Robinhood was one such App that had changed the face of investing. It was one of the first to have the $0 commissions rule. The most important point that attracted users was that this App was very user-friendly and easy to access, however along with the pros there are some cons of this App as well. The App gives the beginner options of trading. Such things shouldn’t be done without proper knowledge. Also in the GameStop controversy, Robinhood had stopped many stocks and that had cost the users some money. After all this, a lot of people wanted to leave this app. Here we bring before you five alternatives to the Robinhood app.
1.Fidelity
If you want to go for an alternative that is good overall then Fidelity must be your choice. This App was one of those few brokerages which weren’t affected by the GameStop controversy at all. Although the mobile App isn’t that good as it is under development and some changes are on the way, the desktop App is among the top three Apps of this industry. It has amazing customer service, where the employees are very patient and take good care to explain the terms to the customers. Robinhood lacked in this field. You can go for trading on usual stocks and also explore the other options such as retirement plans, etc. the only negative part of this App is that it doesn’t support cryptocurrency yet.
2.TD Ameritrade
Another App that can be a perfect replacement to Robinhood is TD Ameritrade. There are two Apps under Ameritrade. The first one is the base Ameritrade app. This one is very user-friendly and does not require any help to be even set up. It works well but there are times when the server crashes at the time when the trade market is very high. The desktop version of this one too is among the top 3 in the market. The mobile version contains a lot of information. The next App under Ameritrade is known as Think And Swim. This is way harder and way more difficult to set up. This App also doesn’t support cryptocurrency as of now.
3.Webull
This App is the one that is the closest to Robinhood. It offers everything that Robinhood offers such as cryptocurrency, real-time quote viewing, and the instant settlement feature. This feature allows a user to trade stocks just after a transfer. Another thing in common with Robinhood is the subscription feature that includes things like Level 2 information. The place where these two differentiate is that the UI of Webull is a little complicated and Webull doesn’t have fractional shares. During the GameStop controversy, this App also had stopped trades for some time. And just like Robinhood, this App too gives free stocks like Robinhood. So, if you want an alternative exactly like Robinhood, this is the one you should go for.
4.SoFi
This App is relatively new. This is the company that is sourcing Samsung’s debit card. It’s more known that way. Although it isn’t as good as Webull it provides nice support. The options includes are fast trading, cryptocurrency support, a simple UI. Also, services like an optional full-service bank account which are generally provided by traditional brokers are available. It is quite similar to both Webull and Robinhood. The only thing missing here is the less number of tools. However, it can be expected that these problems will be fixed soon.
5.Coinbase
Coinbase is a little different from the other mentioned apps. This isn’t a stock trading App but in this App, you can buy and sell cryptocurrency. The people switching to Ameritrade or Fidelity won’t have the option to buy or sell cryptocurrency, so they can use this App for that. Coinbase has a clean layout, clear listing of your assets, and it also has a lot of cryptocurrencies. This App might not be perfect. It suffers from server issues and there is also ambiguity in prices but it is still better than other cryptocurrencies.