Retail investors aren’t happy with Robinhood after the trading service banned several stocks last week. This resulted in many taking it to task online with one-start reviews and promises to delete the app. It looks like those traders kept their word and are leaving Robinhood for alternatives.
A recent survey from Mizuho polled traders leaving Robinhood about which service they moved to instead. According to the results, most traders are making Square’s (NYSE:SQ) Cash App their platform of choice out of all the Robinhood alternatives.
Robinhood Alternative No. 1: Cash App
- Users can download and use the app for free.
- It allows for the trading of stocks and Bitcoin (BTC).
- However, this requires additional information, such as the last four digits of the user’s Social Security Number.
- Debit cards and bank accounts can be tied to the app.
- Cash App allows users to pull money out through its own debit card.
Robinhood Alternative No. 2: SoFi
- SoFi allows users to invest with as little as $1.
- There’s no commission fee to use its service.
- Investors can trade stocks, ETFs, or cryptocurrency.
- Users can choose specifically what to invest in or can let the service build a portfolio for them.
Robinhood Alternative No. 3: Public
- Public is an investing service that adds a social media spin to the process.
- It allows users to track companies and other users to build relationships.
- Users are allowed to invest with any amount of money and can pick up partial shares of stocks.
- There are also no commission fees to make use of the service.
- Investments made through the service are insured for up to $500,000.
Robinhood Alternative No. 4: Stash
- Unlike the other options on this list, Stash isn’t free to use.
- Instead, it requires users to sign up for a monthly subscription.
- These subscriptions start at $1 per month and top out at $9 per month.
- The service allows for investments in stocks and ETFs.
- It also has a debit card and rewards program that offers users free shares in stocks when making purchases.
Robinhood Alternative No. 5: TD Ameritrade
- Investors that use this platform don’t pay any commission fees when trading “online exchange-listed U.S. stocks, ETFs, and options trades.”
- They also don’t have to pay to use the service.
- Adding to that, there’s no minimum required to get started.
- Another benefit is the company’s collection of data, which free users can make use of to educate themselves before trading.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.