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With well over 20 million active users (source), there’s no doubt that Robinhood is a popular investing and stock trading app. There’s also no denying that Robinhood has had a profound impact on the industry as a whole by pioneering the movement of commission-free trades, fractional shares, and accounts with no minimums.
Although Robinhood has grown to become a force in the industry, it’s not the right platform for everyone. If you’re looking for an online brokerage or investing app to meet your specific needs, there are several excellent Robinhood alternatives that might be a better fit, and we’ll cover the details here.
Overview of Robinhood
Robinhood launched in 2015 with the mission of making stock market investing accessible and practical for the average person. Before Robinhood launched, investors would have to pay a fee for every stock or ETF trade, and account minimums also prevented many people from getting started with stock market investing.
After Robinhood began offering free trades and access to fractional shares, many other brokers followed suit to remain competitive.
Ease of use and simplicity have also been major factors in Robinhood’s popularity. The mobile app interface is clean and not intimidating even for new users. Simplicity and user experience are given preference over advanced tools.
In 2018, Robinhood began offering cryptocurrency trading. Many other online brokerages and investment apps have followed Robinhood in this way as well.
Read our Robinhood review for more details.
Why You Might Want to Consider Robinhood Alternatives
Despite Robinhood’s popularity, many people are looking for alternatives better suited for their needs. Robinhood is an excellent option if you’re looking for a simple trading app, but that’s not what everyone is looking for. Here are a few of the most common reasons why people may be looking for another solution.
- Lack of detailed reports and tools. The simplicity of Robinhood is a positive for some users, but others may be looking for analytical tools that are not provided. Webull is an alternative that’s known for providing excellent tools.
- Lack of educational resources. Competitors like Public.com and Tornado have a lot more to offer in terms of educational resources. Public.com provides investment themes that are helpful for identifying investment opportunities. Tornado offers a Learn and Earn program, where you can earn cash to invest, and access to Community Thought Leaders.
- Limited cryptocurrency investment options. Only a few cryptocurrencies are offered through Robinhood. Competitors like Public.com, Webull, and eToro offer significantly more.
- Lack of social features. Public.com and Tornado both offer social functionality that allows you to connect with and learn from other investors.
- Lack of retirement accounts. Some competitors like M1 Finance and Webull offer IRAs in addition to taxable brokerage accounts.
- Payment for order flow (PFOF). Robinhood generates a significant portion of its revenue through payment for order flow, which is a somewhat controversial practice that may create a conflict of interest. Robinhood is certainly not alone, but some competitors like Public.com no longer participate in PFOF.
- Lack of portfolio optimization tools. Some platforms like M1 Finance, Tornado, Acorns, and Stash have more to offer in terms of managing or optimizing a portfolio.
The Best Robinhood Alternatives
If you’re looking for the right online broker, we’ll cover the details of the best Robinhood alternatives below. But before we get into those details, here’s a summary of the best options for several different situations or purposes.
- Best Overall: Public.com
- Best for New Investors: Public.com
- Best for High-Volume Traders: Webull and Moomoo
- Best for Personalized Education: Tornado
- Best for Research and Analysis: Webull and Moomoo
- Best for Automated Investing: M1 Finance
- Best for Portfolio Optimization: Tornado
- Best for Round-Ups: Acorns
- Best for Trading Crypto: eToro
- Best Ease of Use: Public.com
- Invest in: stocks, ETFs, and crypto
- Key features: ease of use, social features, investing themes
- Sign up for Public.com and get up to $300 in free stock when you make a deposit*
Overall, Public.com is our top-rated Robinhood alternative, and it also matches up to the features of Robinhood closer than most of the other platforms we’ll discuss later.
Like Robinhood, Public.com offers commission-free trades of stocks and funds, supports fractional shares, and requires no minimum balance for the retail investor. Also like Robinhood, Public.com aims to be simple and easy to use. In fact, we find Public.com to be the most user-friendly stock trading platform.
In addition to stocks and funds, Public.com also offers cryptocurrency. It’s worth noting that Public.com offers far more crypto tokens than Robinhood, so investors will have many more investment options and possibilities. At the time of writing, Robinhood offers seven different cryptocurrencies, while Public.com offers 27.
Although there are many similarities between Robinhood and Public.com, there are also some key differences. The most obvious difference is that Public.com includes robust social features so users can connect with friends and other investors. It’s a supportive community that provides excellent learning opportunities for new investors.
Public.com also offers a large selection of Themes, which are basically lists of stocks or funds based on certain criteria. For example, if you want to invest in dividend stocks or green power, you can find lists of companies and funds that fit what you’re looking for. It’s a great way to find investments that interest you.
In 2021, after the GameStop saga that left many investors frustrated with Robinhood and brought payment for order flow into the spotlight, Public.com decided to end its participation in PFOF to avoid any potential conflicts of interest between the company and its users. That transparency and commitment to supporting its community of users helped Public.com to stand out and attract many new users.
