The GME fiasco has caught everyone off-guard and shed negative light on Robinhood’s credibility. With more and more traders wanting a reliable, trustworthy solution, it has become important to find high-quality alternatives to Robinhood for many traders.
With years of experience in trading stocks and using a variety of apps, we have the ability to provide unique insight into what works and what doesn’t. This includes focusing on what each stock trading app brings to the table for avid traders.
This comparison is going to look at the leading alternatives on the market right now for those wanting to move away from Robinhood.
Top 7 Best Alternatives to Robinhood After the WallStreetBets / GME Fiasco
- Cash App
- WeBull
- SoFi
- Charles Schwab
- Tradestation
- TD Ameritrade
- ETRADE
1. Cash App
Key features:
- 1,000 Spending Limits (Per Day)
- No Minimum Restrictions on Funding for Stock Purchases
- Cash Boosts
- Bitcoin Compatible
1. No Fees on Basic Services
Cash App has a rigorous setup in place designed to please traders once they log in.
The goal is to have all of the basic services made available for free. This is advantageous when it comes to investing safely, feeling confident with your funding, and knowing everything will be managed appropriately.
This alone is a plus point for those who want to make sure they are optimizing their investment opportunities perfectly.
2. Cash Boosts for Vendors
While Cash App does an incredible job of offering a long list of stock trading advantages, it also has an interlinked funding setup that comes with additional benefits.
One of those benefits comes in the form of “Cash Boosts.”
The benefits include:
* 10% Discounts for Specific Vendors
* Fast Results
* Additional Incentives
These cash boosts are great because the funds in your account can then be used to get discounts at accredited vendors.
This is something other trading apps don’t offer because their funding systems are not as well-integrated as what Cash App has to offer.
3. Free ATM Withdrawals
If you are someone that is hoping to make trades and then withdraw the cash, you can quickly get the funds to where they need to be because of the integrated debit/credit setup through the Cash App.
This allows you to walk up to an ATM and withdraw the cash without batting an eyelid. It removes all of the hurdles an individual would have to deal with in other situations.
2. WeBull
Key features:
- No Inactivity Fees
- Commission-Free ETFs
- Downloadable Desktop Platforms and Mobile Access
- Charts and Indicators
1. No Costs
It starts with the no fees.
This is perfect for those who are in search of a Robinhood alternative. In essence, you can trade all types of assets including ETFs, stocks, and any other asset class without having to pay a set fee.
This is advantageous for those who are hoping to maximize their account and make every penny work for them as soon as they sign up.
You are not going to be charged a lot
2. Refined User Interface
The interface is beautiful, easy on the eyes, and offers all of the required links a person needs while investing.
You can easily get to wherever you want on the platform in a matter of seconds. It is quick, snappy, and just has the professional finishing you expect from a good stock trading app.
The benefits include:
- No Lagging
- Easy to Understand
- Great for Research Purposes
Anyone that has high standards needs to start here.
This is one of the more eye-catching trading apps for a reason and it starts with their coding. It is flawless and that is what makes it stand out.
3. Access to Cryptocurrency
Are you someone that is passionate about investing in Bitcoin and other cryptocurrencies?
A lot of people are looking to invest in this type of asset class and rightly so. Due to this intrigue, Webull has taken the time to make this a potential investment option through the stock trading app.
This is powerful for those who want to make a real change and want to invest in a safe manner. Just having this option is a game-changer and makes Webull an interesting fit.
3. SoFi
Key features:
- Automated Rebalancing
- Certified Financial Planners
- Wide Array of ETFs (13 Classes)
- 0.05% Expense Ratio
1. No Minimum
Minimums are not a concern with this stock trading app.
You are free to go ahead and make as many trades as you please without having to think about tacked on fees. These are the worst fees other platforms charge traders and can cut into your gains.
With the help of SoFi, you can make these trades without a worry and that alone is a powerful advantage associated with the app. You will know all of the funds that are being processed through the app are going to be clear of fees and you can start with a small amount.
