The 7 Best Robinhood Alternatives

In comparison to other brokers, Robinhood supports a relatively modest amount of cryptocurrencies. More advanced users may find this as a barrier to diversifying their trading portfolio and capabilities, hence might wish to investigate other alternatives.

Introduction

The popular brokerage Robinhood was founded in 2013 and is regulated by the Securities and Exchange Commission (SEC). The platform offers commission free trading in 19 cryptocurrencies and supports the most well-known coins, which should satisfy the needs of crypto beginners who have just started out exploring the complex world of crypto trading.

If you feel the Robinhood platform is not for you, we have compiled a list of the seven best brokers and have detailed what each of them has to offer.

Top 7 Robinhood Alternatives

Below we will compare our seven favourite Robinhood alternatives: Coinbase, eToro, Fidelity, Gemini, Binance, Bitrue, and IndoEx.

Coinbase – The Most Convenient

Coinbase is one of the best solutions for traders who want to trade different cryptocurrencies at speed without getting themselves tangled into the complexities.

Coinbase is the best option if you are searching for a diverse cryptocurrency exchange that offers a wide range of services and products, regardless of your level of experience in trading digital currencies.

The biggest drawback to using this exchange is the higher-than-average exchange fees.

Products and Features

Coinbase offers several exciting products and features.

Coinbase Prime

You can manage your crypto assets from one location with the help of Coinbase Prime, an integrated solution that offers secure custody, an advanced trading platform, and prime services.

Asset Hub

A platform where asset issuers can list their assets across various Coinbase products to launch and grow their project. Coinbase offers you a single application to list your assets on the exchange, custody, and all our trading interfaces in one place.

Commerce

This is a powerful business tool to supercharge payments via custom checkouts, flexible invoices, turnkey API, and business reporting. It reduces operational costs, provides multi-asset support, and access to Coinbase's 108M+ retail users.

Cryptocurrencies Available on Coinbase

Over 200 crypto assets can be traded on Coinbase, and new currencies are added to the list regularly. There are too many to mention, but here are a few of the most commonly used on Coinbase:

• Bitcoin (BTC)

• Ethereum (ETH)

• Cardano (ADA)

• Solana (SOL)

• Polkadot (DOT)

• USD Coin (USDC)

Coinbase Security

Coinbase offers top-notch security features such as 2 factor-authentication, password protection, and multi-approval withdrawals in Coinbase Vault. The platform is powered by state-of-the-art encryption.

Is Coinbase Beginner-Friendly?

It is easy for beginners to use Coinbase. Users can quickly buy, sell, and trade cryptocurrencies through Coinbase's main website and mobile app, as they are both incredibly user-friendly.

Coinbase Educational Resources

The platform offers a free user-friendly cryptocurrency learning resource. Beginners can access learning guides and topics on web 3.0 like DeFi, NFTs, dApps, etc. Other resources include practical tips, tutorials, and market updates. The users can also get in touch with experienced investors to seek answers to queries.

eToro – Best for Social and Copy Trading

eToro is an online trading platform with 70+ cryptocurrencies for trading. It makes trading and automated investing accessible to all with its simple and transparent process. This social automated investing network is an excellent choice for consumers who seek a more communal trading experience.

It is unmatched in terms of popularity and the number of active users.

eToro Features and Products

CFDs

To trade with a CFD on eToro, you need to create a CFD account. Once this is done, you need to open a position, either long or short. After that, you choose your leverage to lower the risk or increase the profit, select how much you will trade, and make other decisions that will help the trade go smoothly.

Today, CFDs can be traded in a wide range of cryptocurrencies.

CopyTrader

The CopyTrader feature is one of the primary reasons why eToro is regarded as a forerunner in the fintech revolution. The concept of CopyTrader is straightforward: select the traders you want to replicate, pick how much you want to invest, and copy their trades in real time.

Before you activate this feature, keep the following points in mind:

• The minimal investment in a trader is $200.

• The maximum number of traders copied simultaneously is 100.

• You can invest up to $2,000,000 in a single trader.

• Trade would not be possible below $1 in value.

eToro Cryptocurrency Selection

For investors in 2023, eToro offers more than 78 different coins. This cryptocurrency selection is substantial when compared to cryptocurrency brokers who also offer trade stocks and other assets, but it is less widespread than certain exchanges that only trade cryptocurrencies.

