Best Robinhood Alternatives

Want to jump straight to the answer? The best Robinhood alternatives are Interactive Brokers, Webull and TradeStation.

While Robinhood has garnered significant attention for its commission-free trades and user-friendly interface, its reputation took a hit during the infamous GameStop saga in early 2021.

Amid a frenzy of retail trading driven by a Reddit community, Robinhood restricted trading on GameStop and other volatile stocks, sparking outrage among users who felt betrayed by the platform's actions.

This incident highlighted the limitations of Robinhood, prompting many investors to seek out more reliable and transparent alternatives -- like the ones we've outlined here.

Quick Look at the Best Robinhood Alternatives:

• Best for Global Traders: Interactive Brokers
• Best for Intermediate Traders: Webull
• Best for Futures Trading: TradeStation
• Best for Traders of All Levels: moomoo
• Best for Trade Ideas: Public.com

5 Best Robinhood Alternatives

We’ve compiled a list of some of our favorite Robinhood alternatives that currently accept new users. 

1. Best for Global Traders: Interactive Brokers

If you’re a frequent trader who loves Robinhood’s cost-saving structure but who also needs more in the way of research tools and functionality, chances are, you’ll love Interactive Brokers.

Interactive Brokers offers some of the lowest trading fees on the market. Most users can expect to pay $0.005 per share when buying and selling, which is significantly lower than most other brokerage firms. 

Unlike Robinhood, Interactive Brokers has been designed with the frequent, professional trader in mind with fees for inactivity and a per-share fee, Interactive Brokers isn’t the brokerage platform for traders who are looking to dip their toes into investing. However, if you’ve been day trading on Robinhood and you’re looking to take your career to the next level with better research and analysis tools, Interactive Brokers may have what you need to up your game. 

• Fees: $1, max. 1% of trade value. Free for US clients choosing IBKR Lite plan.
• Minimum investment: $100

Why We Picked It: Interactive Brokers stands out as a top choice for investors looking for diverse investment options, advanced trading tools, global market access, competitive pricing and robust security measures.

2. Best for Intermediate Traders: Webull

Webull caters to intermediate and experienced self-directed investors and traders. Short-term and active traders can save a considerable amount on commissions compared to other online brokers.

The Webull platform’s intuitive features and design could be considered advanced for novice traders, but you can still learn the platform.

Webull offers a series of trading courses and a trading simulator or demo trading account with real-time data and advanced charting capabilities for U.S.-listed stocks. These features can suit beginning traders who want to learn more about the market and develop a trading plan.

• Fees: $0; Sells only - $0.000008 * Total $ Trade Amount (Min $0.01)
• Minimum investment: $5

Why We Picked It: Webull provides users with a comprehensive suite of research tools and data analysis features, With commission-free trading available for stocks, options and ETFs, you can trade with confidence without worrying about high fees eating into your profits.

3. Best for Futures Trading: TradeStation

TradeStation offers commission-free stock and options trading coupled with a technically advanced but easy-to-use trading platform. TradeStation beats Robinhood in the number of investable classes it offers. In addition to stocks and options, TradeStation users can trade bonds, futures, mutual funds, and even cryptocurrency.

TradeStation has 2 offerings, TS GO and TS Select. We rate TS GO among the best as an exclusively mobile-only platform. Furthermore, TradeStation offers a plethora of educational materials to make users better and smarter investors.

• Fees: $0; $5 per executed order for non-U.S. residents
• Minimum investment: $0

Why We Picked It: TradeStation provides traders with advanced tools and customizable indicators for a personalized trading experience. Not only does TradeStation offer a diverse selection of investment products, but it also provides competitive pricing with low commissions and fees.

4. Best for Traders of All Levels: moomoo

Moomoo is an intuitive investment and trading platform with pro-grade, easy-to-use tools, data and insights. Offering a pro-level trading experience for those of all levels of expertise.

You can reach out to the customer support team during the trading day via phone or email. For those who want the DIY approach, you can review the FAQs in the Help Center at any time.

There is also a large of educational tools, research options and a community with more than 20 million users across the globe.

