9 BEST Robinhood Competitors & Alternatives (2023)

Robinhood is a brokerage firm that offers commission-free stock, crypto, and ETF trades. The company was founded in 2013 by Stanford Graduate School of Business classmates Vlad Tenev and Baiju Bhatt. This company is backed by well-known investors like Google Ventures and Andreessen Horowitz.

The primary purpose of Robinhood is to make investing more accessible by providing an online service that allows investors to invest in the stock market without the need for minimum account balances or high transaction fees. In addition, Robinhood offers free access to its core financial products through a mobile app and a web interface.

However, recently Robinhood has faced scrutiny over its influence on meme stocks. Investors bought meme stocks based on hype. Many people believe that this has led to more than one million users opening brokerage accounts with just a $0 balance requirement, making them susceptible to bad investments and scams. It also does not provide an option for mutual fund investment. Also, their role in GameStop came under heavy criticism.

Here is a curated list of Top applications capable of replacing Robin Hood with its pros, cons, features, and key statistics. Read more…

Best Robinhood Alternatives: Top Competitors

Name	Deposit and withdrawal methods	Minimum Balance	Investment options	Link
Doxee.io	Direct Crypto deposit, WalletConnect	$100	Crypto with/without locking period	Learn More
Webull	Wire Transfer and Bank Transfer.	No minimum balance.	US market stocks, options, ADRs, ETFs, and specific cryptocurrencies.	Learn More
M1 Finance	Bank Deposit, Credit/Debit Card Visa and Mastercard and P2P Trading	$10.	ETFs or individual stocks)	Learn More
Public	Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading	No minimum balance.	Stocks and ETFs	Learn More
TD Ameritrade	Electronic bank transfer, Wire Transfer, Deposit via mobile, etc.	No minimum balance is needed.	Stocks, Options, ETFs, Mutual Fund, futures, Forex, Margin Trading, Crypto Trading, IPO, etc.	Learn More

1) Doxee.io

An innovative and promising alternative to traditional investment platforms, ideal for beginners seeking opportunities to earn passive income.

Doxee.io, initially established as a private crypto yield farming community, made its entrance into the public eye in 2022. Since then, this platform has been steadily gaining traction and popularity among investors, largely due to its remarkable annual report showcasing exceptional performance, even during the bearish crypto market. Doxee.io aims to simplify the investment process by eliminating the constant need for monitoring and decision-making, offering convenience and ease of use for investors.

With over 12,000 active investors worldwide, contributing to a total investment pool exceeding $40 million, Doxee.io has emerged as a prominent player in the investment landscape. In an effort to enhance its overall appeal in 2023, Doxee.io underwent a complete UI redesign and continues to introduce new features and instruments to the platform. While it is still a relatively young project and lacks certain features such as a decentralized exchange (DEX) and a wide range of coin options, Doxee.io demonstrates immense potential to establish itself as a major contender in the field of crypto investments in the near future.

As we explore alternatives to traditional platforms like Robinhood, Doxee.io stands out with its promising performance, commitment to user experience, and the convenience it offers investors seeking a streamlined approach to crypto investments. While it may currently have some limitations, the team at Doxee.io is dedicated to expanding its offerings and addressing user feedback to provide a robust and comprehensive investment platform.

Keep an eye on Doxee.io as it continues to evolve and grow, presenting exciting opportunities for investors looking for innovative alternatives in the crypto investment space.

Features:

• Great for new investors.
• No deposit & withdrawal commissions.
• High return rates.
• Contracts are tied to stablecoins.
• “Hands-off” investment options.
• Supported platforms: Windows, Linux, MacOS.

👍 Pros	👎 Cons
Simplified investment process, making it accessible to investors of varying experience levels.	Might be unsuitable for those who wants to pick a specific coin to invest in or searching an all-in-one investing and trading tool.
Creating an account is a breeze, requiring only a few minutes of your time.	A $100 minimal initial deposit might be unattractive for some investors.
Various security options: 2FA, SMS authentication, KYC for guaranteed fast access restoration in case of losing access to account/phone/email.
Contracts are tied to stablecoins, which is advantageous for investors as it provides a more stable and predictable investment environment compared to volatile cryptocurrencies.

Key Specs:

Fees: $0
Deposits & Withdrawals Methods: Direct crypto deposit/withdrawal, WalletConnect.
Investment options: Crypto
Minimum Balance: $100
Support: Live Chat and email.

Visit Doxee.io >>

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2) Webull

Intermediate-level investors but still actively involved in stock market and options trading

Webull is a relatively newer investment platform designed for new and seasoned investors. It has no fees—including commissions – except some minor wire transfers and SEC fees.

