First came the outages, then the 2021 decision to block purchases of certain stocks. Robinhood still counted nearly 22.9 million monthly active users in June 2022, but its momentum had cooled, and plenty of customers started looking at what else was out there. The apps below have little in common with each other: some round up spare change, others run futures and forex desks. What separates them is which assets and account types each one actually holds.
Outages and the 2021 Stock Restrictions Behind the Search for Alternatives
Four separate episodes sit behind the search for alternatives:
- Stock trading outages on the platform in March 2020.
- Partial cryptocurrency service outages in April and May 2021, tied to surges in crypto orders.
- Restrictions in 2021 on buying certain stocks, GameStop included, after Robinhood's broker-dealer raised deposit requirements. The move drew heavy media attention and customer backlash.
- Legal proceedings and investigations from the Securities and Exchange Commission and the Financial Industry Regulatory Authority over the outages and customer communications. Several state attorney general's offices also filed requests for information from co-founder and CEO Vladimir Tenev and other employees.
Robinhood's Own Fees, Assets, and Account Types
Robinhood launched in 2013 with the stated goal of "democratizing finance for all." Commissions were still standard across the industry when it dropped them in 2015; Charles Schwab and other brokerages eventually moved to the same pricing.
The app covers stocks, ETFs, and cryptocurrency with no trading or management fees, no account minimums, and fractional shares alongside whole ones. Robinhood Gold costs $5 per month and adds research, reports, and analysis tools plus educational material from Morningstar, higher instant deposit limits, and margin trading. Accounts include taxable brokerage, crypto, and margin accounts, plus Robinhood Retirement as a traditional or Roth IRA. As of August 2022, the crypto menu stopped at 15 coins.
Public Lists More Than 25 Cryptocurrencies, With a 1% to 2% Markup
Public handles stocks, ETFs, and cryptocurrencies, and its crypto list runs to more than 25 coins, a wider menu than Robinhood's 15, though Public charges a 1% to 2% markup on every crypto trade. Accounts can be opened with as little as $1. The tradeoff is narrowness elsewhere: a taxable investment account is the only option, so there's no retirement wrapper.
For investors whose interest is almost entirely in crypto, the comparison shifts again. Coinbase allows buying and selling of hundreds of cryptocurrencies, which is why it, rather than a stock brokerage, is usually described as Robinhood's main rival on that side of the business.
Webull Adds Options, ADRs, and a Longer Crypto List
Webull is built for people who already know their way around a chart. The charting runs deep and the screens are dense with data, more than a first-time investor generally needs, and coverage includes stocks, ETFs, options, American Depository Receipts, and cryptocurrencies. Its crypto lineup is larger than Robinhood's, stretching past bitcoin and ethereum to stellar lumens, apecoin, and the uniswap protocol token. Trading is commission-free, retirement, taxable, and margin accounts are all available, and the platform publishes educational material of its own.
M1 Finance Builds Custom "Pies" From More Than 6,000 Stocks and ETFs
M1 Finance is the closest thing here to a middle ground between picking every trade and handing the portfolio over. Investors assemble customizable portfolios called pies from a menu of more than 6,000 stocks and ETFs, along with themed stock collections. Commission-free trading applies to self-directed brokerage accounts, and automatic dividend reinvestment is included.
A few mechanics worth knowing: M1 offers cryptocurrency and retirement accounts, and margin loans are available on margin accounts with at least $2,000 invested per account, though not on retirement or custodial accounts. Crypto held through M1 sits at Apex Crypto and is not FDIC or SIPC insured. Regulatory, account closure, and ADR fees can still apply even where commissions are $0.
ETRADE Covers Bonds and Mutual Funds but Skips Crypto
ETRADE is the most conventional brokerage on this list and the one most often named as Robinhood's toughest overall competitor, with more than $600 billion in assets under management. Brokerage accounts carry $0 commissions and no minimum deposit, and the asset menu covers individual stocks, bonds, ETFs, and mutual funds. Cryptocurrency isn't part of it.
Beyond self-directed trading, ETRADE offers automated accounts and portfolios managed by its own financial professionals. Those managed portfolios require balances of $25,000 to $250,000 depending on the service level. Checking and savings accounts and a choice of IRAs round it out.
TD Ameritrade Reaches Futures, Forex, and 529 Plans
TD Ameritrade's draw is breadth in both account types and instruments. Available accounts include retirement accounts, 529 plans, taxable brokerage accounts, Coverdell education savings accounts, and UGMA/UTMA custodial accounts. On the trading side, experienced investors get access to forex, margin, and futures. Crypto trading isn't offered.
TradeStation Adds Futures; Moomoo Adds Real-Time News and a User Community
TradeStation offers commission-free trading with no account minimums across taxable, retirement, and margin accounts, and covers stocks, ETFs, futures, and mutual funds. It does have some cryptocurrency options, though the list of available tokens is shorter than Robinhood's.
Moomoo leans toward the experienced end as well, with real-time financial news and additional analysis features layered onto commission-free trading of stocks, ETFs, ADRs, and options. Users can also interact with other Moomoo investors through the app. There are no cryptocurrency options.
