5 Best Robinhood Alternatives to Consider in 2023

Before the start of the digital revolution, there were only a few platforms that supported trade over binary codes.

The advent of smartphones and the availability of silicon in the local market reduced the cost of personal computers and within no time everyone has access to every smart device on the planet.

Moreover, the real digital revolution started after the launch of networks and the internet that bragged everyone out of the lack of connectivity and darkness. Major cryptocurrency exchanges like Bitcoin trading app offer multiple options to buy bitcoins.

In the traditional days, people used to trade over platforms that in exchange for money-making tools charged an exorbitant rate of commission from its users. The users are the hand of limited resources used to pay the same and suffer.

At that time Robinhood came to their rescue. The role of the Robinhood platform was simple- to provide trading activities without charging a commission. But as soon as technology advanced, its utility decreased and other alternatives came. In this article, we are going to discuss those alternatives.


What an alternative should provide?

What an alternative should provide

To be a perfect alternative some features are a must out of which some are

  • Cost – The cost should be as least as possible in the case of commission-free trading platforms. Every penny matters and that is affected by the costing trends the most.
  • Application-based trading – Gone are the days when one has to open his computer for practice. Now is the time for app-based software that can easily be operated from one’s fingertips.
  • Scope and range – The product delivery should be satisfactory by having the widest scope and availability of varied portfolios. The choice should be available and easily accessible.
  • Tools and techniques – The tools and techniques should be available that can be used at the time of requirement. The analysis requires tools that should be present first-hand.

Robinhood alternatives

When technology advances, new features are added and every platform comes with an update to bring that technology into operation. Similarly, Robinhood alternatives came up soon after the upgrades and advancements. Some of the alternatives are

  • Coinbase

Coinbase is considered an important entity in the field of cryptocurrencies. It helped a wide range of masses to get to know about different cryptocurrencies and helped them to experiment with them that too on a commission basis.

Launched in 2012, it has presently more than 50 million active users and the revenue has crossed $5 billion. Though there are some limitations to using coinbase still it is the first choice of investors and users.

  • Acorns

Acorns managed to set up a diverse portfolio on the terms of Robinhood and enabled everyone interested in buying high-priced stocks, to buy it. The facility of round-ups can be seen in the case of Acorns and as a result, many beginners prefer Acorns for their first trade. It helps tolerance capacity by matching risk allowance with that of customers' experience.

  • WeBull

WeBull

It is similar to Robinhood in many features and has a dedicated share and a mobile app for its application in daily use by investors. The sophisticated trading tools available on its platform help its traders to move from a simple platform to a robust new technically backed platform.

  • eToro

Specifically designed for crypto, this platform has over 20 million users across the globe. It has almost a similar number of cryptocurrencies available as that on the Coinbase platform and has also the facility of automatic trade adding to its advantages and popularity.

  • Trade station

A perfect choice of professional traders and tools available are upto the mark. The commission charged is practically zero and has a simulated edition that gives its users a first-hand experience of the trade before actually jumping into the business.

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