5 Robinhood alternatives: what are my options?
Unpack the best Robinhood alternatives to find the platform that fits your financial needs.
Summary
Several alternatives to Robinhood offer the same or similar services.
Webull focuses on commission-free trading with advanced analytics and charting tools, making it ideal for active traders.
E*TRADE provides a customizable trading platform, access to managed portfolios, and a wide range of investment options.
Unbiased will match you with an expert financial advisor to help you optimize your investments.
Who is Robinhood?
Robinhood is a US-based financial services company that transformed the investment industry with its commission-free trading model.
Founded in 2013 by Vladimir Tenev and Baiju Bhatt, the platform aims to democratize investing by providing everyday investors with access to financial markets.
The Robinhood app stands out for its streamlined, mobile-first design. It enables users to trade stocks, ETFs, options, and cryptocurrencies easily.
Robinhood, headquartered in Menlo Park, California, has offices in Colorado, Washington, Florida, New York, the District of Columbia, and Texas.
As of the third quarter of 2024, Robinhood manages $152.2 billion in assets under management (AUM) and has a market capitalization of $34.95 billion.
Who are Robinhood’s competitors?
Robinhood’s success has paved the way for a growing list of competitors offering robust alternatives for investors. These Robinhood alternatives cater to varying needs, from advanced tools for experienced traders to educational resources for beginners.
Here are five of the best alternatives to Robinhood:
Fidelity Investments
Fidelity Investments is a leading financial services provider known for its comprehensive investment solutions and customer-first approach.
Founded in 1946, Fidelity Investments is a privately held company headquartered in Boston, Massachusetts, USA. It operates 216 investor centers across the US and 14 regional sites worldwide.
As of September 2024, Fidelity manages $15 trillion in total assets, including $5.8 trillion in discretionary assets and $9.2 trillion in administered assets.
Fidelity specializes in full-service brokerage, providing access to stocks, ETFs, mutual funds, retirement accounts, and robust research tools. As a result, it is a trusted name for investors worldwide.
Fidelity is one of the top alternatives to Robinhood because of its robust investment research, zero-commission trades, and excellent retirement planning tools. It also provides extensive educational resources, making it ideal for investors looking to expand their knowledge.
Fidelity’s broad range of offerings caters to both beginners and experienced investors seeking long-term portfolio growth.
Charles Schwab
Charles Schwab is a highly regarded brokerage firm known for its comprehensive investment solutions and industry-leading customer service.
Founded in 1971, Charles Schwab is a public company headquartered in Westlake, Texas. The firm operates over 400 branches in 45 states, with major centers in Chicago, Denver, Dallas, and Phoenix.
As of 2024, Charles Schwab manages $9.85 trillion in client assets and has a market capitalization of $149.2 billion.
Specializing in full-service investment solutions, Charles Schwab offers stocks, ETFs, options, and extensive retirement services, making it a leading choice for investors seeking comprehensive financial tools and support.
Charles Schwab offers a balanced mix of beginner-friendly tools and advanced features for active traders. Its commission-free trading, advanced research tools, and high-quality customer support make it one of the best Robinhood alternatives for investors at all experience levels.
Schwab’s comprehensive approach particularly suits those focused on retirement planning or managing diversified portfolios.
Webull
Webull is one of the best Robinhood alternatives. Its innovative investment platform provides commission-free trading and emphasizes technology-driven tools.
Founded in 2017, Webull is a private company headquartered in St. Petersburg, Florida, and owned by Hunan Fumi Information Technology, a holding company incorporated in the Cayman Islands. Webull operates offices in the United States and maintains 14 offices worldwide. In early 2024, the company announced its intentions to go public on Nasdaq through a $7 billion SPAC agreement.
Webull specializes in stocks, ETFs, options, and cryptocurrency trading, offering advanced analytics and charting tools that cater to active traders and data-driven investors.
Webull’s intuitive interface, combined with its advanced tools for technical analysis, makes it a strong contender among alternatives for Robinhood. The platform is best suited for intermediate and advanced traders who value data-driven decisions.
Webull’s zero-commission structure and extended trading hours add to its appeal to active investors.
E*TRADE
E*TRADE is a well-established online brokerage known for its robust trading tools and extensive range of investment products.
Founded in 1982, E*TRADE is now a subsidiary of Morgan Stanley, which acquired it in 2020 for $13 billion.
At that time, E*TRADE managed over $360 billion in retail client assets, though its current assets are now part of Morgan Stanley’s wealth management division. Headquartered in Arlington, Virginia, the company operates 30 retail branches across the United States.
E*TRADE specializes in a comprehensive trading platform, offering stocks, options, ETFs, mutual funds, and retirement accounts to meet the needs of active traders and long-term investors alike.
E*TRADE combines user-friendly tools with powerful features for active traders. Its customizable trading platform, coupled with access to retirement and managed portfolios, positions it as one of the leading Robinhood alternatives.
ETRADE is a competitive option and is particularly well-suited for investors seeking advanced tools, such as detailed charting, risk analysis, and research resources.
SoFi Invest
SoFi Invest is a modern investment platform that offers a mix of automated and active trading options tailored to new and casual investors.
Founded in 2011, SoFi Invest is a public company headquartered in San Francisco, California, with offices in Delaware, Florida, Montana, New York, Texas, Utah, Virginia, and Washington.
As of July 2024, SoFi Invest has $943.52 million in assets under management and a market capitalization of $16.89 billion.
The platform specializes in commission-free trading, robo-advisory services, and cryptocurrency access.
SoFi Invest appeals to beginner investors who value simplicity and automation. Its combination of automated investing, active trading, and access to financial planning resources makes it one of the most approachable alternatives Robinhood users can consider.
SoFi Invest’s user-friendly platform and educational tools make it ideal for those starting their investment journey while seeking a broader financial ecosystem.
Get expert financial advice
With so many alternatives to Robinhood available, you have plenty of options to find the platform that best fits your needs.
Whether you’re looking for advanced tools, retirement planning, or a more data-driven trading experience, these Robinhood alternatives offer solutions to help you invest confidently and effectively. Take the time to explore what each platform provides so you can choose the one that aligns with your financial goals.
Unbiased will match you with a financial advisor for expert financial advice to help you invest wisely and achieve your financial goals.
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