Related Reading: How to Get Free Stock
Public.com offers fractional shares so anyone can start investing. You'll love the social aspect that makes it possible to connect with other investors. Get a free stock slice worth up to $300 when you open an account through our link.
- Commission-free trades of stocks and ETFs
- Buy and sell 27 different cryptocurrencies
- Fractional shares
- Easy to use and beginner-friendly
- Connect with a supportive community of investors
- "Themes" help you to find investments that interest you
- Invest in: stocks, options, ETFs, and crypto
- Key features: advanced reporting and analysis tools, extended trading hours
- Sign up for Webull and get up to 12 free stocks when you make your first deposit
Webull is another trading platform that’s very similar to Robinhood (a direct Robinhood alternative) in terms of what it offers, but with a few key differences. Like Robinhood, Webull offers commission-free trades of stocks, options, and ETFs (Robinhood and Webull are the only platforms covered here that support options trading). Webull also offers fractional shares that can be purchased for as little as $5 with no account minimums.
Also like Robinhood, Webull offers crypto trading. Webull currently offers 34 different crypto tokens, which is significantly more than the seven offered by Robinhood crypto.
The biggest difference between Robinhood and the Webull trading app relates to the tools and reports. While Robinhood takes a simplified approach and favors ease of use over advanced tools, Webull provides more helpful tools and reports, making it an attractive Robinhood alternative.
As a result of the added data and access to tools, Webull’s user interface is not as simple or clutter-free as Robinhood or some other Robinhood alternatives. There’s a slight learning curve with Webull and it’s not quite as easy to use, but Webull has chosen to target users who are more interested in data and tools.
Webull users get free access to a stock screener, charting capabilities, fundamental data, and news. No other commission-free trading platform offers access to as many research tools as Webull.
Investors who make frequent trades, including day traders, are likely to appreciate Webull and everything it offers.
Webull users will also appreciate the extended trading hours. Trading is available on Webull from 4:00 am to 8:00 pm, as compared to 9:00 am – 6:00 pm through Robinhood.
Webull is a free investing app that provides advanced reporting tools and allows you to make free trades of stocks, ETFs, and options. Right now Webull is offering up to 12 free stocks when you signup through our link (use the button below) and deposit any amount.
- Commission-free trades of stocks, ETFs, options, and cryptocurrency
- Buy fractional shares for any amount
- Extended trading hours
- Advanced reporting tools
- IRAs now available
- 24/7 customer service
- Invest in: stocks, ETFs, options, and ADRs
- Key features: free level 2 data, premium news, and advanced charting tools
- Sign up for Moomoo and get up to 5 free stocks (worth up to $2,500 each) when you make a deposit
Moomoo is a fairly direct Robinhood alternative with some of the same features. Like Robinhood, Moomoo offers free trades of stocks, options, and ETFs with no minimum balance requirements. They currently do not offer crypto trading, but that is apparently coming to this trading platform in the near future.
While Robinhood and Moomoo bother offer free trades and no account minimums, the two companies target different types of users. The Robinhood mobile app is simple and lacks advanced analysis tools, which makes it easier for beginners to use. However, Moomoo is a better fit for traders who prefer to do a lot of analysis or research before buying a stock or ETF.
In addition to commission-free trading, Moomoo offers free level 2 data, premium news, educational resources, and advanced charting tools. You’ll also get AI monitoring and AI-powered price forecasts. Although it may not be as well known as Robinhood and some other competitors, Moomoo certainly has a lot to offer.
Advanced traders on a platform like Robinhood might need to use a third-party service like Stock Rover for a screen and other analysis tools. However, Moomoo includes the tools so traders can do everything in one mobile app.
One of the most significant drawbacks of using Moomoo is that it currently does not support fractional shares. This won’t be a major issue for some investors, but fractional shares can be important for new investors who may not have enough money to buy a full share of the stocks and funds they like.
Like Public.com, Moomoo also provides access to social features and a large community of active traders. You can connect with friends and family, or meet others who are using the platform. These social features can be valuable for any investor, but they’re especially useful for those who are new or looking to learn and refine their skills.
Moomoo is backed by Futu Holdings Limited, which is listed on NASDAQ as FUTU.
- Invest in: stocks and ETFs
- Key features: automated investing, portfolio rebalancing
- Sign up for M1 Finance
Now that we’ve looked at Public.com and Webull (which are the most direct comparisons to what Robinhood offers), M1 Finance and the other Robinhood alternatives have major differences in what they offer.
M1 Finance is a platform created with long-term investors in mind. While Robinhood and some other stock trading apps are suitable for both short-term and long-term investing, there’s no doubt that M1 is clearly created for long-term investors.
