Background on Robinhood
If you are looking for the some commission free Robinhood alternatives, you have come to the right place. Robinhood is a trading app that offers users commission free trading. This means you don’t have to pay each time you make a trade. Because of this feature, it has grown very popular since it was first launched back in 2015. It has been even more popular with the rise of GameStop ($GME) stock.
However, as people bought more and more $GME and other stocks like $AMC, $NOK, and $BB, Robinhood started to block stock purchases and only allowed selling at one point. Not only this, but they also started selling people’s stock without them agreeing to it. These two tactics caused a lot of people to miss out on potential gains and caused others to lose money. As a result, people have started to move away from Robinhood. In this post we provide an overview of commission free trading alternatives to Robinhood in case you decide to move away from them.
Cash App allows you to pay others and receive money easily. They also have an investment platform integrated into the app. Cash App Investing allows you to start trading stocks with as little as $1 dollar commission free and it is very easy to use. If you are looking for something quick and light, this might be the one for you. It does offer Crypto trading like Robinhood, but it is limited in terms of what else you can trade.
Charles Schwab offers $0 online stock and ETF trade commissions. You can trade options with $0 commission, but you will have to pay $0.65 per contract fee. Along with stocks, ETFs, and Options, they offer many different securities you can trade that is not available on Robinhood, such as Mutual Funds. If you are interested in retirement accounts, Schwab also offers many different IRAs. Schwab has also been rated #1 in Customer Satisfaction.
Just like Charles Schwab, you can expect $0 commission when trading US-listed stocks, ETFs and Options. However, for options contracts they cost $0.65, but $0.50 if you make more than 30 trades per quarter. You can also open retirement accounts, and trade many other securities including mutual funds, bonds, and futures, and much more.
Fidelity offers $0 commission for online US stock, ETFs, and Options Trading. However, they do charge $.65 per contract for option trades. Another benefit of Fidelity is they provide you in depth research of what is happening in the market. With Robinhood you can get it with Robinhood Gold starting at $5 a month. Fidelity also allows you to create real-time watch lists of stocks you are interested in, setup alerts for market news, trades, and information on profit and loss for every trade.
If you use Robinhood to mostly trade options, the Gatsby trading platform might be for you. Gatsby is trading platform for options. Gatsby allows you to trade with no commissions and not contract fees. A cool feature of Gatsby is that you can earn reward points with each trade. These reward points can then be redeemed for retail gift cards. However, we do feel this is a tactic to get you to trade more options, and options can be very risky. Gatsby is only for options trading. If you are looking for a platform that offers you access to other types of investments, this might not be the right one for you.
TD Ameritrade offers $0 commission for US listed online stock trading, ETFs and Options. However, like the other major platforms you will have to pay $0.65 per option contract. However, they do offer no assignment or exercise fees. TD Ameritrade has the benefit of being a long player in the stock trading game, and has been rated #1 Overall Broker, #1 in Education, and #1 in Platforms and Tools. As a result, you can expect a platform that will offer you the necessary tools and knowledge to succeed as an investor.
Webull allows you to trade with 0 commissions and no minimum deposits. The Webull platform has a suite of investment products including Stocks, Options, ETFs, and Crypto. If you are also looking for a platform to help you save for retirement, you can also open an Individual Retirement account (IRA). They offer Traditional, Roth, and Rollover IRAs. With Webull you enjoy a smooth and sleek UI, an advanced chart platform to analyze companies and trends, the ability to create watch lists, analyze charts, and stay up to date on the markets. Not only that, but they also offer 24/7 customer service.
In this post we have provided an overview of commission free Robinhood alternatives. There are many other platforms, so be sure to do thorough research on what is right for you. Hopefully this serves as a great starting point.
Are you using any of these now? Let us know in the comments. If not, comment what platforms you are using.Follow DiscoverSoon on Social Media or email us with any questions.