2. Access to Qualified Financial Planners
The beauty of SoFi is seen through their customer service side.
They have certified financial planners that are ready to speak to you at any time. They are professionals that will go through your account and provide real guidance every step of the way.
The benefits include:
- Reputable Professionals
- Prompt Response
- Available Around the Clock
Having this type of expertise by your side is a game-changer.
It is one of the best features associated with SoFi and why it is appreciated by a lot of traders. Just being able to tap into an educated financial expert’s mind is something the average trader doesn’t mind doing with the help of the app.
It is quick, easy, and just works well.
3. Seamless Rebalancing
Rebalancing is often noted as being one of the toughest parts of running a portfolio and managing it from the ground up.
A lot of traders get perplexed at this point in their investing journey. It becomes difficult to understand which asset classes to focus on, how to move the funds around, and what to avoid.
With the help of SoFi, you can let the app take care of it for you. Everything is seamless and you won’t have a problem rebalancing the various assets in your account.
4. Charles Schwab
Key features:
- Large Fund Selection
- No Minimums or Fees
- Commission-Free ETFs
- Three Trading Platforms
1. Ideal for All Types of Investors
Charles Schwab has become a reputable name among the alternatives because it is great for all types of investors.
Whether you are a beginner or an advanced user, you can enjoy what this app has to offer. It is set up in a way where you can rotate between the different trading platforms based on the level of information you are seeking.
Plus, you don’t have to deal with minimums allowing anyone to join in on the fun as a trader.
2. No Fees
There are no associated fees with any type of trading that is done through this app.
As a result, you are more than happy to buy one stock if that is all you are after. Just put in the funds and know you can make the investment in a matter of minutes.
The benefits include:
- Quick Trades
- No Restrictions for Beginners
- Large Selection
For the average user, this is one of those advantages that do stand out and matter.
You will want to avoid those pesky fees that begin to add up after a while. In this case, those fees won’t be a problem at all.
3. Great Research Tools
If you are concerned about the research tools, you won’t have to be at all.
The research tools are exceptionally well done with this app and it is one of those features that will only make your life as a trader better. You will get the ability to go through a boatload of information at once without having to spend a penny.
For a lot of traders, just having something like this is empowering. The tools are well-done, up-to-date, and easy to use.
5. Tradestation
Key features:
- Large Trader Community
- Commission-Free Trades
- Multiple Research Tools
- Desktop and Mobile Compatibility
1. Free and Premium Research Tools
Research is one of the best assets associated with Tradestation.
They do a great job of providing access to a long list of tools. This allows you to go through real-time data while analyzing what the asset has to offer that you’re interested in.
Just having all of this information in front of you can be fascinating.
2. Everything is Commission-Free
Don’t want to pay high fees when making small trades?
You won’t have to with the help of this app. It is set up in a manner to make sure you don’t pay fees on any trade that is made through the app.
The benefits include:
- Ideal for All Assets
- Good for Beginners
- Maximizes Asset Selection Process
Whatever asset you have your eyes on, Tradestation will make sure it goes through commission-free.
This is powerful for those who are looking to build a sizable portfolio while saving money.
3. Easy to Use
Usability is not a problem here.
Tradestation is great as it allows you to make trades quickly as soon as the funds are ready. This efficiency is nothing to scoff at and it shows how refined the overall interface is.
6. TD Ameritrade
Key features:
- No Account Minimum
- Large Selection of Assets
- Free Research Tools
- 24/7 Phone Support
1. No Minimums
TD Ameritrade is great because you can start using the app without having to fund a large amount.
Many people just want to get their feet wet while trading and that is where this app comes into action. You can get the funds ready to go and then buy one stock if that is all you wish to do.
This is a great way to see whether or not the app is good for you.
2. Reputable Service
The customer service is tremendous and that is something TD Ameritrade has nailed down over the years.
Their system is seamless, quick, and works safely when handling sensitive data. This is perfect for those who want a safeguarded solution that is run the right way.