SoFi Puts Investing, Banking, and IPO Access on One Platform
Student loan refinancing was SoFi's original business. Banking and investing came later, and a customer can now keep several financial products with the same company. Investors can buy stocks, ETFs, or IPOs, with no commissions on trades and fractional share investing available. Active investing is there for people who want to run their own portfolio, and traditional, Roth, and SEP IRAs are all offered.
One detail in the fine print matters if consolidating later: fractional shares can't be transferred to another firm, and are sold when a transfer or closure request is initiated, which is a taxable event.
Acorns Turns Round-Ups Into Managed ETF Portfolios, Starting at $5
Acorns is the most hands-off option here. Investing starts at $5, and the round-up feature can supply that amount from spare change on everyday purchases. ETFs are the only thing Acorns buys; it assembles a diversified portfolio from them according to the customer's risk tolerance and goals, then handles the management.
The lineup includes established ETFs, a Bitcoin ETF for crypto exposure, and sustainable ESG portfolios for values-based investing. Retirement accounts can be opened with automatic contributions, and the platform will suggest an IRA type based on stated goals. Acorns also offers a checking account with a debit card and bonus rewards at certain retailers.
Betterment Runs Automated ETF Portfolios and Adds CFP Access for a Fee
Betterment is a robo-advisor aimed at long-term investors. It doesn't allow individual stock picking; money goes into pre-selected ETF portfolios automated around goals, age, and risk tolerance. Customers who want a human in the loop can meet with a certified financial planner for an additional fee.
Fees are 0.25% for the digital option and 0.40% for premium. Betterment offers IRAs and 401(k)s, taxable accounts, and checking and savings accounts. Crypto isn't available; the company has said an option is coming.
Stash Charges $12 a Month and Trades in Four Daily Windows
Stash covers investment accounts, retirement accounts, and custodial accounts for a child's college costs, where the adult manages the money until the minor reaches the age of majority, usually 18 or 21 depending on the custodian's state. Individual stocks and bonds are available along with fractional shares and investment advice, but individual cryptocurrencies aren't; some portfolios carry crypto exposure instead. The platform is built for long-term investing and provides only four trading windows per day. Stash costs $12 a month.
Monthly Subscriptions, Percentage Fees, and the Costs Under "Commission-Free"
Pricing here splits into three shapes: flat monthly subscriptions, a percentage of assets, and "commission-free" trading that still carries incidental costs.
| Platform and Plan | Stated Cost |
|---|---|
| Acorns Bronze | $3 per month |
| Acorns Silver | $6 per month |
| Acorns Gold | $12 per month |
| Stash | $12 per month |
| Betterment Digital | 0.25% |
| Betterment Premium | 0.40% |
| Robinhood Gold | $5 per month |
The shape of the fee matters as much as the number. A flat monthly subscription is the same dollar amount whether the balance is tiny or large, so on a very small account it takes a much bigger slice of assets than a percentage-based advisory fee would, and the reverse holds as the balance grows. Someone starting with round-ups from spare change is paying a subscription against a balance measured in dollars; the same subscription against a five-figure portfolio barely registers.
Zero commissions also isn't the same as zero cost. Crypto trades can carry a markup, as Public's do. Regulatory, account closure, and ADR fees can apply on commission-free brokerage accounts. And any portfolio built from ETFs carries the funds' own expense ratios, which come out of the funds rather than off a statement line.
Account Types, Asset Menus, Minimums, and Who Manages the Portfolio
Four questions do most of the sorting:
- Account types appear unevenly. 529 plans, Coverdell accounts, custodial accounts, and SEP IRAs each show up on only part of this list, so a goal like a child's education narrows the field fast.
- The asset menus vary as much. Bonds, mutual funds, options, futures, forex, ADRs, and crypto are scattered across these platforms, and several of the best-known names offer no crypto at all.
- Some minimums are effectively zero, some start at a dollar or five, and managed services can require far more. ETRADE's managed portfolios begin at $25,000.
- Robinhood expects the customer to manage their own portfolio. Acorns and Betterment do the managing, and M1 sits in between with self-built portfolios that then run on their own rules.
A practical wrinkle catches people mid-switch: opening a new app doesn't close the old one, and moving holdings later isn't always a clean lift. Fractional shares, in particular, often can't move between firms and get liquidated in a transfer, which turns a housekeeping decision into a tax one.
Who Each Type of Platform Tends to Fit
The eleven fall into rough camps. Acorns, Betterment, and Stash do the work for the investor, priced as a subscription or a percentage, with limited or no direct crypto. M1 and ETRADE aim at people who want to shape a portfolio themselves without giving up structure or a broad asset menu. TD Ameritrade, TradeStation, Moomoo, and Webull go furthest for active traders, adding futures, forex, options, and advanced data. Public and Webull are the ones that list more coins than Robinhood, with Coinbase further out on that end. SoFi's pitch is consolidation: investing next to banking and IPO access.
One caution about the numbers above. Platforms rewrite subscription prices, add and drop coins, and change which accounts they offer, and every figure quoted here is what each one published as of the periods noted. Loss is possible in any of these accounts, whichever app holds them.