• Fees: $0
• Minimum investment: $0

Why We Picked It: Moomoo is a revolutionary platform that provides users with a unique opportunity to access free Level 2 data for funded brokerage accounts. In addition to this, moomoo offers advanced charting tools with over 100 indicators to help you analyze market trends and patterns with precision.

5. Best for Trade Ideas: Public.com

Public offers a social network where you can own fractional shares of stocks and ETFs, follow others and share ideas inside a community of investors. Public makes the stock market relatable and inclusive so it's easy to collaborate as you build your confidence when you just start out with investing. Public offers stocks and options. You can buy stock with any amount of money, commission-free. You can own small portions of stock (fractional shares) with as little as $5. You can own ETFs by the slice as well, without commission fees.

The bottom line: You can choose how you want to invest. Build a portfolio on your own terms by investing in fractional shares of stock or buy full shares.

• Fees: $0 commissions on stocks
• Minimum investment: $0

Why We Picked It: Public offers a social investing platform that allows users to easily follow their friends and influencers in the investment world. With fractional share trading, investing is made accessible to everyone, even those with small amounts of money to invest.

Why Robinhood Might Not Be Right for You

Consider opening an account with a Robinhood alternative if you’re looking for any of the following features Robinhood lacks:

Analytics and Tools

The best online brokerages want their traders to succeed, so they often offer a large library of trading resources and educational tools to help newcomers make profitable trades. Robinhood’s straightforward and simple platform comes at a price — it lacks a large number of trading analysis tools.

Robinhood allows you to create watchlists and view real-time market data but offers very little in the way of trading education, which is an interesting choice considering that Robinhood’s target audience is young investors, many of whom are eager to learn.

Candlestick Charting Options

Though Robinhood’s interface focuses on clean design and aesthetics, its candlestick charting options are difficult to view on mobile. Robinhood uses the standard green and red candle scheme similar to other brokers, but shadows are difficult to see on Robinhood’s white mobile background. Additionally, you cannot adjust candle periods to minutes or hours like on most other platforms.

Tax-Efficient Accounts

If you want to save for retirement or open an Individual Retirement Account (IRA), start saving with a different broker. Robinhood offers only individual taxable accounts, and you cannot open an IRA or solo 401(k) through Robinhood.

Mutual Fund Purchasing Options

You cannot purchase mutual funds through Robinhood’s platform.

What to Look For in an Alternative

If you enjoy Robinhood’s basic functionality but are looking for a little more substance from your brokerage platform, consider looking for the following features:

Low Trading Fees

Though it’s hard to beat Robinhood’s $0 trades, there are a number of brokerages that allow you to buy and sell stocks, bonds, and ETFs for less than $7 a trade. Some brokerages also allow you to invest in mutual funds or index funds with no commission.

An Easy-to-Understand Platform

The best brokerage account in the world is useless if you can’t operate it. Before you commit to a broker, check out a few YouTube tutorials detailing how to use the app or online trading platform to make sure that you’re comfortable with its format. The best investing apps don’t limit functionality to their mobile platform; they offer complete desktop services in an easy-to-understand mobile format.

IRA Compatibility

If you’re looking to purchase stocks for long-term holding, you’ll want to minimize your tax liability by opening a traditional or Roth IRA instead of a taxable brokerage account like the ones that Robinhood offers as its only account type.

Automated Investing

Are you the type of investor who knows you want to save for retirement but aren’t sure where you should be putting your money? Robo-advisors offer low fees and commissions and are an inexpensive way to begin saving for retirement, your first home purchase, a child’s college fund or any other future financial goal.

Choosing the Best Alternative Broker

Exploring alternatives to Robinhood can provide you with a wider range of options, features and benefits tailored to your needs and preferences. Whether you're seeking advanced trading tools, a wider selection of investment options or simply a platform with better customer service, there are several Robinhood alternatives to consider. By carefully evaluating each alternative based on factors such as fees, user experience and available features, you can make an informed decision that aligns with your financial goals and trading style.

Frequently Asked Questions