This online brokerage firm puts heavy emphasis on the idea that innovative technology has the potential to improve your returns in the stock and cryptocurrency market. It also provides a practice account that lets you make trades with fake money.

Features:

• It provides lots of tools for analysis.
• Commission-Free Trading.
• It offers an option to buy and sell a long list of cryptocurrencies.
• Provide an option to access stocks listed on major exchanges, options, and ETFs.
• Does not require any minimum balance.

👍 Pros	👎 Cons
OPRA Real-Time Data support	Not offer managed Investment Options
Over 50 analytic tools	Doesn’t Allow Direct Bond Purchases
Enables fractional share trading
Extended trading hours
Offers advanced Analytics and Market Data at No Additional Cost.

Key Specs:

Deposits & Withdrawals:
• Wire Transfer- Deposit- $25 and Withdrawal – $45
• ACH deposit and withdrawals no fees
Investment options: US market stocks, options, ADRs, and ETFs, and specific cryptocurrencies.
Minimum Balance: You don’t need to maintain a minimum balance.
Support: Chat, email, and Phone.

Visit Webull >>

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3) M1 Finance

Don’t want to take an active role in portfolio management

M1 Finance is a cost-free investment service and a strong competitor of Robinhood. With the M1 Finance investment app, you can get both traditional investment services and receive professional investment guidance. It also provides a quick way to access your money and transfer the money seamlessly between investments.

Features:

• This alternative to Robinhood offers 2% Loans Through M1 Borrow.
• You can earn 33x the national average APY for a checking account.
• Earn stock back from spending.
• It is one of the best alternatives of Robinhood, allowing you to purchase fractional shares of stock.
• It allows you to send physical checks without ever touching a pen.
• A hybrid between self-directed and robot-advisor.
• Supported platforms: iOS and Android.

👍 Pros	👎 Cons
Using cutting edge “pie” system to explain the details of all the investment possibilities totally	Not suitable for day traders.
Allows you to borrow money at 2-3.5% interest	Slightly higher minimum Balance
You can transfer money seamlessly between investments
It helps you to automate your investment.

Key Specs:

Fees: $125 per month.
Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading
Investment options: M1 automates the building and maintenance of your custom investment portfolio. (ETFs or individual stocks)
Minimum Balance: You cannot withdraw or deposit less than $10.
Investment types available: Stocks, ETFs.

Link: https://m1.com/

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4) Public

Looking for social trading features.

Public.com is a stock and ETF trading app founded in 2017. This app uses a third party, Apex Clearing, to handle the background administrative stuff of running public user accounts. Public allows you to purchase a fractional share.

It is a trading app like robin hood that allows you to follow specific companies. This investment app makes your portfolio public to other users and gives you the ability to browse others’ portfolios.

Features:

• Free investment platform
• Social trading features
• You can trade cryptocurrencies
• It is one of the best apps like Robinhood that Never charge any trading fees or commissions

👍 Pros	👎 Cons
It helps you to keep track of other users and their investment strategies.	Not as suited to advanced traders.
Instead of entering orders for a fixed number of shares, you can buy fractional shares.	The public doesn’t offer a wide range of asset types
You can also gift fractional shares to other investors.
Offers a $10 bonus for signing up and making an initial deposit.

Key Specs:

Fees: Free stock/ETF trades
Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading
Investment options: Stocks and ETFs
Minimum Balance: No minimum balance
Support: Phone and Live Chat.

Visit Public.com >>

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5) TD AmeriTrade

All-around, balanced investors, and optional Trading.

TD Ameritrade is one of the best replacements of Robinhood, and the platform is easy to navigate and works perfectly on both the app and desktop/laptop computers. This brokerage firm does stock research and offers numerous investment opportunities.

This trading app, like robin hood, helps you become a better investor with its multitude of available tools. Depending upon your needs, you can create several watchlists and set custom alerts to remain updated with the trends.

Features:

• Great for new or experienced investors.
• Comprehensive trading options.
• No commissions.
• Interactive courses and webcasts.
• Supported platforms: iPhone App, Apple Watch, Android App.

👍 Pros	👎 Cons
TD Ameritrade offers tax-loss harvesting, which can help you minimize portfolio losses.	Derivatives trading more costly than other Robinhood competitors
Provides detailed research reports and Education	Sometimes the app freezes
Offers high-end protection
It offers both options and future Trading. Robinhood offers options but not futures.
You have a team of financial advisors ready to assist its customers through their market journey.

