Robinhood has taken some heat this year, particularly over suspending trading on GameStop and several other stocks briefly. That may have led some users to look elsewhere, but recent numbers contained in Robinhood’s IPO filing show it continues to grow. If you’re looking at your options, here are some apps like Robinhood that you may want to examine.
Robinhood is known for its low fees and user-friendly platform. But these other brokers offer that and more.
SoFi
SoFi Invest lets you trade commission-free stocks and ETFs while also giving you access to crypto and a robo-advisor.
Like Robinhood, SoFi Invest allows you to open a brokerage account with just $1. But SoFi offers two types of accounts. An active investing account provides access to stocks, ETFs and cryptocurrencies like Bitcoin. But SoFi also gives you access to an automated investing platform with a 0% annual management fee. You just answer a few questions about your finances and it recommends a diversified portfolio built with low-fee ETFs. This portfolio is automatically rebalanced by an advanced algorithm. SoFi also gives you free access to its team of certified financial planners (CFPs) over the phone.
And, if you're interested in early access to IPOs, SoFi is the only Robinhood competitor to release a system for such access to select offerings. (Offerings have been too limited so far to see if one system outperforms the other.)
| Account types | Brokerage |
|---|
| Annual fee | 0% |
|---|
| Available asset types | Stocks, Mutual funds, ETFs, Alternatives |
|---|
Moomoo
Public
Public charges no commissions on stocks and ETF, while giving users access to a social platform where they can swap trading ideas.
Public is a low-fee brokerage app that can be ideal for beginner investors. Users describe its platform as user-friendly and intuitive. You can also discuss trading strategies and ideas on its social platform. Like other discount brokers, Public doesn't charge any commissions on US stock and ETF trades.
| Account types | Brokerage |
|---|
| Annual fee | 0% |
|---|
| Available asset types | Stocks, ETFs, Cryptocurrency, Art, Treasury Bills, Collectibles |
|---|
| Average return | 5.1% |
|---|
Interactive Brokers
Interactive Brokers lets you trade stocks, funds, metals and more with an array of advanced research tools.
Interactive Brokers (IBKR) is an advanced trading platform built for active investors. It offers access to a variety of securities including global stocks, bonds, ETFs, mutual funds, metals and forex. It also provides advanced research tools that help you identify market opportunities and analyze investments. However, these may be a bit overwhelming for beginner investors. It can take some time to learn. Newbies may be more suited by the IBKR Lite platform, which provides commission-free U.S. stocks and ETFs.
It's important to note that IBKR suspended trades of GameStop and other stocks around the time Robinhood did. It notified its clients on Jan. 31 that it had lifted restrictions on buying options for GameStop and other stocks.
| Account types | Brokerage, IRA, Custodial, Joint brokerage, Trust |
|---|
| Annual fee | 0% |
|---|
| Available asset types | Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Futures, Forex, Treasury Bills |
|---|
WeBull
WeBull offers commission-free trades of stocks, ETFs, options and crypto along with advanced research tools.
WeBull is another discount broker. But unlike Robinhood, WeBull offers a variety of user-friendly research tools like stock screeners, trading simulators and charts. You can also open an individual retirement account (IRA) or Roth IRA with WeBull. Robinhood currently doesn't offer this feature.
| Account types | Brokerage, IRA |
|---|
| Annual fee | 0% |
|---|
| Available asset types | Stocks, Options, ETFs, Cryptocurrency |
|---|
If you’re switching brokers, the process may vary depending on your current broker and which one you’re moving to. Also, keep in mind that your current broker may charge $50 to $75 to transfer funds to another account and close your current one. Most brokers use the Automated Customer Account Transfer Service (ACATS). So expect to go through the following process.
- You fill out a transfer initiation form with your new broker.
- Your current broker validates your form or notifies you of next steps within three business days.
- Your old broker completes the process and moves funds within six business days.
Note: Some brokers don’t accept the proprietary funds of others. So you may not be able to transfer mutual funds or ETFs managed by your old broker.
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Finder is not an adviser or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
