Compare the best Robinhood alternatives in 2022

Robinhood is a discount broker that offers commission free trading through its simple investment app. There are lots of Robinhood alternatives around and you can find them right here.
By: Prash Raval
Prash Raval
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he… read more.
Updated: Jun 28, 2022

What are the best Robinhood alternatives?

eToro and Capital.com are the best alternatives to Robinhood. Both offer more services, markets to invest in and have zero commission charges. Here are the top 5 Robinhood alternatives to use right now:

BrokerMin. deposit0% commission?Best forSwitch
eToro$10YesBeginnersTrade now >*
Capital.com$20YesStocksTrade now >
Plus500$100YesTradingTrade now >
AvaTrade$10YesPlatform choiceTrade now >
Degiro$0YesChoice of assetsTrade now >
Comparison of the best Robinhood alternatives

*68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

1. eToro: Best for beginners

Key features

  • Social trading network
  • Copy trading feature lets you mimic professionals
  • Zero commission

eToro is the best alternative for beginners. Its platform is designed for simplicity,  is easier to use than the Robinhood app, and it offers a wider range of instruments to trade. Robinhood’s main focus is on stocks (although it does include a few other markets). eToro has CFD trading on stocks, forex, commodities, crypto, ETFs, and indices. 

What makes eToro a better choice for beginners is its incorporation of social trading. This feature lets new and inexperienced users copy investments and trades from professionals. Users can also register for a demo account and practice their skills in simulation mode. 

Sign up with eToro now >

*68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro vs Robinhood

Pros

  • Wider range of assets to trade
  • Social trading network & copy trading features
  • Demo trading account available 
  • More cryptocurrency markets on offer

Cons

2. Capital.com: Best for stocks 

Key features

  • Over 5000 stock CFDs
  • Big selection of educational content
  • Advanced price charts and technical tools

Capital.com is a prominent CFD trading platform that also allows you to invest directly into stocks. Through its web based platform or mobile app you can buy and sell CFDs for over 5000 stocks. The stocks it includes are from around the world and you can easily filter by geography or industry to find what you are looking for. 

Traders will have the most benefit from its offering of CFDs, while long term investors can use its investment platform to buy over 1000 shares. Capital.com has a similar range of financial instruments as Robinhood and also includes the forex market. When using CFDs traders can make use of leverage without incurring extra charges. 

Sign up with Capital.com >

Capital.com vs Robinhood 

Pros

  • CFDs on over 5000 global stocks
  • Price charts and advanced technical tools 
  • Substantial educational content and courses
  • Mobile and web based platforms

Cons

3. Plus500: Best for trading 

Key features

  • CFDs on a wide range of assets
  • Leverage available
  • Risk management tools

Plus500 is another CFD trading platform and has a broad selection of tradable assets available. When making trades you won’t have to worry about fees as it does not charge any. The only cost associated with trading on Plus500 is the bid/ask spread, which for most instruments is competitively low. 

Short term traders can use leverage of up to 1:30, although if you meet certain criteria this can go all the way up to 1:300 for forex and indices. Its proprietary trading platform can be accessed via its website or handy mobile app. Traders can use a wide range of technical indicators and risk management tools to analyse the markets and protect their positions. 

Sign up with Plus500 >

Plus500 vs Robinhood

Pros

  • Broad selection of assets available to trade
  • High leverage available 
  • Fee free trading – only pay spread
  • Web and mobile app

Cons

4. Avatrade: Best for platform choice

Key features

  • Multiple trading platforms to choose from
  • Automated trading available 
  • Access to Trading Central service – advanced analysis and information

Avatrade is primarily a forex trading broker that has added a wide selection of other assets in recent years. Its biggest benefit over Robinhood is the number of platforms it offers. When using Avatrade you can access the markets on its proprietary web based, mobile app, and MetaTrader 4 or 5. It even has a service for Mac users and a specialised options platform. 

Trading is free on Avatrade and you’ll only need to pay bid/ask spreads. It has lots of features to help traders progress at ease including a service known as Duplitrade. This lets you automatically copy other traders’ positions directly into your account. Avatrade also has an excellent educational section where you’ll find videos and guides on all elements of trading. 

