The 8 best investing app alternatives to Robinhood

Robinhood, the investing app, disrupted the financial technology scene when they offered commission-free trading. The app had a waitlist of more than 500,000 when it was first introduced to the public in 2014. It became an instant hit as it made the financial market more accessible to new investors.

However, early this year, Robinhood got itself embroiled in a controversy concerning “memestocks.” As of February 2, the app announced that they had eased the trading limits on these restricted stocks. Sadly, many are now looking for alternatives as they became disgruntled with the app.

Here are 8 of the best investing app alternatives to Robinhood that you can try out:

1. Webull

Doing most of the things that Robinhood does, many investors consider Webull as Robinhood’s closest alternative. Aside from its $0 stock and ETF commissions, no account minimums, and competitive margin rates, Webull has other noteworthy features. It allows you to trade in Bitcoin, Litecoin, Etereum, and other cryptocurrencies.

And as no investing app is perfect, Webull has its downsides as well. It offers limited investment options such as mutual funds or fractional shares. 

You can download the Webull app on the Apple App Store for iOS and the Google Play Store for Android.

2. Fidelity

One of the few brokerages not affected by the GameStop controversy, Fidelity has a solid track record. The app not only offers excellent trading options, it helps you get ready for retirement as well. It provides wealth management advice and a selection of market analysis tools.

Another plus for Fidelity is that it boasts of superb customer service. Unfortunately, it falls short of its relatively high broker-assisted trade fee.

You can download the Fidelity app on the Apple App Store for iOS and the Google Play Store for Android.

3. TD Ameritrade

Offering a wide selection of mutual funds, TD Ameritrade is one of the easiest to use. It provides bonds, stocks, margins, options, and many others. The app features extensive research analytical tools and an education platform. You can learn from their articles, immersive courses, tutorial videos, and events.

It’s one of the best investing apps as it covers most of the basics. However, if you’re into fractional shares, this app doesn’t offer it.

You can download the TD Ameritrade app on the Apple App Store for iOS and the Google Play Store for Android.

4. Charles Schwab

An investing app that’s hard to beat, Charles Schwab offers an extensive range of tradable securities. Fractional shares, mutual funds, stocks, bonds, futures, and options are a few of its offerings. Its mobile app functionality is one of the best around, so it’s perfect for newbies and advanced traders alike.

There isn’t much to dislike in this app other than its low default cash sweep rate.

You can download the Charles Schwab app on the Apple App Store for iOS and the Google Play Store for Android.

5. TradeStation

Offering more investable classes than Robinhood, TradeStation is a user-friendly platform. It features advanced tools for research and trading as well as investment education. The TradeStation Crypto allows you to trade mutual funds, futures, bonds, and cryptocurrencies such as Bitcoin, Bitcoin Cash, and many more.

One of its downsides is that there are no transaction-fee-free for its mutual funds. 

You can download the TradeStation app on the Apple App Store for iOS and the Google Play Store for Android.

6. E*TRADE

One of the most popular and best investing apps around, E*TRADE is a frequent trader’s favorite. Beginner investors will also appreciate this app as it has an easy-to-use interface. It offers a large selection of investment options and excellent customer support.

One drawback, but not much of a dealbreaker, is its website, which isn’t easy to navigate.

You can download the E*TRADE app on the Apple App Store for iOS and the Google Play Store for Android.

7. SoFi

One of the newest investing apps on the block, SoFi, specifically targets young investors. It offers free trades of stocks, exchange-traded funds, and the capability to buy and sell cryptocurrencies. It is one of the first to offer fractional shares and free financial counseling.

SoFi may not be the best option if you want to buy bonds, mutual funds, and other bedrock investments. 

You can download the SoFi app on the Apple App Store for iOS and the Google Play Store for Android.

8. Moomoo

Considered a wild card in the investing industry, Moomoo is a worthy inclusion in this list. One of the safest platforms you can trade in, this app’s securities product is regulated by the US SEC (Securities and Exchange Commission) and the FINRA (Financial Industry Regulatory Authority). It has the usual research tools and a paper trading feature that allows you to simulate the trading experience before jumping in.

However, this app has a limited product portfolio and not so commendable customer service.
You can download the Moomoo app on the Apple App Store for iOS and the Google Play Store for Android.

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