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What is Robinhood?
Robinhood is a brokerage and is a good choice for some investors. There are many reasons that investors do not want to use this service. Experienced investors do not use it as they say that the company does not have important features. Robinhood is a firm that permits the sales and purchase of US-listed companies. The company also allows the trading of gold, stocks, and funds. People can do their trade with a minimum amount. You can create three types of accounts offered by the company and they are −
Why Robinhood Alternatives?
Robinhood has a few disadvantages which are listed below
Robinhood is considered as a poor trading platform
Basic investment features are not available
Customer support is limited
Less tools are available for active trading
How to choose a Robinhood Alternative?
The alternative that you choose should have the following benefits that Robinhood provides −
Robinhood can be accessed by anyone
Opening an account does not take a lot of time
App of Robinhood is easy to use
Top 10 Robinhood Alternatives
Robinhood has many alternatives and some of them have been discussed here in detail.
Alternative 1 – Webull
Webull can be used by intermediate investors and traders. Active and short-term traders also get an opportunity to save a good amount of funds through commissions. The features of the platform can be advanced for inexperienced users. The platform is available as a desktop and mobile app. The tools present on the platform provide information and statistics to make your trade more profitable.
Alternative 2 – Moomoo
Moomoo is a trading platform that is free from commission. The trading can be done on stocks, ETFs, and many others. Moomoo is a good alternative for inexperienced as well as expert traders. Moomoo consists of tracking and research functions which are performed with the help of AI tools. Moomoo also provides training so that you can understand the details of market data. These features help traders to take better decisions.
Alternative 3 – Public
Public is an investment app that is available for free. The app has been made for new investors. These investors help other individuals in making investments. The app also provides fractional investment so that individuals can purchase less shares of a stock This will help the individuals to make investments on the basis of high cost per share
Alternative 4 – TradeStation
TradeStation is a platform that offers its stock and trading options free of commission. There are a number of features use to which it is able to beat Robinhood easily. You can use the platform for mutual funds cryptocurrency, and bonds. TradeStation provides two options which are TS GO and TS SELECT. ST GO is considered as the best option because this platform can be used only on mobiles. TradeStation also offers educational materials which users and investors can use to learn more about investment
Alternative 5 – Plynk
Plynk is an app which you can use to learn the ways of investment. Beginners can make an investment portfolio to put their money. You can access a selection of stocks, mutual funds, and ETFs by investing $1. You can easily understand the concept of investment through the app. You will be able to find investments on the basis of your interest through Plynk Explore.
Alternative 6 – E*Trade
E*Trade is an advanced trading platform which allows users to trade on ETFs, stocks, and mutual funds. You can use an ETF screener through which you can decide the amount of funds you want to invest. The app can be used easily by advanced as well as beginners. E*Trade also consists of retirement options which include IRAs.
Alternative 7 – SoFi Active Investing
SoFi is a tool that has been designed for new investors. You can carry out your trades on stocks and exchange-traded funds for free. The tool also allows you to purchase and sell cryptocurrencies. Young investors will also have the option to get benefits from its members. These benefits include meeting financial advisors, free seminars for education, and many more. No account is needed to start your trade.
Alternative 8 – M1 Finance
M1 Finance is an automated investing tool and is much different from Robinhood and it is considered as robo-advisor. You do not have to pay assess fees to manage your assets easily. Many robo-advisors charge a fee to manage assets. You also have the option to choose index funds and stocks where you want to make an investment.
Alternative 9 – Betterment
Determent Is a robo-advisor which can be a great substitute for Robinhood. You need to make a deposit of a minimum of $10 to start your trade. You can also create a cash management account known as Cash Reserve. This account can be created without paying any money. After signing up, some questions will be asked to get the knowledge about your goals. The app can be used easily due to its simple user interface.
Alternative 10 – TD Ameritrade
TD Ameritrade is one of the best alternatives to Robinhood. It became free from commission in 2019 and provides different types of trading options which are more than the ones provided by Robinhood. The platform can be used easily on different electronic devices. There are many investment and stock opportunities provided by the tool.
Robinhood is a platform which people can use to make investments in stocks, bonds, mutual funds, etc. People consider it as a poor trading platform because it does not have basic investment feature. Customer support is also limited. There are many substitutes of Robinhood that come with better features and a lot of opportunities for investment for beginners and expert investors.
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