Robinhood is one of the most popular online brokers for a reason — it’s user-friendly, has zero fees, and you can use it on your mobile app, making it a viable alternative to the traditional trading platform offered by your broker.
Robinhood has had its fair share of controversies over the years. Back in 2019, a few users realized that a glitch in the system allowed them to trade with almost unlimited leverage — some traders managed to claim up to $1,000,000.
Like Robinhood, ETRADE doesn’t charge a fee for trading stocks or ETFs — but unlike Robinhood, it lets you trade mutual funds (also with no commissions). It also offers other asset types, like futures and options trading, but these involve fees.
Acorns made its name for being a platform that makes it easier for you to save and invest by rounding up your purchases and investing it on your behalf. It’s not necessarily the obvious Robinhood alternative, but it’s well worth considering if you struggle to put money aside for investing.
If you’re primarily interested in trading cryptocurrencies, Gemini is an obvious choice. It has more than 52 different cryptocurrencies available for trading (including 21 pairs), and there’s something for traders of all levels.