Aside from investing, M1 Finance also offers some banking functionality, including lending, checking, and credit cards. However, this article is focused on investing, so we’re only going to cover M1’s investing capabilities.
Essentially, M1 Finance can be viewed as a free alternative to robo advisors with a minimum deposit of $100 for new users. It works by allowing users to select a “pie”, which is basically a portfolio allocation with specific percentages in different investments.
There are more than 80 pies created by experts, you can create your own, or you can use a pie created by another investor in the community. Whenever money is added to your M1 investing account, it will be automatically invested according to the details of the pie you’ve chosen.
Investing with M1 Finance is hands-free after your pie is selected. All you do is add money to your account, and M1 handles the trades. You can also rebalance your portfolio with a single click.
The functionality of M1 Finance is much different than Robinhood, which is a platform that’s more ideal for active traders, including short-term investors. All of the trades placed by M1 are made once per day (unless you pay for a Plus account, which adds a second trading window each day), so it’s not ideal for short-term investing or placing trades at precise times.
To learn more, read our M1 Finance review.
M1 Finance makes it easy to manage your investments. Choose from a wide variety of professionally-created "pies" (portfolio allocations) or create your own. Contribute to your account and M1 Finance automatically invests based on your selections.
- Free alternative to robo advisors
- Automated investing
- Easily view and manage your portfolio
- Ideal for long-term investors
- Commission-free trades
- Invest in: stocks and ETFs
- Key features: personalized education, powerful portfolio optimization, access to insights from Community Thought Leaders
- Sign up for Tornado and get up to $1,000 to invest
While Tornado allows users to trade stocks and ETFs, it’s a much different trading platform than Robinhood, and Tornado caters to a different type of investor.
Robinhood focuses on ease of use and provides little in the way of data and tools. Tornado, on the other hand, is focused on engaging financial education and is ideal for users who want to learn more about investing.
There are several ways that Tornado helps users to become more knowledgeable and confident investors:
- Learn and Earn is Tornado’s program that encourages investors to continue their financial education. Every user with an active account is able to earn up to $50 to invest by completing lessons about investing. The lessons are short and easy to consume, but they cover important topics that form a solid foundation of knowledge.
- Community features are an important part of Tornado. You can connect with other investors, see what they’re investing in, and check out their investing ideas.
- Community Thought Leaders are experienced members of the Tornado community who are compensated by the company to respond to questions from other users. This one-on-one access to successful investors is not offered by any other platform that we’re aware of.
- Real-time news is provided, tailored to the specific stocks you’re interested in.
Aside from the educational and community aspects, Tornado also stands out for its portfolio optimization capabilities. When you set up your Tornado brokerage account, you’ll enter details about your level of risk tolerance. At any time, you can optimize your portfolio to maximize projected returns without increasing risk beyond your comfort zone. The optimizer doesn’t place any trades without your approval, but it does make the process of managing and optimizing your portfolio very easy.
Another key difference between Robinhood and Tornado is related to fees. Of course, a basic Robinhood account is free, and trades are commission-free as well. Tornado takes a different approach.
Tornado charges a monthly fee of $7.99, which provides 40 commission-free trades each month. There’s a fee of $4.50 per trade for additional trades. Alternatively, users who don’t place many trades can opt-out of the subscription and pay a flat $4.50 per trade. Basically, if you’ll place more than one trade per month, you’ll be better off with the subscription.
With so many other free online brokers and apps with no account minimums, Tornado’s fee may seem like a significant disadvantage for Tornado. However, thanks to the impressive capabilities of the portfolio optimizer, Tornado is also an alternative to robo advisors. The fees you’ll pay to Tornado are likely to be lower than what you would pay for a robo advisor, depending on the balance of your account. Tornado has no minimum deposit requirements.
- Invest in: stocks, ETFs, and crypto
- Key features: automated investing, smart rebalancing, stock-back rewards credit card
- Sign up for Stash
Like Robinhood, Stash supports investments in stocks, ETFs, and crypto, but this Robinhood alternative does it in a much different way. Stash does not offer free accounts. There are three different plans to choose from, with pricing at $1 per month, $3 per month, or $9 per month. Users with a paid subscription are able to place free trades, and additional features are available depending on the chosen plan.
One of Stash’s standout features is the Smart Portfolio (not available on the Beginner plan for $1 per month). Like M1 Finance and Tornado, Stash provides functionality that helps you to manage and optimize your portfolio, in addition to placing trades. Smart Portfolio will help you to construct a diversified portfolio. All you need to do is add money to your account and Stash will invest it for you based on your Smart Portfolio. It will also automatically rebalance the portfolio quarterly.
The Smart Portfolio can include crypto (if you choose), so it’s an easy way for investors to get started with crypto in a hands-free way.
