoin, and other cryptocurrencies at your pace. That’s not all, though. It has also emerged as a trusted student loan refinancing provider in the US. In a nutshell, SoFi has got both pro tools and versatility to be a well-equipped Robinhood alternative for Android and iOS.
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Whether you are a beginner or a pro, Webull is the app you should use to make trading or investing a simple process. With this Robinhood-like app, you can trade stocks, ETS, and Options without having to pay any commissions. Furthermore, there are no deposit requirements for brokerage accounts and IRAs, making Webull a more compelling alternative to Robinhood.
Additionally, Webull also comes with a handy fractional shares trading feature that allows you to invest in your favorite companies without needing to purchase a whole share. Taking advantage of this feature, you can purchase fractions of stocks at a minimum of $5. Not to mention, there is a “Big Button Mode” that lets you place trades a lot faster.
Install: Free, paid version starts at $1.99/month (iOS and Android)
4. TradeStation
For folks who are looking for top-notch analytic and charting tools, TradeStation is a better option. With the help of this trading app, you can draw and analyze charts to derive insightful information. Moreover, it also provides a hotlist to let you track both the big losers and massive gainers. Hence, you will never miss out on any opportunity to capitalize on big gainers. If your biggest gripe with Robinhood is the lack of powerful analytic tools, you can bank on TradeStation to be a suitable substitute.
Notably, TradeStation keeps you in sync with the latest financial news and allows you to monitor your favorite symbols with ease. Thanks to the real-time quotes, you can stay updated and have a clear understanding of where your assets stand at a given point in time.
Cons:
- Requires a bit of learning curve
If you are looking for a Robinhood replacement that can deliver a fully personalized trading experience, moomoo is a capable app that can cater to your needs. Powered by AI, moomoo delivers real-time quotes and comes with a plethora of analytic tools that you can customize to access preferred information. You can use this app to easily invest in US stocks, forex, ETFs, and options without having to deal with the custodian or commission fees.
Finding the latest market updates becomes even more convenient when you have multiple customized screeners at your fingerprints. With moomoo, you have the freedom to make screeners based on your preferences. As someone who is more interested in detailed reports about data and how assets have performed over a certain period of time, moomoo’s visualized data reports have managed to impress me.
Pros:
- Option to create fully customized screenersAccurate market data Detailed visualized data reports
Install: Free, Offers in-app purchases (iOS and Android)
What makes TD Ameritrade a powerful alternative to Robinhood is the availability of several trading options. So, if you are someone who likes to have a variety of trading options to cash in on the big gainers without being too late, I suggest you check out TD Ameritrade right away. Depending on your needs, you can create several watchlists and set custom alerts to remain up-to-date with the trends.
TD Ameritrade features a pretty intuitive interface that’s easier to navigate. Additionally, there is an ever-updating dashboard to let you monitor specific data at a glance. With the latest alerts and real-time streaming quotes, the app also enables you to keep an eye on both the sensational movers and shocking losers.
Install: Free (iOS and Android)
Pros:
M1 Finance is an all-in-one trading app that lets you invest, borrow, and spend your money wisely. The best part about this app is a suite of intelligent automation tools that allow you to make investments as per a schedule and organize your transactions without any hassle. And that’s what makes it a great asset for newbies. So, if Robinhood seems daunting to you, make sure to check out M1 Finance as an easy-to-use and hassle-free alternative.
Using M1 Finance, you can create a portfolio with any stock. As it doesn’t require any minimum balance to open an account or even obtain APY (annual percentage yield), you can trade without any constraints. Moreover, it also provides a quick way to access your money and also transfer the money seamlessly between investments.
If you invest $5000, you will take advantage of benefits like the ability to borrow money at 2 – 3.5% interest and more buying power. Long story short, you should try M1 Finance to trade stocks with ease and also borrow more money for less.
If you are looking for a Robinhood alternative just for cryptocurrency trading, look no further than Coinbase. It is a popular cryptocurrency exchange app preferred by several traders because it’s easy to use and feature-rich. With the support for many crypto assets, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic(ETC), 0x, (ZRX) and USD Coin (USDC), Litecoin(LTC), and Basic Attention Token (BAT), it ensures you always have plenty of options to choose the best-performing assets.
Coinbase features a pretty clean dashboard that allows you to keep an eye on the real-time prices and the value of your assets. With the timely price alerts, the app keeps you fully informed, making sure you can make the most of each coveted opportunity. And on the security front, Coinbase stores up to 98% of cryptocurrency offline, and it uses high-end online security tools to safeguard the remaining 2% of cryptocurrency. Hence, you can rely on this app to protect your crypto-trading from the prying eyes.
For an efficient crypto-trading experience, you can also count on eToro to live up to your expectation. What makes it a better Robinhood substitute is its ability to let you create a diversified stock portfolio, without having to pay management or markup fees. You can use this app to create portfolios with indices, ETFs, currencies, stocks, cryptos, commodities, and CopyPortfolios. So, if Robinhood doesn’t offer you the flexibility to create and manage diversified portfolios, you should try out this app.
eToro’s pre-defined CopyPortfolios are designed to pick the best-performing assets while also keeping long-term risks under control. Plus, the app sports a clutter-free interface that feels snappier. To keep track of the latest trends with ease, you can create as many watchlists as you need and set volatility alerts. Talking about security, eToro is regulated by well-known financial authorities such as FCA, ASIC, and CySEC. Besides, it also offers you the option to keep your profile public or private, depending on your preference.
Last but not least, Public is well-known for offering more user-friendly tools for trading and building an impressive portfolio. So, if you are on the lookout for a Robinhood alternative that lets you craft a solid portfolio, Public is the app you shouldn’t check out. Whether you want to invest in ETFs, crypto, or stocks, Public offers nifty tools to let you figure out what is the best option. It will also help you gain a better understanding of the risk and volatility with the safety labels. And yeah, you also won’t have to worry about the minimum deposits or commission fees before making any investments.
Public also supports a wide range of cryptos such as Bitcoin (BTC), Dash (DASH), and Zcash (ZEC), Ether (ETH), Cardano (ADA), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), and Ethereum Classic (ETC). Furthermore, it adds new cryptos regularly, so you always have plenty of crypto assets to explore.
Install: Free (iOS and Android)