Key Specs:

Fees: $0.00 commissions.
Deposits & Withdrawals Methods: Electronic bank transfer, Wire Transfer, Deposit via mobile, etc.
Investment options: Stocks, Options, ETFs, Mutual Fund, futures, Forex, Margin Trading, Crypto Trading, IPO, etc.
Minimum Balance: platform fees and no trade minimums.
Support: Phone: 24/7; Text: 24/7; Live Chat: 24/7; Email

Link: https://www.tdameritrade.com/

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6) CoinBase

This strong replacement of Robinhood does more than allowing you to invest in crypto. Signing up for a Coinbase account allows you to get a Coinbase Visa debit card to spend crypto anywhere.

A Robinhood competitor offers a handy dashboard that allows you to keep an eye on your assets’ real-time prices and value. This crypto trading exchange platform keeps you fully informed, making sure you can make the most of each coveted opportunity.

Features:

• Manage your portfolio, make recurring buys, and have vault protection to store your funds
• Earn $5 in bitcoin for getting started on Coinbase
• Over 56m verified users operate on the platform
• It allows you to securely store a wide range of digital assets in offline storage
• It provides a safe way to buy Bitcoin online and schedule your crypto trading at any time of the day
• This crypto exchange stores your funds in a vault for safety purposes

👍 Pros	👎 Cons
Supports several assets	Higher fees than other cryptocurrency exchanges.
It offers access to 100 cryptocurrencies.	Not accessible to reach customer support.
Offers high-end protection
You can generate spending summaries, transaction receipts, and instant notifications
Your cryptocurrency is insured in the event website is hacked.

Key Specs:

Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading
Investment options: Crypto
Minimum Balance: $2 per month.
Countries Supported: Bahamas, Bermuda, Canada, Mexico, Panama, Trinidad and Tobago, United States, etc.
Support: Chat and Email.

Visit CoinBase >>

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7) Acorns

Long-term investors

Acorns is a micro-investing platform that’s gained quite a bit of steam over the past few years. This Robinhood competitor uses the hands-off approach to investing. Therefore, you don’t have to spend time researching, building, and rebalancing your portfolio.

Features:

• It helps you to expand your earnings potential in financial markets.
• You can start investing with just $5, making the app perfect for new and small investors.
• Like Robinhood, this app improves your financial stability through better spending habits.
• Recurring Investments and One-Time Investments
• Supported platforms: Android and iOS.

👍 Pros	👎 Cons
You can transfer funds to your various Acorns accounts	Not an ideal option if you want to pick your stocks or take part in day trading.
Acorns Checking gives you a free checking account to go with your investment account.
It helps you save money by spending money, which is probably the easiest way to save money in any form.

Key Specs:

Fees: $3 a month
Deposits & Withdrawals Methods: Wire Transfer and Bank Transfer.
Investment options: Stocks, ETFs, bonds
Minimum Balance: $0 to open, but $5 requirement to invest
Support: Chat and Email.

Visit Acorns >>

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8) Sofi Invest

IPO Investing

SoFi is an online discount broker that launched in 2011. The company offers a compelling investing experience alongside a top-notch personal finance tool. It is one of the best alternatives to Robinhood also offers student loan refinancing, insurance, a cash management account (with a debit card), personal loans, and more.

A trading app like robin hood enables you to begin trading with as little as $1 with SoFi Invest. You can also trade stocks and ETFs with no commission, and it’s free of charge.

Features:

• Trade stocks and ETFs with no commissions or participate in upcoming IPOs before trading on the public market.
• It offers an option for personal loans to student loans.
• Invest in Stock Bits (fractional shares.
• It helps you to automated investing options for a hands-off approach.

👍 Pros	👎 Cons
Offers an option to purchase shares based on dollar amounts rather than share counts	Limited order types
It offers fast Trading, cryptocurrency support	Currently only available to US residents.
Emphasis on commission-free Trading and simplicity

Key Specs:

Fees: $0
Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading
Investment options: Free stock/ETF trades
Minimum Balance: Does not charge commissions on trades or require investors to maintain any minimum account balance.
Support: Phone support only.

Link:  https://www.sofi.com/invest/

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9) E*Trade

Options traders

E*TRADE is a highly advanced trading platform out there. It enables you to trade stocks, ETFs, options, and mutual funds. You’ll have the ability to do extensive investment research if you want to or use an ETF screener to find a match for your investment needs.

It is a trading app like Robinhood, ideally suited for advanced traders, active day traders, derivatives traders, and retirement savings. This is an app similar to Robinhood, which is suited to small investors who prefer to buy-and-hold and execute only a few trades per year.

Features:

• $0 commission for online US-listed stock, ETF, and options trades.
• Allows Trading in 77 international markets.
• No minimum account balances.
• 250 fee-free ETFs.
• Hybrid investment options.
• Provide access to E*TRADE bank.
• Supported platforms: Web-Based, iPhone App, Apple Watch, Android App.

