Looking for a Robinhood alternative? You’re in the right place.
Investing is like laundry—you really should do it, and you totally can do it, but it’s just easier to delegate to someone else, isn’t it? After all, there are not enough hours in the day to bother tracking your portfolio performance or ransacking the hungry dryer for that matching sock. But isn’t it about time you really “adulted” for yourself—and invested the money you’re spending on a financial advisor (or crisply folded linens) to invest for you?
Besides, gone are the days when you were relegated to hiring a financial advisor to handle your investments. You can still get the investing support you need while keeping control of your own financial future. Today, you’re spoiled for choice of investing apps that crunch the numbers for you, so you can start saving and growing your money from your fingertips. And most of ’em make structuring and maintaining a portfolio as easy as ordering takeout or swiping on potential partners from the comfortable confines of your living room.
Robinhood, for example, calls itself a “pioneer of commission-free investing,” and it’s arguably one of the most well-known investment apps on the market. Perhaps that’s because the app boasts no commissions and a $0 account minimum, which is ideal for all levels of investors.
But, while the app allows you to customize a portfolio, invest any amount and make unlimited commission-free trades in stocks, ETFs and options in real-time, there are plenty of cons to it, too. Robinhood only offers standard, individual investing accounts. There are no retirement accounts, joint accounts, trust accounts or custodial accounts—all investments are, therefore, self-managed and taxable.
Plus, you can only invest in four asset types: U.S. exchange-listed stocks and ETFs, cryptocurrencies, options contracts for U.S. exchange-listed stocks and ETFs, and American Depository Receipts (ADRs) for 250 global companies. (In other words: No mutual funds, bonds, foreign stocks or Forex.) Never mind that the crypto selection is limited, and coin withdrawals are not available through Robinhood Crypto.
The app has also experienced costly downtime complications, according to some users, and some customers have complained about poor customer service.
Of course, there are pros and cons to every investing app out there. So we’ve done the digging to find the top Robinhood alternative investing apps. It’s up to you to decide which one is ideal for you.
8 Robinhood Alternative Investing App
Here are eight Robinhood alternative investing apps to explore.
Wealthfront is one definite Robinhood alternative you should know. It allows you to grow your long-term wealth with a recommended portfolio, or you can build your own portfolio.
- Wealthfront allows you to invest in various assets. And the first $5,000 is managed for free!
- Wealthfront offers low ETF expense ratios.
- With Wealthfront, you can enjoy tax-loss harvesting.
- Wealthfront automatically rebalances your portfolio to adjust to market swings.
- You cannot invest in fractional shares with Wealthfront.
- Wealthfront charges .25% managing fees that add up over time.
- Wealthfront has a $500 account minimum to get started.
Acorns touts itself as an app to “invest your spare change automatically.” Over seven million users trust the app to invest their extra pocket money via the spare change savings tool, which rounds up purchases at select retailers and micro-invests the difference. This makes the app ideal for anyone just starting out with just a little to invest and a lot to learn. (Plus, it’s free if you’re in college or under 24 years old.)
- Acorns is free for qualifying users.
- For each credit card transaction at select retailers, Acorns rounds up your purchase to the nearest dollar and invests the difference. (You can also choose to multiply your investment by two, three or 10.)
- Acorns features a resourceful education section on investing basics.
- The spare change you can invest with Acorns is probably too small a dollar amount to be an effective long-term investment plan.
- There’s a $1+ per month fee on your investments, depending on your account type. While this doesn’t sound like a lot, if you consider it a percentage of your investment, it can be for small amounts. For example, if you invest just $5 a month, that’s 20% of your investment to use the app.
- Acorns only offers seven asset classes from which to choose.
- Acorns does not offer any tax benefits.
More than 500,000 users trust Betterment with $21 billion, making it an ideal Robinhood alternative. The app claims that you could earn 38 percent more money over 30 years by using it compared to an average investor. But Betterment is perhaps best-known amongst those conscious of supporting socially responsible companies thanks to its socially responsible investing (SRI) portfolio.
- You can rest assured that you’re supporting socially responsible companies with an SRI portfolio.
- There’s no minimum account balance to invest with Betterment.
- The app organizes all of your money on one dashboard so you can better keep track of your finances.
- Betterment boasts automated strategies like asset location and tax loss harvesting.
