Recently many Robinhood users were shocked as the popular trading app admitted to a recent data breach. This breach was indicated to have compromised more than 5 million traders.
The firm said that a third party had gained access to email addresses belonging to approximately 5 million traders and investors, along with a list of complete names of about 2 million users.
Although Robinhood has stated that no social security numbers or bank account numbers were exposed and there isn’t any financial loss, you may wish to look for a more secure alternative.
Read on to learn about the best three alternatives to Robinhood.
eToro
The eToro trading app has a quality platform that caters to crypto traders in the United States and internationally. Outside of the United States, investors may trade contracts of difference and stocks. It is often considered as the number one trading app by finance expert portals like Nachgefragt.net.
The significant advantage of this one-of-a-kind proprietary platform is its simplicity for a client to take copy trading. The eToro platform is home to traders who want to be copied and follow proper risk management from successful clients.
Retail account holders can then mimic the trading strategies and trades of the best traders in real-time and automatically, thanks to its easier accessibility. It’s worth noting that copy trading by itself does not guarantee either losses or gains.
These features make eToro a better alternative to Robinhood if you are looking for an alternative trading app offering copy trading and being available globally.
Pros:
- It has an innovative platform that is easy to use
- Accurate and timely financial insights
- Invest and trade on stocks with low commission
Cons:
- Crypto trading is only available in 44 selected states.
2. E*Trade
Another fully-featured trading platform as Robinhood is the E*TRADE. The trading app provides lots of tools to invest and trade as freely as you want in the US market. The app also has well-designed charts that give an in-depth analysis of how your assets are doing.
Another benefit to note is access to ETFs, no commission on online US-listed stock, and the capacity to obtain correct portfolio information. Furthermore, the low trading rates are one of the main reasons traders are drawn to it.
E*TRADE allows you to customize your watchlist for preferred trades, just like Robinhood and set alerts so that you never miss out on trading insights and investments.
Pros:
- Minimal trading fees
- Provide correct portfolio information
- Able to have several watchlists
- Face ID for authentication
Cons:
- Has few indicators for trades
3. Webull
Webull is a tool that will make trading or investing a simple procedure for anybody, whether you’re a novice or an expert. With this Robinhood-esque platform, you may trade ETSs, Options, and stocks without incurring any commission fees.
Furthermore, there are no deposit rules for IRAs and brokerage accounts to trade on the app. As a result, Webull is a more appealing alternative to Robinhood.
Webull also includes a helpful fractional shares trading function that lets you invest in your favorite stock company without having to buy a complete share. This functionality allows you to buy portions of stocks for as little as $5 each.
Not to mention, you have a ”Big Button Mode” to let you carry trades much faster. This enables one to enter trades and later modify the positions while the trade is already running.
Pros:
- Easy to use
- More than 40 analytics tools
- Real-time OPRA data support
Cons:
- To access more features, there is a subscription.
Final Thoughts
Robinhood has many advantages, but the recent data breach has left investors and traders seeking an alternative to secure personal information. But, worry not if you want a trading platform that is the best alternative to Robinhood and offers almost similar trading experience and insights. Nachgefragt.net has got your back. After several tests on different trading apps, the three listed apps above make the cut for the best alternatives. Sign up, and happy trading.
