As of 2015, Robinhood offers free trading and has a huge advantage over most major brokers who charge customers for each trade. However, many of Robinhood's competitors have followed suit so commission-free trading is no longer special. So, there are several alternative-trading apps like Robinhood that you can try.
For example, starting from Moomoo, M1 Finance, Public, Interactive Brokers, and Tradier. All of these trading apps have some similarities with Robinhood in some of their features. If you want to know what trading apps like Robinhood are, here is the list.
Trading Apps Like Robinhood You Should Know
1. Moomoo
If you are a beginner trader, you are suitable to use this platform. This is because this platform only requires low fees to start trading. This is because you do not need a minimum deposit to open an account on this platform.
Through this platform, if you want to simulate your investment, you can use the paper-trading feature with real-time data. However, this platform is also good for experienced traders as it is equipped with advanced research tools.
2. M1 Finance
This is one of the unique trading apps like Robinhood. It is because M1 Finance is applying a Robo-advisor and a conventional investment management service and. When you apply, you must complete an interview about your financial situation as well as savings goals.
Then, this app will offer and suggest you "pies". This "pie" system makes it easy for you to make a diverse portfolio and you don’t need to research. So, this application is more for those of you who want to be consistent in investing, not for day traders.
3. Public
Just like Robinhood, this app also offers you to invest in stock shares and ETFs. Through this application, you can buy shares with any amount of money, without paying a commission. Then, this application also allows you to build a portfolio that suits your needs by investing in stock shares or buying full shares.
The unique part of this app is that you can join and start a group chat. This feature is useful for you to talk about companies and trends that will affect your stock purchase.
4. Interactive Brokers
For those of you who often use Robinhood because it's cost-effective but has a lot of research tools, you'll love this app. This is because the app provides some of the lowest trading fees on the market, which will benefit you. When buying and selling in this app, you only need to pay USD 0.005 per share
This app provides graphs of 8k candlesticks that are easy for you to view and analyze. Therefore, this will make it easier for you to see the movement of stock prices and make it easier for you to decide on the next step in investing. So, if you use Robinhood for day trading, you can try this app to take your career to the next level.
5. Tradier
It is an application that provides a financial platform with trading, market data, and account management for Brokerage Accounts. This application works with the platform to identify customer offerings that provide an attractive value proposition for current and future customers.
Moreover, through this app, you can explore the rapidly growing list of integrated trading platforms. So, it is easier for you to choose the one that best suits your preferences and needs.
Now you know 5 alternative trading apps like Robinhood that you can try in trading. Choose one of these applications according to your needs, preferences, and also your financial condition. This is because each trading application has its own characteristics, so you must know the details.