Credit: Joe Hindy / Android Authority
Robinhood changed the face of investing, as it was one of the pioneers of the $0 commissions rule that most brokerages follow now. Tnot only that, the app is insanely easy to use, easy to access, and it gets people into a complicated thing at a pace that works for a lot of people. Unfortunately, it’s not all good. Robinhood lets beginners do things they shouldn’t be able to do without better knowledge such as trading options. Plus, with the whole GameStop controversy, Robinhood cost a lot of people money by restricting dozens of stocks. This tanked public opinion of the app and many people want to leave. We can help with the best Robinhood alternatives to try.
Also, the above and below information is not financial advice and is meant for informational purposes only. We are not drawing affiliate or advertising revenue from any of the services listed or discussed here.
What made Robinhood good?
There is a reason why millions of people flocked to Robinhood to begin with. The company shaved away a lot of the complicated parts of stock trading to make it a lot easier for beginners. In fact, Robinhood is still among the most beginner-friendly stock brokers available anywhere. You can trade stocks quickly and easily without needing to know the ins and outs of trading stocks. Unfortunately, that approach is a double-edged sword. People trade stocks with ease on Robinhood but don’t really know how it works. That can cause all sorts of problems, especially if users get into things like options.
There is more to Robinhood than just ease of use. It lets you trade cryptocurrency, buy fractional shares, and it shows you big, sexy graphs so you can see your gains and losses easily. It also livestreams quote prices all day (before, during, and after market hours), it let you trade stocks immediately after a deposit, and it strips away a lot of the rigamarole of stock trading to make the experience more enjoyable. Some people believe the gamification of stock trading is a bad thing, but that’s one of many opinions on the topic. Believe it or not, the app’s design and features are quite difficult to find elsewhere.
Finally, a few minor details. Robinhood charges you $75 to transfer your account to another brokerage so prepare yourself for that. Additionally, with the sheer volume of people switching away from Robinhood, a lot of brokerages are having problems with the sudden influx of new customers. Such problems include occasional server lag, long hold times for customer service phone calls or chats, and inflated account transfer wait times. All brokerages worth switching to are having these issues, so bear with them as they deal with this massive exodus of people.
Best overall: Fidelity
Price: Free / Varies
Fidelity has a very strong track record. It has some of the best customer service of any service on this list. Plus, it was one of the few brokerages not at all affected by the GameStop controversy. It lets…