Core crypto pairs

Some of the most traded cryptocurrency pairs are listed below:

• BTC/EOS

• ZEC/LTC

• XRP/DASH

• ETH/EOS

• EOS/XLM

• ZEC/ETH

• ETH/XLM

• BCH/LTC

• ETH/BTC

• ZEC/XRP

eToro security

The security of its customers is eToro's top priority, which is why all customer information is heavily encrypted. The platform uses a multi-tiered approach including warm storage (online wallets) and cold storage (offline wallets) for safeguarding crypto assets, and offers clients the option to set up two-factor authentication for their investment accounts as an additional security step.

Moreover, it is regulated by leading authorities such as FCA, FINRA, etc.

Is eToro Beginner-Friendly

The eToro platform is simple to use, even for new users. Innovative elements like social trading are also included. With eToro’s Demo Account, beginners can practice automated investing in a variety of assets like stocks, crypto, commodities, etc. just by creating investment accounts. It also lets novice users learn from top-performing investors.

eToro Educational Resources

The eToro Academy is a dedicated learning ecosystem. Most of the information you need to know about investing in cryptocurrencies can be found in this online learning environment. Users can choose from a range of learning materials, such as podcasts, webinars, manuals, and videos.

Fidelity – Best for Users Searching for More Traditional Investments

US stockbroker Fidelity offers a wide selection of mutual funds with no transaction fees, excellent research tools, and a mobile platform.

Fidelity Products and Features

Mutual Funds

Fidelity offers customers two ways to participate in mutual funds.

No-transaction-fee Funds: Plans are available from the broker with no transaction fee. This means that there are no fees for joining or leaving a fund, but you still have to pay the expense ratios charged by the fund.

Fee-free Funds: Fidelity was the first organization to introduce fee-free mutual funds, which allow users to own a fund without being a member.

Fractional Shares: Trade stocks by the Slice, a fractional share purchasing product offered by Fidelity, allows users to purchase small fractions of shares at a very reasonable price.

Cryptocurrency Selection

At the time of writing, Fidelity does not offer cryptocurrency options. However, they have plans to allow users to trade Bitcoin and Ethereum commission free trading and for as little as $1.

Fidelity Security

​Fidelity uses two-factor authentication on all platforms. All higher-risk transactions, such as wire transfers, require two-factor authentication. Mobile app users can also log in using biometric technology (fingerprint or facial recognition).

Is Fidelity Beginner-Friendly?

Since Fidelity offers a wide range of products, customer support, and educational materials, it is an excellent option for all investors, from beginners to advanced.

Fidelity Educational Resources

Fidelity users can attend live webinars or watch recorded videos that cover virtually every area of trading including but not limited to advanced trading strategies, investment products, personal finance, and more.

Gemini – Easiest Place to Buy Crypto

Gemini is a licensed online brokerage and exchange for cryptocurrencies. The platform works similarly to a traditional exchange where the limit, market, and stop loss orders are entered.

It is subject to cybersecurity requirements, capital reserve requirements, and banking compliance standards set forth by the NYSDFS and the New York Banking Law.

Gemini is compatible with 12 blockchain networks, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Solana (SOL), Avalanche (AVAX), Dogecoin (DOGE), Zcash (ZEC), Polkadot (DOT), Filecoin (FIL), and Tezos (XTZ).

Gemini Features and Products

The platform sets the standard for strong security offerings, seamless user experience, with some top features are as follows:

Gemini Credit Card

The Gemini Credit Card allows you to earn cryptocurrency rewards in real-time. According to Gemini, you will receive 3% back on dining, 2% back on groceries, and 1% back on any other purchases made in any cryptocurrency that can be exchanged on Gemini's platform.

ActiveTrader

A high-performance cryptocurrency trading platform from Gemini that provides a speedy and secure trading experience. Some of its features include advanced charting, multiple options for order types and execution, and many more.

Gemini Cryptocurrency Selection

At the time of writing, there are about 100+ coins on Gemini; some of the top coins include Bitcoin, Ethereum, and Cardano.

Gemini Security

Industry-standard security measures offered by Gemini include two-factor authentication, wallet address whitelisting, and the ability to verify and authorize login devices. Users must also go through the KYC process, which requires them to submit a government-issued photo ID in order to use the platform's full range of trading tools.