The benefits include:
- Knowledgeable Reps
- Multiple Contact Options
- Customer-Centric Approach
With a name that is heralded in the financial world, you will know the quality won’t let you down at any stage.
This is what makes them a good fit for a lot of traders.
3. Refined Platform
The platform is a breeze to use.
The developer team has done a good job with this trading app. It is great to use on different devices and it is going to make trading as easy as you want it to be.
For a lot of people, it is these details that matter the most.
7. E*TRADE
Key features:
- Paper Trading Options
- Prebuilt Portfolios
- Two Mobile Apps
- Large Selection of Assets
1. Ideal for Large Investors
Larger investors will want something that is capable of handing their funds with ease.
This is an app that is renowned for doing well with larger portfolios and will make the process as seamless as it needs to be.
You won’t have to struggle with some of the funding hurdles that come with trading apps. Everything is quick, efficient, and in line with international standards.
2. Complete Mobile Apps
The reason this is on the list as a high-quality stock trading app has to do with how complete the mobile app is.
Everything about the app is seamless, quick, and works efficiently. This allows you to settle the funds, move through to the assets you want, and keep things as simple as possible.
The benefits include:
- Real-Time Data
- Easy to Go Through
- Regular Updates
Instead of dealing with a cumbersome trading experience, you can have everything ready to go in minutes.
This is why the mobile app is a hit and one of the better alternatives on the market right now.
3. Comprehensive Selection of Assets
Whether you are someone that is on the lookout for stocks, ETFs, and/or bonds, you can get them through E*TRADE and that alone makes it a powerful trading app.
You will know there is everything you need all in one place. Just having something like this is powerful and unique for those who want to do things properly.
It is a lot easier to deal with this app as you can always find the asset you’re on the lookout for. This allows you to organize the funds and assets all in one place using this trading app.
What to Look for When Considering a Stock Trading App
1. User-Friendly Interface
It all starts with a high-quality user interface that is a joy to use as soon as you log in.
A lot of traders want an app that is seamless, works efficiently, and is going to work at all hours of the day. Just having something like this is a game-changer and a critical quality to think about in a new app.
If the interface isn’t good enough, you won’t enjoy using it and the entire trading process will become bogged down.
2. Customer Service
To the surprise of many traders, customer service does play an integral role in how your experience with the app unfolds.
A lot of people have to settle for less because they don’t know what to look for.
You should always covet a team that is passionate about its app and has qualified representatives working around the clock to provide assistance.
Key factors include:
- Immediate Responses
- Customer-Centric Service
- Knowledgeable Representatives
Just knowing these reps are available will provide peace of mind.
Stock trading apps can go down sometimes making it important to find a way out of trouble. Just having the ability to go with a qualified customer service rep makes a difference.
3. Reliability
Reliability is one of the more important requirements for those serious about finding a high-grade stock trading app in this day and age.
The idea is to go with an app that will always work around the clock and is always going to have its relevant features working properly.
Any hurdles in this regard can lead to bothersome results that will get in the way of you making good investments or decisions. To avoid this, only go with an app that is the real deal.
4. Speed
It’s always smart to think about speed when it comes to a trading app.
You don’t want to deal with lagging and/or any type of reduction in speed as that becomes increasingly frustrating as a trader.
Key factors include:
- Usability On Different Devices
- No Lagging
- Fully Responsive and Customizable
By going with something that is refined and built for speed, you will know it is not going to let you down. This is something people admired about Robinhood and it’s something to look for in a new stock trading app too.
Summary: Final Tips for Picking the Best Trading App for You
When it comes to choosing the right trading app, it’s all about performance and making sure all of your trading needs are met.
Cash App continues to set a high standard because it’s backed by Square Inc. and provides a slew of high-quality features in line with your requirements. Whether it is the user-friendly interface or the “cash boosts” everything about this trading app is perfect.
It’s a must for those who want high-quality results and peace of mind while trading to their heart’s content.
