Robinhood became a fee-free online broker in 2013, and its commission-free model changed the investing landscape. Many online brokers no longer impose fees for basic trading and Robinhood follows the same pattern by offering stock, ETF, and options trading.

Also, with margin, site visitors may increase their purchasing power. Buyers may also acquire fractional shares and make recurrent investments. IPO investments may provide them access to new firms. Moreover, the Robinhood financial app is offering IRAs with a 1% contribution match.

So, if you find Robinhood not up to your standards and are looking for alternatives, then you are on the absolute right page. We have compiled the best Robinhood alternatives that give you the same features but with more immersive experiences and more safety.

Alternatives Of Robinhood

Interactive Brokers

Fees: $1

Minimum investment: $100

Regular traders who enjoy the Robinhood apps economic framework but need more functionality and research would likely favor Interactive Brokers. The usual trading fees are modest at Interactive Brokers. Moreover, typical buyers and sellers pay $0.005 per share, which is far cheaper than typical brokerages.

Despite its inactivity fee and per-share cost, Interactive Brokers is unsuitable for inexperienced investors. Unlike Robinhood, Interactive Brokers targets active traders. However, Interactive Brokers can aid Robinhood day traders who desire more research and analytical tools.

Webull

Fees: $0

Minimum investment: $5

Webull provides services to immediate and experienced self-directed traders and investors. Compared to other online brokers, commissions might be significantly reduced for active and short-term traders.

Although new traders may find the Webull platform's user-friendly features and layout sophisticated, you may still get familiar with it. Moreover, along with real-time data and sophisticated charting features for U.S.-listed equities, Webull provides a demo trading account and a range of trading courses. These features might be helpful for new traders who want to customize their trading strategy and get more knowledge about the market.

Public

Fees: $0

Minimum investment: $0

Within an investment community, Public provides a social network where users may follow and hold fractional shares of companies and ETFs, as well as exchange ideas. When you first start investing, working with others becomes simple as you gain confidence since the stock market is made accessible and approachable by the public.

Public stock and option offerings. Any amount of money may be used commission-free to purchase shares. Unlike the Robinhood app, as little as $5 will get you fractional shares, which are tiny chunks of stock. There are no commission costs when you own ETFs by the slice. In the end, you decide on how to invest. Moreover, purchasing whole shares or fractional shares allows you to construct a portfolio on your terms.

Kraken

Fees: 0.9 - 1.5% flat fee

Digital currencies: >''120

Kraken has earned the title of one of the best digital exchange platforms overall. Although it's an instant buy, Kraken is the highest-rated trading platform. By trading on Kraken Pro, clients may decrease the "rapid buy" cost of 1.5% for digital currencies and 0.9% for stablecoins.

Like other exchanges, Kraken Pro charges makers 0.16% and takers 0.26% on modest-volume trades. These costs may be worth it compared to Robinhood and Kraken's larger offerings. Most American platforms, like Kraken, don't provide margin trading. Moreover, leveraged buyers pay on margin, and for digital currencies, this might not be accessible on the Robinhood app. Coin dealers in Kraken may make passive income by staking. Finally, the company's chatbot and phone support are excellent, and the website offers more teaching materials than Robinhood.

Gemini

Fees: 0.2% maker fee and 0.4% taker fee

digital currencies: >''120

Another fantastic option for digital currency traders is Gemini. Gemini allows trading in over 120 different digital currencies, which is comparable to the quantity offered by market leader Kraken. The amount of coins accessible on the Robinhood financial app is far less than this.

Gemini's UI is user-friendly, much like Robinhood's. Gemini, however, offers significantly better instructional resources. Gemini has somewhat higher costs than other digital currency platforms, starting at 0.2% for producers and 0.4% for takers, but its simplicity and use more than makeup for this.

Additionally, Gemini Staking gives digital currency traders many options to profit passively from the coins they already own. The platform's single true drawback is its complicated, above-average price structures, which may need to be explained.

Fidelity

Fees: $0 for stocks

Account Minimum: $0

Overall, Fidelity Investments is the best online broker; it also suits aggressive traders and long-term investors the most. By offering fractional share trading, fast order execution, and low expenses, Fidelity can help aggressive traders get the best price. For new and seasoned traders, Fidelity provides top research and instructional materials, whereas the Robinhood app has little.

Besides Robinhood, Fidelity provides a solid support system with managed portfolios and financial experts. Like Schwab, Fidelity offers practically every account type, including 529 school savings accounts and Solo 401(k)s for independent workers. Moreover, Robinhood is only entering traditional retirement plans with its IRA.

Should You Prefer Robinhood Or Alternatives?

Since it's an online broker and digital currency exchange, the Robinhood financial app may be a one-stop shop for certain investors. However, the platform has strengths and weaknesses.

Who Choose Robinhood

The Robinhood app's UI is simple to use and understand. Also, as the platform has zero costs, individuals with little to no expertise may start trading anytime they'd like. This simplicity also makes it easier for customers to get started with Robinhood's trading tools. Moreover, the site also includes its wallet, which is crucial for secure coin storage for digital currency investors.

Who Choose Alternatives

Experienced traders may need help finding OTC stocks and commodities futures trading on the Robinhood app. They cannot short stocks on Robinhood, as short sellers strive to profit from an asset's low price.

However, novice traders may want additional resources beyond Robinhood's basic research or instructional materials. Furthermore, the organization only provides a few customer service options, which can be damaging for new users.