Sign up with AvaTrade >

Avatrade vs Robinhood

Pros

  • Lots of different trading platforms to choose from
  • Wide selection of markets to trade
  • Zero trading fees – only need to pay spreads
  • Educational videos and content

Cons

5. Degiro: Best for choice of assets and markets

Key features

  • Access to over 50 markets
  • Futures trading
  • Userfriendly and customisable trading platform

Digiro has a cutting edge trading platform and a wide range of assets available. It’s the largest online execution-only broker in Europe and even has its own banking licence. You can trade stocks from around the world, ETFs, and bonds. It also gives you the ability to trade options and futures. 

It has some of the lowest fees around and charges just $0.50 on stock trades and has zero commissions. For other derivative types like futures it does charge commission, although it’s fairly low compared to other platforms. The Digiro platform is not only great for accessing different asset types, it also has a minimum deposit amount of $0, so you can test it out without having to part with any funds. 

Sign up with Degiro >

Digiro vs Robinhood

Pros

  • Access to lots of different markets 
  • Low fees & zero commission for some markets
  • Minimum deposit amount is $0
  • Futures and options trading

Cons

How to find an alternative to Robinhood

You should look for features that are important like security, assets available, platform, and customer service. The section below has a breakdown of how to find one of the top alternatives to Robinhood:

  • Security. A security platform is a must for anyone trading or investing in the markets. Most platforms are secure these days but lots have added features to add to security. Look for features like 2FA or one time passcodes which are generated each time you log in. 
  • Regulation. All financial brokers should be regulated so stay away from any that are not. However, regulation is different from region to region. You should look to use a broker that is regulated in your location, that way you’re fully protected if anything is to go wrong. 
  • Assets. Every broker usually has a few assets available. Most include stocks and indices. But if you want to invest in a specific market, make sure that you go with a platform which has a selection available. With cryptocurrencies rising in popularity recently, lots of brokers are adding the biggest coins like Bitcoin. 
  • Platform. Not all platforms are the same and you want to find a broker that has an easy to use platform. Some brokers use third party software like MetaTrader while others build their own. Usually you’ll be able to register for a demo account to test out a platform before you open a funded account. 
  • Customer service. There may be times when you need to contact your broker for help so make sure you go with one that has good customer support. You can check out online reviews to find out how good customer service is for any broker.

Why would I want to find an alternative to Robinhood?

In 2021 Robinhood controversially stopped people from buying specific stocks which led to an exodus of users from the platform. Since then it has struggled to attract new customers and its service has been in a decline ever since. 

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.

What are Robinhoods limitations?

It is primarily a stock broker and the only other markets it offers are ETFs and crypto. The choice of what you can trade on Robinhood is limited compared to other brokers like the ones we have listed above. If you want to trade forex or commodities you will need to register with another broker and use another platform. 

Robinhood also has a gold plan which comes at a cost of $5 a month. With it you will get access to margin, but this is available for free with most other brokers and platforms. Robinhood also doesn’t have the best track record and its 2021 antics of stopping its users from buying specific stocks could happen again. 

How did we find other apps like Robinhood?

Our investment and trading experts searched the market for alternatives to Robinhood. We then looked at the services Robinhood uses and compared them to other brokers. This included an easy to use platform, zero commission trading, low costs, and fractional shares. We then ranked each platform based on the above features. You can view our review process to learn more. 

How to move your money to an alternative broker

All you need to do is close your positions and withdraw your money before opening a new account and start investing. Here’s a breakdown of how to move your money to an alternative broker: 

  1. Close your existing positions. You will need to close any existing positions you have open. This is usually quick and all you need to do is hit the sell button. 
  2. Withdraw your money. Once your positions are closed you will need to withdraw your funds back to your bank. 
  3. Open an account with your preferred broker. Head over to your new brokers homepage and follow the steps to open an account. Remember you may need a form of identification during the sign up process. 
  4. Deposit money into a new account. Once your account is open and live, you can deposit funds. Click the deposit button and select your payment method before adding funds. 
  5. Start trading. You can now start trading. Use the search bar in your brokerage account to find the markets you want to trade.

FAQs

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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 >

Prash Raval
Financial Writer
When not researching stocks or trading, Prash can be found either on the golf course, walking his dog or teaching his son how to kick a… read more.