What once made Robinhood special is now easier to find elsewhere.
Despite its rough ride, the online brokerage has held on to many of its customers through the sheer power of its product. No account minimums, $0 trade commissions, and easy crypto investing are features that Robinhood users are loath to do without.
However, Robinhood isn’t the only kid in the pool anymore. Nowadays, you can find a range of investing apps that offer many of the same features — without the baggage. Here are a few options for investors ready to ditch Robinhood.
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1. Fidelity: For $0 commission stock trading
Fidelity has been around for decades, but that doesn’t make it old fashioned. While you can still get a traditional trading experience with a personal broker (if you pay for it), Fidelity also has a well-regarded mobile app and robust self-directed trading platform.
In addition to its solid reputation for reliable service, Fidelity offers a range of account types, including options without a minimum investment threshold. You can also enjoy $0 commission stock and ETF trades.
What really sets Fidelity apart from Robinhood is its customer service. Not only can you contact the company by phone — something you couldn’t do with Robinhood until recently — you can also use the online chat, pop into the Fidelity subreddit, or send an email. And if you prefer face-to-face interaction, head into a local Fidelity storefront to talk to a real live human.
The Ascent’s picks for the best online stock brokers
Find the best stock broker for you among these top picks. Whether you’re looking for a special sign-up offer, outstanding customer support, $0 commissions, intuitive mobile apps, or more, you’ll find a stock broker to fit your trading needs.
2. Coinbase: For trading and crypto
If you like how easy Robinhood makes it to trade crypto, you may love Coinbase. For one thing, Robinhood limits users to trading a few big name currencies. Coinbase, on the other hand, has dozens of cryptocurrencies.
You can buy and sell everything from the more mainstream coins like Bitcoin and Dogecoin to niche currencies not even social media has heard of yet. And you can do it all in an easy-to-use mobile app that investors love (it has an impressive 4.7 stars in the iOS store).
Even better, Coinbase lets you do more than just trade crypto — you can also put it to use. You can set up a crypto wallet to send and receive cryptocurrencies around the world and shop at stores that accept crypto payments.
3. SoFi: For stocks and crypto in one app
With SoFi, you can enjoy automated investing, fractional shares, and abundant crypto options — all in the same app. You can quickly transfer funds between accounts and invest in commission-free stocks or in dozens of cryptocurrencies with ease.
You don’t need to hand over a fortune to start investing, either. You can start with just $5, and enjoy fractional trading (buying partial shares) so you can invest in companies big and small without breaking the bank.
Watch out for transfer fees
Keep in mind that transferring brokerages is rarely free. You might pay a fee to transfer funds from your Robinhood account to your new brokerage. Consider exploring your options for new account bonuses to help offset the cost of transferring funds.
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If you’re tired of Robinhood’s questionable track record, it may be time to find a new home for your investments. You can start with these options in your search for a better brokerage.