Is Gemini Beginner-Friendly?

Gemini's simple buy and sell options and comprehensive help page are appealing to beginners. However, the ActiveTrader platform, which offers sophisticated charting features, a variety of order types, and fast trade execution, will appeal to advanced traders.

Gemini Educational Resources

Cryptopedia is the education arm of Gemini that aims to help individuals in understanding cryptocurrency and blockchain concepts by delivering free and high-quality education on various topics like cryptocurrencies, trading, DeFi, NFTs, and many more.

Binance – Best for Active Crypto Traders

The largest cryptocurrency exchange in the world is Binance and through this broker, you can buy, sell, and trade a variety of cryptocurrencies. Additionally, users can use detailed price charts, futures trading, and more.

Binance Features and Products

Regardless of their level of expertise, many crypto aficionados seem to prefer Binance for its wide range of products, which include:

Binance Pay

Binance Pay is a contactless, global, and secure cryptocurrency payment system. Send cryptocurrency to family and friends anywhere on the globe or use it to make purchases.

Binance P2P

It is a specialized peer-to-peer (P2P) cryptocurrency trading platform with access to over 700 payment methods and 100 fiat currencies. It offers the best liquidity and top-notch security.

Binance Cryptocurrency Selection

Binance offers a wide range of cryptocurrency trading options including but not limited to spot trading, margin trading, strategy trading, swap farming, and more.

The major cryptocurrencies available on Binance using these trading techniques include:

• Bitcoin (BTC)

• Tether (USDT)

• Ripple (XRP)

• Cardano (ADA)

Binance Security

Binance has prioritized the protection of users’ funds by implementing cutting-edge security measures and strict data privacy rules throughout the ecosystem by collaborating with partners, policymakers, and regulators to develop our strong compliance program and regulatory framework.

Is Binance Beginner-Friendly?

On Binance, beginners can quickly and effortlessly trade cryptocurrencies instantaneously. You can choose between a basic and an advanced account. Since it is straightforward and presents the data you need to make a trade, the basic trading option is a great place to start for beginners.

Binance Educational Resources

In addition to its blog, Binance Academy offers free enrollment to all users. This includes a number of instructive films covering various cryptocurrency and blockchain-related subjects and more. The users can also sort the topics based on the difficulty level. Available levels are Beginner, Intermediate, and Advanced.

Bitrue – Best for Passive Income Opportunities

On Bitrue, users may earn passive money in addition to trading cryptocurrencies. It is a platform that offers complete crypto financial services including trading, investing, staking, borrowing, purchasing, and much more.

Bitrue Features & Products

In addition to the affordable rates, this exchange is well-liked for features such as:

Staking 101

This is a profound feature of Bitrue by which users can earn money by holding their crypto assets. Any coin can be staked in Bitrue enabling users to add more coins on regular basis. It is a popular way for people to begin earning a notable amount of passive income with no required maintenance.

Power Piggy

Thanks to the Power Piggy feature, users can profit by investing their cryptocurrency on the exchange. Daily payments are available with no lock-in period. Best of all, this feature allows users to earn up to 10% passive interest on their cryptocurrencies.

Bitrue Loans

It is a crypto-backed borrowing service provided by Bitrue. These loans would be at low-interest rates and with high loan-to-value ratios. The revenue generated through this initiative would support the power piggy function.

Cryptocurrency Selection

On Bitrue, there are more than 700 cryptocurrencies and altcoins. Among the most well-known digital currencies are Tether (USDT), Bitcoin (BTC), and XRP (XRP).

By volume, the top pairs are:

• Bitcoin (BTC) - BTC/USDT, BTC/USDC

• Ethereum (ETH) - ETH/USDT, ETH/BTC, ETH/USDC

• XRP - XRP/USDT, XRP/BTC, XRP/ETH

• Cardano- ADA/USDT, ADA/XRP, ADA/BTC

• Solana - SOL/XRP

Bitrue Security

Unfortunately, Bitrue has had security issues in the past. As a result, nearly $4.5 million worth of XRP and ADA were stolen by hackers. The business pledged to compensate everyone who was harmed.

The exchange now claims to have improved security readiness.

Is Bitrue Beginner-Friendly?

The exchange is an excellent resource for beginners and advanced traders. Additional charting and analysis features are also offered. Since buying and selling are quite simple, beginners will be fine with trading.

