Robinhood was launched in 2013 as a beginner-friendly trading platform. You can trade stocks, REITs, ETFs, cryptocurrencies, and options without any commission charges.
Robinhood tried to “protect” its users by banning users from buying certain stocks. The platform came under fire for manipulating the stock market to protect its investors.
If the lawsuits and security break combined with the dwindling market value isn’t enough for you, then there are other reasons why you should look for alternatives.
The high customizability and automated services of M1 Finance are perfect for experienced and new traders.
Acorns have a feature that allows you to invest the change you have left after purchasing something—all you have to do is link your card to your Acorns account.
eToro is widely referred to as the best online trading platform. It is a social trading platform with unique features such as Copy Trading, making it a prime choice for new users and veterans.
SoFi is best for new investors because it offers zero-commission trading and a cash-back option.
Gemini has a wide array of cryptocurrencies to choose from. It allows its users to fully own the coins they purchase—a significant advantage over Robinhood.