All Stash accounts have access to a stock-back credit card. Instead of earning cash back, you’ll earn up to 5% stock bonuses from the brands you know and use.
Another interesting feature of Stash is that a subscription comes with life insurance. The amount of coverage depends on the plan you’re on, but you’ll get $1,000 – $10,000 of life insurance with your Stash subscription.
- Invest in: stocks and ETFs
- Key features: invest your spare change, portfolios built by experts, banking
- Sign up for Acorns
Acorns is a different type of investing app. It will appeal to those looking for a hands-free way to grow and manage a diversified portfolio. With Acorns, you won’t trade stocks and ETFs like you would with Robinhood. Instead, you’ll invest in a portfolio created by experts and recommended based on your own financial goals. It’s another alternative to a robo advisor.
Possibly the most noteworthy feature of Acorns is the round-up functionality that automatically invests your spare change with no minimum deposit requirement. When you make a purchase with your credit card, Acorns will round it up to the next dollar and invest the difference for you. This is a great way to continually add to your portfolio passively.
Although Acorns doesn’t directly support cryptocurrency trading, you can get exposure to crypto by adding a Bitcoin-linked ETF to your portfolio.
Acorns also offers checking accounts, debit cards, retirement accounts, and investment accounts for kids.
There are two different plans you can choose from. The personal plan costs $3 per month and the family plan costs $5 per month.
- Invest in: stocks, ETFs, and cryptocurrency
- Key features: commission-free trades, fractional shares, CopyPortfolios (ready-made crypto portfolios)
- Sign up for eToro
Like Robinhood, eToro offers free trades of stocks and ETFs, with support for fractional shares so you can invest in any stock or ETF even with a small amount of money. eToro also supports cryptocurrency, and in fact, has much more to offer than Robinhood as far as crypto is concerned. eToro currently offers more than 50 different cryptocurrencies, which is more than any of the other best Robinhood alternatives covered here.
eToro also offers social capabilities, somewhat similar to Public.com and Tornado. In addition to connecting with other users, this unique trading platform offers CopyTrader, which allows you to replicate the actions of other traders (currently available for crypto only).
Those who are interested in crypto may also like the CopyPortfolios offered by eToro. Currently, they have three different ready-made portfolios that present an easy way to get started with crypto. You’ll need at least $2,000 – $5,000 to get started with CopyPortfolios, depending on which one you choose, but there are no management or maintenance fees for the accounts.
Frequently Asked Questions
Does Robinhood charge fees?
A basic Robinhood brokerage account to trade stocks is free. However, they offer an optional upgrade to Robinhood Gold for $5 per month for the active trader. With Robinhood Gold, you’ll get advanced market data, bigger instant deposits, and the ability to borrow at a low interest rate.
How can I buy stocks without Robinhood?
There are many Robinhood alternatives that offer commission-free trades, fractional shares, and no account minimums. Public.com and Webull are two platforms we recommend that are very similar to Robinhood. Public.com provides an outstanding user experience and Webull offers powerful tools for analysis.
Is there a desktop version of Robinhood?
Yes, if you don’t want to use the Robinhood mobile app, you can log in to Robinhood’s website to manage your account and place trades from a desktop computer.
Which cryptocurrencies are available on Robinhood?
Robinhood crypto currently supports the trading of seven cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin SV (BSV)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
Is Robinhood good for beginners?
Robinhood provides a clean user interface and is easy to use, even for beginners. Robinhood also has no minimum deposit requirements. However, Robinhood does not offer much, if any, help for the new trader who isn’t sure what to invest in. We recommend Public.com for beginners because it offers Themes, which are great for finding stocks and ETFs that might interest you, as well as commission-free trading. Public.com also includes social functionality so you can learn from others in the community.
Can Robinhood be used for day trading?
Yes, you can day trade on Robinhood. However, the rules and regulations for pattern day trading apply regardless of what brokerage or app you’re using.
Can I buy mutual funds on Robinhood?
No, Robinhood does not offer mutual funds. Robinhood and most other similar platforms offer access to ETFs, but if you want to invest in mutual funds you’ll need to use alternatives to Robinhood like Fidelity, TD Ameritrade, or Ally Invest.
Final Thoughts on the Best Robinhood Alternatives
Robinhood is one of the most popular stock trading apps and online brokers, but it certainly isn’t the only option. Any of the Robinhood alternatives covered in this article may be a better fit for you, depending on your specific situation and your approach to the stock market and personal finance.
*Public.com offer valid for U.S. residents 18+ and subject to account approval. This is not a recommendation. You can lose money with any investment. Open To The Public Investing is a member of FINRA & SIPC. Regulatory and firm fees apply. New customers receive free stock with value $3-300; 0.3% receive the max value. Cryptocurrency trading provided by Apex Crypto LLC (NMLS ID 1828849). Apex Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. See Public.com/disclosures/