What is Robinhood?
Robinhood is an online brokerage firm that has developed into a platform that users feel comfortable using. They feel this way because the platform itself is a user-friendly experience that does not over complicate the execution of trades. Aside from the ease of use, Robinhood differs from many of its major only broker competitors as it offers free stock trading with zero commission fees. The no-commission fee trading aspect of the broker is arguably its biggest pull for new clients joining the site.
The site itself is also aesthetically pleasing which contributes nicely to an overall easy-to-use trading platform. It’s strange to think that so many people are now looking for Robinhood alternatives when the broker has curated such an exceptional trading platform that caters to new and experienced traders alike. So, the question is, why are people looking for Robinhood alternatives?
Why traders are looking for Robinhood alternative?
As some of you may have seen in recent weeks there has been a massive spike in the purchase of AMC and Gamestop stocks. If you didn’t know the story behind the spike you would rightly consider this to be strange as these stocks were on a downward spiral for the most part. So, why were so many people looking to buy AMC stock and Gamestop stock?
If you don’t know, in the past couple weeks many Reddit users noticed that a large hedge fund by the name of Melvin Capital was shorting Gamestop stock in excessive amounts. Essentially, those Reddit users banded together to buy up the now very cheap Gamestop stock, helping the stock price rise to unfathomable heights. Naturally, the big hedge funds lost substantial sums of money in the wake of the Gamestop stock skyrocketing as the Reddit users essentially called their bluff.
Where does Robinhood come into all of this madness? Well, Robinhood was the go-to online brokerage firm for all of these Reddit users to buy Gamestop stock. However, when hoards of brand new traders began buying more and more stock on the trading platform, the broker halted purchases. Meaning, they stopped allowing users to buy Gamestop stock but still allowed them to sell their stocks. This did not go down particularly well with the Reddit users who were looking to hold their assets and help the Gamestop stock continue to rise.
In the wake of all this, every kind of trader that uses Robinhood is now looking to slowly move their business elsewhere. However, it should be noted that Robinhood were well within their right to halt purchases of anymore Gamestop stock due to the increase in market volatility. The outrage for their decision to do so is quite frankly unfounded. WIth that being said, users may still want to find a broker that allows you to purchase Gamestop stock.
Where the more experienced traders will be just fine in finding a suitable replacement, what should these brand new traders riding the wave look for in a new broker?
What to look for in a Robinhood alternative
You may have jumped on the Robinhood bandwagon with all the other Reddit users which means you may not be particularly well-versed in what makes a quality online brokerage. Here are a couple of things that the best online brokerage firms will have that sets them apart from the mediocre ones:
A user-friendly trading platform:
Something that every good online broker needs is a trading platform that is easy to use, efficient and intuitive. Using the site should never have to feel like too much work and locating different parts of the site should be made easy with a good layout. Apart from that, the mobile app offered by these brokers should function just as seamlessly as the desktop trading platform. Traders are always on the go and need to know that they can easily access the broker’s tools with a streamlined mobile app.
Low trading fees:
This may seem a little counterintuitive as Robinhood has zero-commission fees for all executed trades on their site. However, you can access sites that offer superior trading platforms, better technical analysis tools and better payment methods all while offering exceptionally low trading fees. Sometimes, sacrificing a little on the trading fees goes a long way in terms of your overall trading experience with the right online broker.
Detailed educational tools:
For the newer traders that have sprung up in the wake of the recent Gamestop stock boom, you will want to find an online broker that offers the best in educational tools on their platform. The learning curve in understanding different trading markets and even trading tools can be steep. The best online brokers will have a fully fleshed out, detailed educational section on their sites that will help new users through these potential growing pains.
A diverse range of trading instruments:
Once the educational tools have worked their magic and you slowly start to become more accustomed to the lay of the land, you will need a decent selection of trading instruments available. Essentially, you don’t want to find a broker that only offers you the option to trade in crude oils or energies but rather a host of different markets like forex, cryptocurrencies, indices, stocks, gold and metals and more. Having more options is always better than having fewer options as you may want to branch out into newer markets as you grow in trading confidence.
Our pick for the best Robinhood alternative
So, what online broker should you be using if not Robinhood? Well, there are a number of high-quality trading platforms out there to choose from. The trick is to find the online broker that best suits your trading needs and preferences. And we have just found the online broker for you to fill the void that Robinhood has left behind.
With Nextmarkets you won’t find many better replacements for your trading and investing needs. We know how difficult it can be to find alternative brokers when you have already found one that you love but we are here to tell you that Nextmarkets is where you should be taking your trading business.
Nextmarkets is safe to use:
Nextmarkets is currently operating under a category 3 investment services license issued by the Malta Financial Services Authority. This is one of the strictest regulatory bodies in the world and so you can rest assured that the broker has jumped through all the necessary hoops and satisfied all the required red tape to operate legitimately.
