5 Best Robinhood Brokerage App Alternatives

This isn’t a list of any old brokerages, we looked at brokerages that are true alternatives to Robinhood:

They must offer free trades
No account maintenance fees
Preferably a nice little sign-on bonus
Did not restrict the trading of any stocks (before being required to by their clearinghouse)

Here are the best Robinhood alternatives:

Webull

Best for: Ease of use

$0 commissions on stocks and ETFs
Fractional shares
$5 minimum investment
Retirement accounts available

Webull is similar to Robinhood in that it’s a brokerage that offers you free stock for signing up as well as free trades. In fact, you can get up to 20 fractional stocks. Here’s more about that promotion.

You can trade stocks, ETFs, option and futures. There are no commissions on stocks or ETFs, and Webull supports fractional shares. You can get started for just $5.

The cash management account earns 3.75% APY, so you’ll earn a strong rate on your uninvested cash.

For research, it offers fundamental analysis, real-time insights, professional analysis, and news surrounding economic events, such as earnings calls.

Webull also offers paper trading, so you can practice investing without risking real money.

Pros

No commissions on stocks or ETFS
Fractional shares
Low minimum requirement
Paper trading

Here’s our full Webull review for more information.

Cons

No mutual funds
No crypto
Limited bonds

Learn more about Webull

SoFi Invest®

Best for: Retirement accounts

$0 commissions for stocks, ETFs, or options
Fractional shares
$5 minimum investment
Retirement accounts available

SoFi Invest is the brokerage arm of the well-known fintech darling SoFi®, whose core offering started with student loan refinancing. In offering banking services, SoFi now has SoFi Invest – a no-commission brokerage service with no minimums and no account fees.

You can trade stocks, ETFs, options, and trade on margin. It will even give you access to IPOs. It doesn’t offer a cash management account, but you can pair it with SoFi’s high-yield savings and earn up to 3.80% APY (unlocked with direct deposit of at least $5,000+ every 30 days, otherwise 1.00% APY).

If you have an IRA with SoFi, it will match 1% of your contributions. You must roll over at least $250,000 to qualify for the match.

SoFi also offers a robo-advisor for those who don’t want to choose their own investments.

Best of all? They will give you $50 if you sign up through a referral link and deposit at least $1,000. There are no trading requirements to get this bonus.

Pros

No commissions on stocks, options, or ETFs
1% match on IRA contributions
IPO access
Fractional shares
$5 minimum investment

Cons

Must have direct deposit with SoFi to earn a high rate on uninvested cash
No crypto

Here’s our full Sofi Invest review for more information.

Learn more about SoFi Invest

Public

Best for: Multi-asset investing

$0 commissions on stocks, ETF, and option trades
High yield cash management account
Fractional shares
$5 minimum investment
Retirement account available

Public offers free stock trades and actually gives you a rebate on option trades — meaning you get paid to invest in options. It has a wide variety of assets to choose from, including stocks, bonds, ETFs, options, and treasuries.

If you are a Premium user, you can set up “investment plans” which allow you to automate your strategy. This is great for those who want to dollar cost average their investments. You can set up your portfolio and then simply contribute to your plan. You can select premade plans or make your own.

The cash management account earns 4.10% APY, so you’ll be earning a good rate while you research your next investment.

Pros

No commissions on stocks, options, or ETFs
Rebate on option trading
High rate on the cash management account
Wide variety of assets to choose from

Cons

No mutual funds
Limited research tools

Here’s our full Public review for more information.

Learn more about Public

eToro

Best for: Social investing

$0 commissions on stocks and ETFs
$50 minimum first time deposit
Fractional shares
Social features allow you to copy trades of other users
Paper trading

eToro’s special feature is it’s social aspect. With the Copy Trader feature, you can copy top performing member’s portfolio and trade like a pro, even as a beginner. Also, to help you learn, it offers paper trading. This allows you try out trades without risking real money.

You’ll need to deposit $50 when you open the account and each trade must be a minimum of $10.

You can invest in stocks, ETFs, crypto, and options. eToro is not available in NY, NV, HI, Puerto Rico and US Virgin Islands.

Pros

No commissions on stocks or ETFs
Fractional shares
Copy Trader feature
Paper trading available

Here’s our full eToro review for more information.

Cons

No crypto-to-crypto trades
Required $50 deposit
$10 minimum trades

Go to eToro

Ally Invest

Best for: Personalized advice

$0 commissions on most U.S. securities
No account minimum
No fractional shares

Ally Invest offers free trades, no minimums, no account fees, and they pair nicely with Ally Bank – an online bank that offers a full suite of banking products and higher yields than a traditional brick and mortar bank.

It offers self directed trading and a robo advisor. Plus, if you have over $100,000 with Ally Invest, you can get personalized advice from a dedicated advisor for 0.85% of your invested assets.

There’s not a direct cash management account, but the investment account pairs nicely with Ally’s high-yield savings account, which currently earns 3.70% APY. So you’ll still be earning, even when you aren’t invested.

If you are doing a full account transfer (ACAT), they will reimburse up to $75 in transfer fees.

Pros

Integrates easily with Ally bank
No commissions on most trades
Low cost options
Offers mutual funds

Here’s our full Ally Invest review for more information.

Cons

No fractional shares
Limited research tools

Go to Ally Invest

What to Look for When Choosing an Investment App

Fees: Before getting started, you’ll want to understand what fees are associated with the app. Fees can take a big bite out of your earnings, so you’ll want to keep them as low as possible. All the apps on this list have free trades, but there may be other fees if you want to trade options or trade on margin.

Types of investments offered: No every app offers every type of investment. If you are interested in trading alternative investments then you’ll need an app that supports that. If you just want to trade stocks, you’ll be ok on any investment app.

Account minimums: Some investing apps have high minimums. If you are just getting started, you’ll want an app that will allow you to start small.

Tools: If you want to research investments right in the app, then you’ll want to look into the tools it offers and make sure they will meet your needs. Some apps offer a community to learn from as well as research tools.

What is the Best Investing App for Beginners?

Webull offers an easy-to-use interface and paper trading. Paper trading allows you to use a practice portfolio so you can see how real investments would perform without having to risk real money.

Webull offers advanced research tools that may be overwhelming for new users, but there is a community of traders you can plug into for help. You can learn from other traders and ask questions as they come up.

Another great platform for beginners is eToro. eToro let’s you follow experienced traders and copy their portfolio and trades, allowing you tap into their expertise while you are learning.

Final Thoughts

Choosing an investment app can be difficult. Key factors to consider are fees, investment options, account minimums, and available research tools.

Each app on this list caters to different investor needs. Webull stands out for its ease of use, offering fractional shares, and paper trading. SoFi Invest is ideal for retirement accounts, offering a 1% IRA contribution match. Public allows multi-asset investing with high-yield cash management, while eToro features social investing, letting users copy the trades of experienced investors. Ally Invest provides free trades and access to a robo-advisor, with personalized advice available for high-net-worth clients.

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