Bitrue Educational Resources

At the time of writing, Bitrue still needs to publish educational resources or learning materials on its website. However, there is an FAQ section and help center available.

IndoEx – Best for Experienced Investors

Designed with experienced traders in mind, IndoEx is a state-edge trading platform that gives users access to hundreds of alternative coins.

IndoEx Features and Products

Apart from Algorithms trading features that are accessible at IndoEx their are some important features as well as stated below.

Altcoins Offered

Hundreds of cryptocurrencies are available to traders, including lesser-known tokens such as BEXT, EARN, and others. There is also a strong selection of very popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC), and others.

Gox Compliant API

IndoEx uses a Gox-compatible API, which is required to facilitate large-scale trading operations. Through this API, the platform can efficiently create system packages, produce website downloads, and upload binaries, all of which contribute to the complicated algorithm that powers the exchange.

Cryptocurrency Selection

IndoEx offers trades on over 200 cryptocurrencies as well as hundreds of market pairs for traders to choose from. Some of the top-performing tokens on the platform are:

• Bitcoin (BTC)

• Ethereum (ETH)

• Tron (TRX)

• Ripple (XRP)

• Litecoin (LTC)

When utilizing IndoEx, there are a lot of cryptocurrency pairs to pick from, such as:

• BTC/USDT

• BTC/ETH

• ETH/USDT

• TRX/BTC

• BSV/BTC

IndoEx Security

IndoEx customers' digital currency is protected through a combination of offline (cold) storage and secure online servers. In fact, the majority of customers' digital currency is held in cold storage.

Is IndoEx Beginner-Friendly?

Absolute novices are unlikely to benefit from IndoEx; the platform and product selection are better suited to intermediate and seasoned traders.

IndoEx Educational Resources

At the time of writing, the official website does not yet provide educational resources. However, an FAQ section covers most of the basics of using the exchange.

Honourable Mentions

Apart from the seven brokers listed above, we have two more honorable mentions to round off our list of Robinhood alternatives:

Moomoo

The fact that US citizens may trade on US marketplaces with commission free trading and no inactivity fees is a significant positive for Moomoo. The platform has several top-notch analytical tools, and the brokerage account opening process is quick.

Only a few trading systems, including Moomoo, provide free real-time market data from the New York Stock Market. Traders can use this instrument, which is often used by professionals, to acquire insightful information.

Since there are excellent instructional materials accessible, it's also a terrific option for novice investors. However, customer service is solely accessible via email.

Webull

Webull is a part of Fumi Technology, which offers trading technologies, real-time market data, and an impressive selection of tools for more advanced traders.

The company has learned from other modern trailblazers like Robinhood, targeting novice and inexperienced investors who need a simple mobile experience and a clean, straightforward desktop interface.

Webull offers detailed charts, various technical indicators, advanced orders, market data from various sources, customization options, and much more.

Robinhood Alternatives Fee Comparison

The table below sets out the fee schedule for each broker so users can easily compare. Reading the table will help you make the choice that’s best for you when selecting a broker.

Robinhood Overview – Features and Products

It is also possible to purchase fractional shares. For shares that would normally be outside your budget, you can buy a fraction of the more expensive shares if you wish to do so.

With the help of fractional investments, you can easily build a diversified portfolio, and a lack of funds will not prevent you from holding a share of the companies you would like to invest in.

Moreover, users have easy access to the funds in their respective Robinhood investment accounts. An added benefit is that users can withdraw money from their investment accounts without paying a fee.

Why Are Investors Searching For Robinhood Alternatives?

Due to frequent service interruptions on the platform, many Robinhood customers have started to look for other investment brokers.

However, Robinhood has also been the subject of lawsuits, public outrage, and complaints from the Securities and Exchange Commission for some of its practices. In addition, in June 2021, the company paid nearly $70 million in fines and restitution — the largest financial penalty ever levied by the Financial Industry Regulatory Authority. It prevented customers from buying certain stocks because the company's broker-dealer imposed higher deposit requirements. This included GameStop, which attracted a lot of attention at the time, resulting in a lot of negative media coverage and consumer anger.

How to Decide Which Broker is Best?

Choosing the right broker is half the battle and will depend on your financial goals, trading experience, preferred investment strategies, the number of cryptocurrencies available, and other variables discussed above.