- Betterment’s digital plan has an annual fee of 0.25 percent per year on your balance. The premium plan has an annual fee of 0.40 percent per year on your balance. This can add up.
- Additional advice packages that can be complementary with other apps start at $199.
- Betterment only invests in ETFs, so investment options are limited.
TitanVest is an SEC-registered online investment advisor. While past performances are no guarantee of future results, TitanVest is ranked among the best investment apps out there.
- TitanVest offers a no-frills approach to investing.
- TitanVest’s account minimum is only $100.
- There’s still a $100-minimum for managed accounts.
- TitanVest charges a 1% fee.
- TitanVest does not offer any tax strategies.
- Users have no access to investing advisors through the app.
Stash is a solid Robinhood alternative, too. This app is particularly appealing to beginner investors thanks to a myriad of plans and options. It’s trusted by five million investors already.
- Get started investing with just $5 with Stash.
- Invest in fractional shares, which gives you access to all sorts of stocks.
- You can use a Stock-Back card, which is an everyday card that helps you earn stock while you shop.
- You can set up automated investing and choose from three different subscription plans: $1, $3 and $9/month.
- Smart Portfolios on Stash don’t offer tax-loss harvesting.
- There are high ETF expense ratios on Stash.
- The cheapest subscription plan on Stash does not offer tax benefits or investment advice.
6. M1 Finance
M1 Finance touts itself as “the finance super app” where you can invest, borrow and spend money.
- M1 Finance offers a one-year free trial for M1 Plus (which is a $125 value).
- M1 Finance offers a mix of personalization and automation to give you the best of both worlds.
- You can choose from more than 80 expert portfolios or design your own. You can also choose from over 6,000 stocks and funds.
- You can borrow money with a flexible line of credit at a low, low rate. This means borrowing against your investments at 2-3.5%.
- You can invest in two trade windows — in the morning and afternoon — if you have more than $25,000 equity in your M1 Finance portfolio.
- You can earn 1% cash back on qualifying purchases when you use your M1 Finance card.
- All securities in M1 Invest accounts are insured up to $500,000 by the SIPC.
- M1 Finance is a comprehensive finance app that may be unnecessarily complex if you only want a simple investing app.
- M1 Finance does not charge management fees, but there are some miscellaneous fees for certain services.
- M1 Finance is not suitable for active traders.
Webull promises that “everyone gets smart tools for smart investing.”
- There are no commission fees on Webull.
- Webull does not have an account minimum.
- You can diversify your Webull portfolio with a suite of investments including stocks, fractional shares, options, ETFs, and ADRs.
- After you open and fund an account, Webull will give you two free stocks.
- Webull supports full extended hours trading, which includes full pre-market and after hours.
- Webull offers access to cryptocurrencies, as well.
- You cannot invest in mutual funds on Webull.
- Webull does not offer a lot of educational resources or investment advice.
- Webull does not offer live chat or and has been called out for poor phone support.
- Webull is rather new, so it does not have a very long track record.
Q.ai hacks Wall Street with advanced artificial intelligence and big data to deliver hedge-fund strategies to all levels of investors. The app recommends customized kits tailored to your risk level and investment goals, and each automatically adapt to market conditions to keep you on track. Its combination of highly sophisticated algorithms and total transparency promises you peace of mind without sacrificing control over your money.
- Q.ai takes you through a quick and simple risk assessment to make educated kit recommendations just for you.
- Your kit is completely customized to your investor type based on your investment goals, risk tolerance and other key determinants.
- Q.ai goes beyond picking stocks. It builds and manages diverse and multi-asset portfolios.
- Q.ai leverages advanced quantitative techniques and coveted AI to generate investment recommendations and automatically adapt your portfolio to market conditions.
- Q.ai allows you to invest in more than one kit at once to maximize returns.
- Q.ai offers downside protection to protect your investments through volatility.
- Seasoned Wall Street professionals designed the app’s top-performing option strategies to protect your gains and enhance your returns.
- Q.ai’s advanced algorithms are designed to be totally transparent, so you can always keep an eye on your money.
- You tell us! We’re always open to feedback, and we’d love to hear from our users about what you want to see on the app.
Looking for a hands-free approach to investing? Download Q.ai and let AI manage your money with institutional-grade, AI-powered investment kits – totally commission-free.