What Are the Alternatives to Robinhood?

Question

I have used Vanguard, Etrade and M1 finance (https://www.m1finance.com/). I heard good things about Interactive Brokers. What are the other ones. Would love to see some research on this.What about Ally or Alpaca? Can one trade using those banks (api) ?

sschueller · Accepted Answer

There is a list on wsb of which still allow you to trade. https://www.reddit.com/r/wallstreetbets/comments/l6wrig/you_...

dragontamer · Answer

Interactive Brokers is a monthly payment. Only if you're VERY active in trading (many trades every month) should you consider IB. But yes, they're very premium service, but I don't think they're for typical investors (who might only trade once or twice a month).
Your standard brokerage firms all work: E-Trade, TD Ameritrace, Schwab, Fidelity etc. etc. Stocks are easy, they all got them covered. It really doesn't matter who you go with for stocks.
Fidelity is a bit better with bond offerings. TD Ameritrade is known for their nicer interface (Think or Swim), especially for options trading. E-Trade IIRC has some good international offerings but still has a pay-per-trade business model.
It depends on what you want. But... stocks are real easy, everyone does stocks just fine. Its more about asking what your secondary investments are going to be: Forex, Options, Bonds, and the like

vira28 · Answer

Just saw a post on M1 using Apex and not allowed to trade certain stocks. https://twitter.com/M1_Finance/status/1354837064072753152

simplemen · Answer

Fidelity, I daytraded GME today without any issues. I also have accounts with Tastyworks and Think or Swim. Tastyworks sent email that their clearinghouse had blocked certain stocks but ToS didn't sent any email. So assuming ToS is also safe to use for high risk trading.

rcdexta · Answer

I think it is better to prefer brokers that have their own clearing househttps://investorjunkie.com/stock-brokers/broker-clearing-fir...

vira28 · Answer

Update: Just got an email from Alpaca that even they are also stopping trading on some stocks.

qorrect · Answer

I wanted to use IB but the api was hideous, ended up going with Alpaca.

unstatusthequo · Answer

thinkorswim or tastytrade. Though both did the same or similar as Robinhood with stopping opening positions. I just got an email from tastytrade saying that restriction was lifted.

karlzt · Answer

See this:https://alternativeto.net/software/robinhood/

sloaken · Answer

I was surprised to hear about Robinhood blocking trades on some companies. Can they do that?

anderspitman · Answer

Index funds.

jklepatch · Answer

crypto!

PKop · Answer

An alternative is invest some portion of money in crypto assets, and Defi which can be a sort of decentralized alternative to established financial players. Obviously this isn't the stock market but this incident should raise scrutiny of the merits of being involved in that rigged casino in general.