Robinhood Alternatives: Comparing the Top Stock Trading Platforms

Many have been considering which Robinhood competitors and their corresponding apps to switch to.

Recently, Robinhood has been under fire due to server problems that caused some crypto traders to be unable to make trades during crucial trade instances. 

This has caused many users to become frustrated and lose faith in the platform.

Also, earlier this year, the r/WallStreetBets Reddit group’s surge in the Gamestop stock price made headlines. 

It was briefly stopped by Robinhood, TD Ameritrade, and Webull, resulting in a massive user backlash.

The issue with Gamestop even made international news, leaving many questioning whether they should switch their Robinhood holdings and look at other investing apps. 

As more and more people are turning away from Robinhood, finding the right investing app is becoming increasingly important.

This is especially true for both hands-on and passive investors, especially those new to the game. 

Keep reading this post to find out which alternative app is right for you.

Top Robinhood Competitors To Try Out Today

Robinhood Competitors

Charles Schwab: Best For Investing and Wealth-Building Products

Schwab has a variety of investment options, such as self-directed brokerage accounts, investment accounts, IRAs, and insurance accounts.

There is no minimum balance requirement for opening a brokerage account. 

Schwab also provides commission-free stock, ETF, and options trading.

Other assets, such as mutual savings, money market funds, bonds, fractional shares, international stocks, annuities, and more, are available through the Charles Schwab app. 

Additionally, the Schwab investment app has automated investing for those who prefer a more hands-off approach.

All in all, the Schwab app is a strong competitor to Robinhood.

Fidelity Go: Best For Consolidating Active Trading Accounts and Automated Accounts

Fidelity, like Charles Schwab, allows users to trade stocks and ETFs without commissions.

If you wish, you can opt to do regular trading through Fidelity Go, the firm’s digital investment platform. 

Fidelity also offers fractional share trading, but the cost of the automated advice provided will depend on the account size.

For those with balances between $10,000 and $49,999, a fee of $3 per month is charged. 

Those with $50,000 or more in their account are subject to an annual asset-based tax of 0.35%.

Those with less than $10,000 in their account are not charged any fee. 

Fidelity Go is a strong option when considering competitors to Robinhood.

Acorns: Best For Hands-Off Investments

In order to start investing with Acorns, you must have at least $5 and pay a monthly fee of either $1, $3, or $5, depending on the plan you select.

One of Acorns’ unique features is Round-Ups, which allows users to invest any remaining change from transactions. 

Simply link a debit or credit card.

Acorns will round up payments to the nearest dollar and use the difference for investments.

The three packages offered by Acorns are Acorns Lite, Acorns Personal, and Acorns Family.

Acorns Lite is a monthly subscription service that provides access to an investment account for $1. 

Acorns Personal, which costs $3 per month, provides an investment account, an IRA, and a checking account. 

Acorns Family gives access to an investment account, retirement account, checking account, and custodial investment account for the children in the family for $5 per month.

Betterment: Best For Automating Your Investments and Retirement Savings

Betterment is a well-known digital investment platform that has been around for some time.

It is a popular choice among Robo-advisors and those looking to start investing without a large account size. 

The company offers a digital plan with a small 0.25% annual fee.

Additionally, Betterment offers a premium plan that provides access to certified financial planners (CFPs). 

However, this plan requires an account size of at least $100,000.

Everyone can use the digital plan, and those with bigger accounts should choose the premium plan.

The annual fee is small, and access to CFPs is a great benefit. 

Ellevest: Best For Goal-Focused Investors

Ellevest is an automated investing platform designed with women in mind. It helps people reach their financial goals by giving them different tools and services.

It offers a variety of features, such as automated account management, learning tools, and coaching services. 

This app does not offer self-directed trading but provides Ellevest Spend and Save accounts, and customized monitoring for traditional accounts, SEPs, and Roth IRAs.

Affordable one-on-one consultations with financial advisors and job mentors are also available. 

Users also have unrestricted access to online learning tools like seminars and email courses.

These resources can help users learn more about the world of investing and financial planning. 

It is ideal for those looking for a platform to help them manage their finances.

Sofi: Best Design for Beginner Investors

Sofi: Best Design for Beginner Investors

SoFi is an investment platform that offers a no-fee digital investment portfolio.

Still, users must have at least $1 to begin investing. 

It has many different kinds of accounts, such as individual brokerage accounts, shared brokerage accounts, standard IRAs, Roth IRAs, and SEP IRAs.

The trading options are limited to stocks and exchange-traded funds (ETFs). 

Cryptocurrency trades are also available, but they are one of the more expensive aspects of SoFi’s aggressive trading portfolio.

All cryptocurrency transfers at SoFi are subject to a $1.25 fee. 

This fee-free offer is one of the advantages of using SoFi as an investment platform.

With it, consumers have a lot of flexibility regarding financial investments. 

With its low fees and various account types, SoFi is an attractive option for investors.

E*Trade: Best For Easy Access to Thousands of Fee-Free Mutual Funds

E*Trade offers commission-free trading on stocks, options, and ETFs listed in the United States.

This investment platform also provides IRAs and school savings plans. 

With over 9,000 mutual funds to choose from, investors can find a wide variety of options to invest in.

Out of these, there are over 4,400 no-transaction-fee mutual funds. 

In order to begin investing, a minimum of $500 is required.

However, the company also offers automated investment advice and controlled portfolios.

Final Thoughts

Investment apps offer a great way to save money, but it is essential to use them wisely.

To ensure financial success, one must educate oneself before investing through these apps. 

It is important to remember that investing carries a certain degree of risk, and there is always the possibility of losing the money invested.

Everyone’s risk profile is different, so it is important to understand how much money can be safely invested. 

Also, it helps to know the differences between stocks, bonds, index funds, and mutual funds.

Despite the risks associated with investing, these apps allow people to make passive income as long as they can invest and understand what they are getting into.

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Brooks Conkle

Brooks is an Entrepreneur, Sponge, Father, Husband, & Follower of the Golden Rule. He has over 15 years of experience as an entrepreneur after graduating with a BSBA in Finance from Auburn University. He’s addicted to growing new business ideas and any food that includes chocolate and peanut butter. Brooks is a firm believer in creating multiple streams of income and creates content here on to help other hustlers in the areas of marketing, online business, personal finance, and real estate.