Are you done with Robinhood? Discover these 3 investment applications
While undeniably popular, the Robinhood investing app is also undeniably troubled. This year alone, Robinhood has faced a host of issues, ranging from class actions to record fines.
Despite its difficult journey, online brokerage has retained many of its clients thanks to the power of its product. No account minimum, $ 0 trade commission, and easy crypto investing are features Robinhood users are loath to do without.
However, Robinhood is no longer the only child in the pool. These days you can find a range of investing apps that offer many of the same features – without luggage. Here are some options for investors willing to abandon Robinhood.
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1. Loyalty: for stock transactions with a commission of $ 0
Loyalty has been around for decades, but that doesn’t make it out of fashion. While you can still get a traditional trading experience with a personal broker (if you pay for it), Fidelity also has a reputable mobile app and a robust self-directed trading platform.
In addition to its solid reputation for reliable service, Fidelity offers a range of account types, including options with no minimum investment threshold. You can also take advantage of $ 0 commission stocks and ETF trades.
What really sets Fidelity apart from Robinhood is its customer service. Not only can you contact the company by phone – which you couldn’t do with Robinhood until recently – you can also use live chat, access the Fidelity subreddit, or send an email. And if you prefer face-to-face interaction, head to a local Fidelity storefront to talk to a real human.
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2. Coinbase: For trading and crypto
If you like how easy Robinhood is to trade crypto, you might love Coinbase. On the one hand, Robinhood restricts users to trading a few large currencies. Coinbase, on the other hand, owns dozens of cryptocurrencies.
You can buy and sell everything from the most common coins like Bitcoin and Dogecoin to niche currencies that even social media haven’t heard of yet. And you can do it all in one easy-to-use mobile app that investors love (it has an impressive 4.7 stars in the iOS store).
Better yet, Coinbase lets you do more than just Trade crypto – you can also use it. You can set up a crypto wallet to send and receive cryptocurrencies around the world and make purchases from stores that accept crypto payments.
3. SoFi: for stocks and crypto in one app
Part of Robinhood’s appeal to many users is the ability to buy and sell stocks and cryptos from the same investing app. These dual-use users might be interested in SoFi Invest.
With SoFi, you can enjoy automated investing, split stocks, and plenty of crypto options, all in one app. You can quickly transfer funds between accounts and easily invest in commission-free stocks or dozens of cryptocurrencies.
You also don’t have to donate a fortune to start investing. You can start with just $ 5 and take advantage of fractional trading (buying partial shares) so you can invest in companies large and small without breaking the bank.
Watch out for transfer fees
Keep in mind that the brokerage house transfer is rarely free. You may pay a fee to transfer funds from your Robinhood account to your new brokerage. Consider exploring your options for new account bonuses to help offset the cost of transferring funds.
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If you’ve had enough of Robinhood’s questionable track record, it might be time to find a new home for your investments. You can start with these options in your search for a better brokerage.