5 apps you should use instead of Robinhood

Robinhood is loved by many, but the app has received its fair share of criticism over the years. Some have accused the company of using game-like features within the app that may result in risky trading behavior. It’s not the only broker that does this, though. Gamifying the investment process makes it look less daunting and more fun, which is a great way to attract new customers.

Robinhood also came under public scrutiny years ago when it imposed trading restrictions during the meme stock frenzy, a move that many of its clients took to heart.

If you’re looking for a Robinhood alternative — for any reason at all — you’ve come to the right place. To help you decide, I’ve outlined the five best alternatives worth downloading to your Android phone.

Best for: Experienced and global investors

This is the broker I’ve used for the last five years, and I couldn’t be happier with it. It gives me access to over 160 global markets, making it easy to invest in stocks, bonds, futures, and other financial products.

To a point, it’s the opposite of Robinhood. It doesn’t gamify the experience at all, and its flagship desktop trading platform is aimed at more advanced users, making it a bit daunting for beginners. However, it does have a scaled-back and more modernly designed platform that appeals to the new generation. The app itself gets the job done and offers all the data I need, but it’s a bit old-school in its approach.

In my years using Interactive Brokers (IBKR), I haven’t had any bad experiences. There were no trading restrictions that I’m aware of, support is helpful and reasonably fast, there were no delays with payouts and deposits, and the trading data I can quickly export for tax purposes helps me out a ton. If you’re looking for the complete opposite of Robinhood and want to do business with a large broker with a proven history, IBKR is a great choice.

Best for: Intermediate traders and technical analysis

I always saw Webull as a broker that sits somewhere between Robinhood and IBKR. It’s not as complex to use as IBKR at first, but it offers more features and charting tools than Robinhood. It also has a paper demo account you can try out, which Robinhood does not.

The charting tools, for example, are more robust, offering more technical indicators than Robinhood. This makes the Webull app better suited for investors who are into technical analysis — mostly day or swing traders. Keep in mind that the exact features may differ between the mobile app and the web interface, as the latter is usually more feature-packed with just about every broker out there.

With more features at your disposal, the learning curve gets steeper if you want to use them all. But overall, Webull is still a very user-friendly app. As far as investing goes, the selection is not as good as what you get with IBKR, as you can’t invest in a lot of bonds.

Best for: Long-term and retirement investors

Fidelity has more in common with IBKR than Robinhood, since it’s a big, established player with all the tools and features you need. It doesn’t try to gamify the experience at all and is a little bit harder to get comfortable with due to the sheer number of features it offers.

However, like IBKR, it has taken notes from brokers like Robinhood and is trying to simplify things for users as much as possible — without resorting to things like showing confetti on your screen when buying a stock.

If you’re looking for a long-term broker, Fidelity is a great option. It nudges users to save and invest for retirement, and even for their kids. But while you can invest in foreign companies listed on international exchanges, you should go with a broker like IBKR if you want access to more markets around the world.

Best for: Beginners and social/copy trading

eToro is the app that’s closest to Robinhood in terms of look, feel, and general philosophy. However, there are still important differences between them.

The broker offers an app-first experience targeted at the younger generation and generally anyone who wants a simple, gamified trading experience that doesn’t scare them away. Customers can invest in stocks, ETFs, crypto, and options. They can even buy CFDs, although those are reserved for people outside the US.

You could argue that the gamified experience is even more pronounced on eToro, as the app offers things like leaderboards and investor profiles. One of their unique selling points (USPs) is the ability to copy someone else’s trades, taking all the decision-making out of the process. It’s not what I’d personally recommend, but the feature is there if you need it. This feature is also coming to Robinhood next year.

Best for: All-around investing, trading, and customer support

Charles Schwab is the polar opposite of apps like Robinhood and eToro. It’s close to Fidelity and IBKR, meaning it’s a well-known, established, and trusted broker on the market.

The company acquired TD Ameritrade back in 2020 and now offers the popular Thinkorswim platform, available on desktop and mobile. It’s a renowned platform that’s great for active traders thanks to its inclusion of elite-level charting, screening tools, and more.

The support is also something Charles Schwab is known for, which comes in handy when you’re still trying to learn the ins and outs of investing. However, the app doesn’t give you access to as many global markets as many people would like. IBKR is the leader in this area, while Fidelity is far behind with access to around 25 markets. Charles Schwab offers the fewest of the three, giving you direct access to 12 exchanges. However, if you’re purely invested in the US economy, this won’t matter at all.

These are the best alternatives to Robinhood in my opinion, although there are plenty of other great brokers out there. Which ones did I miss? Let me know in the comments.