The website itself is stacked with safe and secure payment methods. All user data on the site is well protected so you don’t need to worry about any malicious third-parties getting a hold of your passwords and banking details. You can also take a look at some of the user reviews currently out there to see just how pleased most users are with their experience on the trading platform.
What users really want to know about is how good the trading platform is to use and what kind of financial instruments are available to be traded with. Users looking for Robinhood alternatives will not be disappointed with the options available to them on Nextmarkets.
While Nextmarkets doesn’t offer MetaTrader 4 or MetaTrader 5 what they do offer is a phenomenal option in WebTrader. The reason you won’t find MT4 or MT5 is because the broker offers fantastic features like Coachfolio and Curated Investing all of which work seamlessly with the WebTrader. Traders will also be happy to know that the Nextmarkets trading platform is fully compatible with mobile trading. You can find the exceptional streamlined mobile app on both the Android and IOS apps stores. The mobile app is equally as effective as the desktop trading platform and gives users the power to buy and sell while they are on the go.
But what financial instruments can I trade on the NextMarkets trading platform? Users looking for that ideal Robinhood alternative will be more than satisfied with the options available on the NextMarkets trading platform. As it stands, there are over 800 different trading instruments for users to sink their teeth into.
Nextmarkets is also the ideal online broker if you are a fan of trading with CFDs. You will find a plethora of different basket CFDs each of which can be used to invest in a basket of shares in a host of different sectors. More to the point, you here are some of the trading instruments currently available to you:
- 21 forex/currency pairs
- 5 Raw materials
- 7 Indices
- 700 shares from the following countries (USA, DE, UK, Austria, Spain, France)
- 1 Money Market CFD
- 1 Property Index CFD
- 1 Real Estate CFD
- 1 Green CFD
- 1 Life Science CFD
- 1 US Titans CFD
Nextmarkets notable features
As we mentioned earlier, Nextmarkets currently make two stellar features available on their site. Coachfolio gives users the option for the automated copying of all the trades of a specific coach. You can choose to copy a number of different coaches or simply stick to the one you think is the best of the rest. Either way, all trades are automatically executed as the automated feature mirrors the coaches of your selections. As it stands, you can copy coaches that are trading indices, stocks, currencies, commodities, cryptos, bonds and ETFs.
The next fantastic feature on the Nextmarkets trading platform is the Curated Investing option. This feature is a big help, especially to newer traders who need a bit of a guiding hand with their investments. Curated Investing gives users access to a host of coaches and trading professionals who can help finetune your trading strategies and overall trading ability.
Nextmarkets is one of the first brokers to offer both Coachfolio and Curated investment features on the same platform. Both of these features are great for both novice and experienced traders alike and can only serve to make you a better trader. All in all, you need not look any further than Nextmarkets as your Robinhood alternative.
Finding the best Robinhood alternative
With many people now looking for different online brokers, we are happy to point you in the direction of NextMarkets.com. Nextmarkets is a secure online broker with up to date licensing, quality website security and professional customer service to match.
Nextmarkets is one of the best in the business and is easily one of the best Robinhood alternatives you can find right now. The trading platform itself is easy to use and the website is laid out in such a way that you will have no trouble navigating your way around to the pages you would like to visit on the site.
The Coachfolio and Curated investment options make social trading on the broker an absolute must but it is not your only option. What with the number of different trading instruments for you to trade with. All you seem to have is trading options on the Nextmarkets platform which is why so many people have made the move over to this exciting online broker.
Robinhood alternative FAQ
How do I find the best alternatives to Robinhood?
With so many traders looking to find a new online broker to call home, we want to help you find the best alternative broker out there right now. We don’t want our readers having to search the web and do hours of research trying to find the best alternative broker so we have done it for you. We have suggested a top-notch alternative broker for you to check out.
What are some of the better Robinhood app alternatives?
Traders love a good mobile app to do their trading and investing on the go with. So, with the shift away from the Robinhood mobile app we did some digging into not only the best broker alternatives but the best broker apps as well. The broker we list as the best Robinhood alternative has one of the best mobile apps around.
What should I be looking for in the best alternative brokers?
While we have done most of the research for you on what some of the best alternative brokers to Robinhood are, you may still want to have a shop around yourself. If that is the case, you will need to know what some of the more important facets of any good online broker is. We give you the rundown on broker strategies, and what you should be looking out for and how to check if an online broker is offering you a quality trading service.
Are there quality Robinhood Europe alternatives to use?
While Robinhood Europe may not be available to use we help you to find the best alternative possible with our review. So, finding an alternative for Robinhood Germany or Robinhood France won’t be difficult at all as we have listed the best possible online broker for you to replace them within our review.
Do these Robinhood alternatives offer demo accounts?
For traders who are looking to move away from the Robinhood trading platform, they will need to find a new online broker that best suits their needs. The best way to do this is by accessing a demo account first before you sign up and start investing real money. Our list of the top online brokers informs you about whether or not these brokers offer the option to use a demo account first before actually signing up. It’s a great way to get the lay of the land first so we don’t want you missing out on this type of feature.