Robinhood Alternatives

With many people looking for an alternative to Robinhood after the broker restricted trading services, we take you through the best alternative brokers available.
By: Max Adams
Max Adams
Max has a keen interest in the transformative power of technology and is the founder of a platform called… read more.
Updated: May 12, 2021
Tip: our preferred broker is, eToro: visit & create account

In January 2021, Robinhood took the unprecedented step of preventing its users from buying many stocks that were surging – such as GME and AMC. This left users furious and searching for alternative platforms to place their trades. We can help with that – keep reading to learn about the different brokers that offer alternatives to Robinhood.

Compare the best alternatives to Robinhood

So, what are the best Robinhood alternatives? Each of the platforms below represents a good alternative to Robinhood in both the UK and USA – and you can compare them quickly in our table to find the best broker for you. If you need more information and direct comparisons, keep reading below.

1
Min. Deposit
$50
Exclusive promotion
user-score
10
Trade/invest in stocks with just $50
Invest for dividends and get payout on stocks on Ex-Dividend day
Over 11 payment methods, including PayPal
Start Trading
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro users can connect with, learn from, and copy or get copied by other users. Buying stocks on eToro is free and you can invest with as little as $50.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$1
Exclusive promotion
user-score
9.3
0 Commissions and no deposit minimums
Registered with and regulated by SEC and FINRA
Loss of cash protection
Start Trading
Description:
Financial company driven by technology and offering all-in-one self-directed investment platform that provides excellent user experience.
Payment Methods
Full regulations list:

Robinhood vs other top brokers

Let’s take a look at how Robinhood performs in a head-to-head matchup against some of the other options available for users on the hunt for a reliable broker platform.

Robinhood vs Capital.com

Capital.com is a prominent CFD trading platform that, unlike Robinhood, has applied no trading restrictions on recently high-flying stocks such as GME and AMC. It charges no fees for trades, instead making its money through small spreads applied between the bid and ask prices of different assets.

The platform also has an extensive range of educational materials and a user-friendly mobile app you can use to place trades.

Sign up for a capital.com account here >

Robinhood vs Fidelity

Fidelity is another prominent online broker that has been associated with the surge in orders for Gamestop, AMC Entertainment, and BB stock. Unlike Robinhood, it has continued to allow its users to trade these assets as their prices rose and the platform has therefore made itself one of the leading Robinhood alternatives.

In general, Fidelity charges slightly more in fees than Robinhood – particularly when it comes to options contracts – but many investors see the range of different assets available to trade as worth this small extra payment.

Sign up to Fidelity here >

Robinhood vs eToro

Israeli-based broker eToro is one of the biggest names in CFD trading. Widely liked for its wide range of tradeable assets and low fees, eToro also allows trading of certain cryptocurrencies – a market Robinhood currently doesn’t give access to.

Our full review of eToro can be found here, but it’s worth bearing in mind that the platform also placed certain restrictions on trades of GME shares as the price was soaring. If your reason for seeking an alternative to Robinhood is exclusively to trade these shares, then check our latest news to see if eToro has removed these restrictions.

Sign up for an eToro account here >

How to find good alternatives to Robinhood

The best strategy to follow in order to find the best Robinhood alternative is to compare your options. Start by figuring out what you’re looking for in a broker: do you simply want to find a platform that lets you trade today’s hottest stocks freely, or are you searching for a long-term replacement broker that offers a better overall service?

Answering this question will help you refine your search, as there are a variety of pros and cons to any online broker. We can help you find your ideal broker in seconds with our helpful comparison tables, and below are some factors you should consider when weighing up your choice.

What to look for in an alternative stock broker

Here are the central things to consider when looking for an alternative stock broker with which to place your trades.

  • Variety of trading options. The first thing you need to check is whether your chosen broker allows trading of the assets you’re looking for. This is particularly important when looking for an alternative to Robinhood as you might be particularly interested in trading certain stocks, such as Gamestop.
  • Ease of use. A broker should help you trade effortlessly, not get in your way with a confusing or hard to understand design. Make sure the website or mobile app of your chosen broker is intuitive so you can spend more time trading and less time working out how to navigate around the broker.
  • Low fees. When trading you want to make sure as little of your money as possible is being siphoned off in the form of trading fees. Especially if you’re making regular trades, even small fees can add up over time to cut into your profits or increase your losses unnecessarily.
  • Account limits. Check the deposit/withdrawal, trading, and daily limits of any platform before signing up. You want to be able to trade exactly as much and as often as you would like, so don’t settle for less.

Why would I want to find an alternative to Robinhood?

Many people are currently looking for Robinhood alternatives because the platform controversially stopped people buying specific stocks.

After the Reddit community r/WallStreetBets started targeting specific stocks that were being shorted by prominent hedge funds, trading volumes on retail investing platforms such as Robinhood exploded. Stocks such as GME, AMC, and SPCE all saw big rises in value. However, just at the point that it looked like the Wall Streeters might be about to lose a fortune, Robinhood stopped users from being able to buy more of these shares.

This move enraged a lot of people – especially as the broker did not stop users from selling their shares. Many users decided to take their funds out of Robinhood and transfer them to a broker that still supports these trades.

How to move your funds to an alternative broker

If you’ve had enough of Robinhood and want to move your money to an alternative trading platform then these are the steps you need to follow:

  1. Close your positions on Robinhood
  2. Wait two days for the funds to ‘settle’ in your account
  3. Go to the ‘Transfers’ section of the ‘Account’ tab in the bottom right corner
  4. Enter the amount you wish to transfer and your bank account details (you can withdraw a limit of $50,000 a day)
  5. Open an account with your preferred broker
  6. Deposit your funds into your new broker account
  7. Open positions within your account

Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Max Adams
Lead Content Editor
Max has a keen interest in the transformative power of technology and is the founder of a platform called Current Frequencies. When not at his desk,… read more.