👍 Pros	👎 Cons
Opening an account is easy, and it just takes a couple of minutes.	Only US markets, no forex
It lets you trade mutual funds.	Slow live chat support.
Provide tax-efficient accounts
E*TRADE app allows you access to more complex trading strategies, as well as the ability to trade futures.

Key Specs:

Fees: $0
Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading
Investment options: Stocks, OTC/Penny Stocks, ETFs, Mutual Funds, Bonds, Options, Forex, etc.
Minimum Balance: No account minimum
Support: 24/7 live chat and Email Support.

Link: https://us.etrade.com/home

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10) Stash

Anyone who needs banking and investment accounts

Stash is undoubtedly one of the best for beginners because you’ll get the investment app, banking options, as well as a debit card. So, everything is included in a single app, making managing your finances a breeze.

Features:

• Full banking solutions.
• Offers automated options.
• Helpful guidance.
• Offers fractional shares investments.
• It helps you with personal finance management.

👍 Pros	👎 Cons
You can buy shares based on dollar amounts they wish to invest.	Earn stock back from spending
Investors can earn stock back on their purchases	IRAs are not automatically managed
You can set up investment accounts for your children.
It offers personal banking services, including checking and savings accounts

Key Specs:

Fees: Acorns Personal: $3/month & Acorns Family: $5/month.
Deposits & Withdrawals Methods: Bank Deposit, Credit/Debit Card: Visa and Mastercard
Investment options: Stocks and ETFs
Minimum Balance: No minimum balance on investment
Support: Phone, email, and chat Support

Link: https://www.stash.com/

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11) Betterment

Tax-loss harvesting purpose.

Betterment is one of the best Robo-advisor apps for anyone who doesn’t want to pick their stock but would rather have their portfolio managed by professionals. It is one of the best alternatives to Robinhood that also offers a checking and savings account (called their Cash account) at no cost.

Features:

• Offers complete investment management.
• Tax-loss harvesting is offered on taxable accounts.
• Provides and climate-conscious options, low-risk options socially.
• It allows you to make deposits at will or set up monthly transfers into the account.

👍 Pros	👎 Cons
Betterment offers checking and savings account	You can’t pick the individual stocks.
You can keep the asset allocation the company sets for you based on your goals	Betterment charges a 0.25% management fee
It allows you to set up a cash reserve account
It offers personal banking services, including checking and savings accounts

Key Specs:

Fees: Betterment charges a 0.25% management fee
Deposits & Withdrawals Methods: Electronic transfers and wire transfers
Investment options: ETFs
Minimum Balance: You can keep Betterment accounts with a $0 balance.
Support: You can contact them via phone or email.

Link: https://www.betterment.com/

What to Look for in a Robinhood Alternative?

Here are some critical steps to follow while looking for the best Robinhood alternative.

Step 1) Fees:

Your online brokerage may charge different types of fees, which can vary significantly from broker to broker. Robinhood is one of the cheaper brokers. Therefore if this is an essential consideration for you, make sure you select a similarly low-cost Robinhood alternative.

Step 2) Account opening:

Some brokers require at least $10,000 to be invested while opening an account, while others don’t set a minimum first-time deposit. It would be best to consider the time taken to open the account.

Step 3) Deposit/withdrawal:

The number of ways to deposit or withdraw money to or from your account matters exceptionally. For example, while you cannot deposit with your credit card at Robinhood, some alternatives might allow you to do that.

Step 4) Web trading platform

While online brokers are usually available on mobile apps, tablet apps, or desktop software, most people use them through their web platform in a browser. A user-friendly trading web app offers many different resources to increase your trading comfort significantly.

Step 5) Markets and products

Many people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products.

FAQs

Best Robinhood Competitors & Alternatives

Name	Deposit and withdrawal methods	Minimum Balance	Investment options	Link
Doxee.io	Direct Crypto deposit, WalletConnect	$100	Crypto with/without locking period	Learn More
Webull	Wire Transfer and Bank Transfer.	No minimum balance.	US market stocks, options, ADRs, ETFs, and specific cryptocurrencies.	Learn More
M1 Finance	Bank Deposit, Credit/Debit Card Visa and Mastercard and P2P Trading	$10.	ETFs or individual stocks)	Learn More
Public	Bank Deposit, Credit/Debit Card: Visa and Mastercard and P2P Trading	No minimum balance.	Stocks and ETFs	Learn More
TD Ameritrade	Electronic bank transfer, Wire Transfer, Deposit via mobile, etc.	No minimum balance is needed.	Stocks, Options, ETFs, Mutual Fund, futures, Forex, Margin Trading, Crypto Trading, IPO, etc.	Learn More