5 Best Robinhood Alternatives of 2020

Robinhood (Read my Robinhood review) is a commission-free stock trading app that offers people the ability to invest in stocks and ETFs. It is essential for someone looking to make their money work for them. However, it is not the only application that provides these services. One might find that the other forms found in this article are way cheaper than using Robinhood.

M1 Finance
This revolutionary investing ap is critical for someone looking to build a free portfolio for long-term use. It is not for people who are day traders, and it does not allow you to buy and sell stocks as quickly as Robinhood. Instead, this app offers commission-free investing, the ability to invest in fractional shares, and automatic deposits. It offers a hybrid platform, which acts as a traditional investment management service and also a Robo-advisor. Making it one of the best Robinhood alternatives.

Ally Invest
This investing option acts as a discount brokerage firm and a partner of Ally Bank. You do not need to be an Ally Bank customer to use Ally Invest, but it makes the initial setup process seamless and stressfree. It offers a host of trading analysis tools on their built-in desktop platform, also called their “dashboard.” On the dashboard, you can regularly check on a list of stocks of your choice. Ally Invest allows you to buy and sell stocks, bonds, and mutual funds plus more.

Betterment
This investing application makes investing simple, beautiful, and free. One of the best Robinhood alternatives, they are known as the smart money manager. This company has over 13 billion dollars in assets on this online investing tool. Betterment is essential for intermediate investments, retired investors, and college students wanting to invest.

Wisebanyan
Wisebanyan is for people who are new at investing. It is also for those who are comfortable with managing their finances online. Users can enjoy their Robo-advising services without spending money out of their pockets. There are no account minimums required. This leaves you to do what you please with your finances.

Interactive Brokers
Interactive brokers are essential for professional traders or people who trade frequently. They offer some of the lowest trading fees; users pay $0.005 per share when buying and selling stocks. This application comes with a mobile app that has the same functionality of the desktop version. This particular investing option is not good for beginners.

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