Robinhood’s stock trading app is quickly becoming a popular destination for investors across the internet, but that doesn’t mean it’s the only game in town.
Here are some other apps that offer various levels of services and cost. Some are widely used, while others may lose out in comparison to Robinhood.
It’s important to keep your options open in case you want to trade one day and find yourself needing a trusty stock trading and investing app.
Robinhood is a free mobile app that allows you to invest in the stock market. Unlike traditional brokerages, which charge a fee for every transaction, Robinhood doesn’t charge any commission or trading fee so you can invest with peace of mind.
It gives you access to multiple US-listed investment types. These include high-yield cash management offerings, margin trading, and initial public offering or IPO investments access.
If you’re looking for a Robinhood alternative, there are three apps you’ll need to consider. These include Webull, TradeStation, and Coinbase.
Let’s take a closer look at your options below:
Tradestation is often referred to as the ‘MetaStock for millennials.’ It’s an online platform designed for anyone who wants to trade stocks, futures, Forex, and options.
Like Robinhood, TradeStation requires no minimum deposit for cash accounts to get started. Furthermore, it also offers several stock app features that you see on Robinhood like top market movers, viewable options chains, as well as real-time watch lists.
While Robinhood might have pioneered mobile trading in the US, TradeStation is designed to cater to active traders as well as long-term investors. One thing that you might be interested to hear is that the platform offers a demo account for beginners.
This allows you to dip your toes into trading without the risks of losing money or making a mistake.
Its tradable securities include:
Webull is a mobile app that provides an easy-to-use interface to trade the stock market. You can view news and updates about stocks to help you make better decisions.
It lets you apply for margin loans, which are short-term loans with lower interest rates. It also lets you download historical information about any stocks you’re interested in before placing your first trade manually.
Both Webull and Robinhood allow you to trade stocks, options and ETFs – free of charge. Furthermore, it also doesn’t charge annual or activity fees. Despite its similarities, there is one thing that differentiates Webull from Robinhood.
While both are ideal for beginners to the trade, Webull offers more advanced trading systems and robust community interaction features. This makes it an ideal choice for anyone who might want to grow into intermediate and advanced trading in the future.
Because of this, intermediate investors, active and options traders, as well as Cryptocurrency traders find it a more appealing choice.
Webull lets you apply for margin loans with lower interest rates than most institutions. You can also use it to check the current market conditions and read up on any potential securities you’re interested in before placing your first trade manually.
Its tradable securities include:
- 11 Cryptocurrencies
Coinbase is a popular cryptocurrency trading platform that allows you to buy and sell the two most popular cryptocurrencies – Bitcoin and Ethereum.
Coinbase also lets you trade additional cryptocurrencies as well as Ethereum tokens.
Another great choice for first-time Crypto investors, Coinbase offers a user-friendly platform for trading Cryptocurrencies. Like Robinhood, it allows you to buy and sell Crypto investments as you please.
However, the platform focuses more on Cryptocurrency trading – which makes it a much better choice for anyone who wants to focus on Crypto. The site supports 51 currencies and even allows you to withdraw funds into several account types. This way, you don’t have to sell your coins and transfer your balance to external accounts before you can make use of your investment.
The platform supports Paypal withdrawals as well as conversions to several digital coin wallets.
In this article, we’ve taken a look at some of the top trading apps that offer a variety of services. You’ve probably heard about Robinhood, but with Webull and TradeStation, you can also make money trading stocks and options with ease. Coinbase is a great choice for anyone who wants to try out cryptocurrencies.
Whatever your goal is – whether you want to make a little extra cash or grow your investment portfolio – there’s an app for that.