Alternatives To Robinhood
This article was first published on January 30, 2021
Consumer faith in the Robinhood platform was dashed at the end of January 2021, as the company suspended trading in cryptos and GameStop shares. Follow the events that led to the broker losing favour with day traders and see our recommended alternatives to Robinhood.
Other Brokers
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1
Interactive Brokers -
2
NinjaTrader -
3
eToro USAeToro USA LLC and eToro USA Securities Inc.; Investing involves risk, including loss of principal; Not a recommendation -
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Plus500USTrading in futures and options involves the risk of loss and is not suitable for everyone. -
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FOREX.com -
6
Moomoo
Here is a short overview of each broker's pros and cons
- Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to over 170 markets across 40 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- NinjaTrader - NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
- eToro USA - eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.
- Plus500US - Plus500US is a well-established broker that entered the US market in 2021. Authorized by the CFTC and NFA, it provides futures trading on forex, indices, commodities, cryptocurrencies, and interest rates. With a 10-minute sign-up, a manageable $100 minimum deposit ($200 if you use wire transfer), and a straightforward web platform, Plus500 continues to strengthen its offering for traders in the US.
- FOREX.com - Founded in 2001, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- Moomoo - Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong, Singaporean, Australian and US stocks, ETFs and other assets. Margin trading is available and the brand offers a zero-deposit account as well as several bonuses.
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Christian Harris, Reviewer
Interactive Brokers Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, Cryptocurrencies |
| Regulator | SEC, FINRA, CFTC, NFA, CIRO, FCA, CBI, ASIC, SFC, SEBI, JFSA, MAS |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower |
| Minimum Deposit | $0 |
| Minimum Trade | $100 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- Interactive Brokers has launched ForecastTrader, a unique, zero-commission product where users can trade yes/no Forecast Contracts on political, economic, and climate events, with fixed $1 payouts per contract, 24/6 market access, and up to 3.14% APY on held positions.
- While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
- IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
Cons
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
- TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
NinjaTrader Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Futures, Forex, Stocks, Options, Commodities, Futures, Crypto (non-futures depend on provider) |
| Regulator | NFA, CFTC, CySEC |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Minimum Deposit | $0 (live trades must meet intraday margin minimums, e.g., $50 to trade micro contracts) |
| Minimum Trade | 0.01 Lots |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- NinjaTrader's ecosystem gives traders access to thousands of add-ons and applications from developers across more than 150 countries, covering indicators, strategies, and custom tools that go well beyond what the platform ships with natively
- The market replay function is a standout feature — you can download tick-by-tick historical data, rewind to any specific date, and interact with it as if trading live, making it genuinely useful for both strategy testing and real-world practice
- Nano contracts — one-hundredth the size of standard contracts — allow traders to size positions with precision and manage risk at a much smaller scale, a meaningful advantage for those building positions gradually
Cons
- Intraday margin requirements can spike by as much as four times in the 15 minutes leading up to major economic news releases, and may stay elevated for several minutes after volatility subsides — a detail that can catch underprepared traders off guard at exactly the wrong moment.
- Traders looking for fundamental data research will need to look elsewhere — the platform is built almost entirely around technical analysis, leaving a meaningful gap for anyone who factors company or macro fundamentals into their decision-making.
- NinjaTrader was fined $250k in 2025 for failing to implement an adequate anti-money laundering (AML) program and for supervisory failures.
eToro USA
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
eToro USA Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, ETFs, Crypto |
| Regulator | SEC, FINRA |
| Platforms | eToro Trading Platform & CopyTrader |
| Minimum Deposit | $100 |
| Minimum Trade | $10 |
| Account Currencies | USD |
Pros
- eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
- The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
- The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors
Cons
- Average fees may cut into the profit margins of day traders
- There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
- There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
Plus500US
"Plus500US stands out as an excellent choice for beginners, offering a very user-friendly platform and access to the Futures Academy to enhance trading skills. Its powerful tools and reliable service helped it scoop second place in DayTrading.com's annual 'Best US Broker' award."
Michael MacKenzie, Reviewer
Plus500US Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Futures on Cryptocurrencies, Metals, Agriculture, Forex, Interest rates, Energy, Equity Index future contracts |
| Regulator | CFTC, NFA |
| Platforms | WebTrader, App |
| Minimum Deposit | $100 |
| Minimum Trade | Variable |
| Account Currencies | USD |
Pros
- Plus500 added prediction markets to its 'Plus500 Futures' platform in February 2026, with event-based trades covering 10 categories, from financials to politics, including short-term opportunities with intraday contracts that expire after just 15 minutes.
- Plus500US excels for its low fees with very competitive day trading margins and no inactivity fees, live data fees, routing fees, or platform fees
- The straightforward account structure, pricing model and web platform offer an easier route into futures trading than rivals like NinjaTrader
Cons
- Plus500US does not offer social trading capabilities, a feature available at alternatives like eToro US which could strengthen its offering for aspiring traders
- While Plus500US continues to broaden its investment offering, it's currently restricted to around 50+ futures with no stocks
- The proprietary platform is user-friendly but lacks advanced technical analysis tools found in third-party solutions like MetaTrader 4
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
FOREX.com Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Futures and Options on Metals, Energies, Commodities, Indices, Bonds, Crypto |
| Regulator | NFA, CFTC |
| Platforms | WebTrader, Mobile, MT4, MT5, TradingView |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- The in-house Web Trader continues to stand out as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
Moomoo
"Moomoo remains an excellent choice for new and intermediate stock traders who want to build a diverse investment portfolio. What really stands out is the broker's user-friendly app and the low trading fees."
Moomoo Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, ETFs, ADRs, OTCs |
| Regulator | SEC, FINRA, SIPC, MAS, SFC, ASIC, FMA, CIRO, CIPF, JFSA, SC |
| Platforms | Desktop Platform, Mobile App |
| Minimum Deposit | $0 |
| Minimum Trade | $0 |
| Account Currencies | USD, HKD, SGD |
Pros
- Moomoo has partnered with Nasdaq to offer new Monday and Wednesday weekly expirations for options on 9 major U.S. stocks
- The Moomoo AI assistant, found in the desktop software and app, provides genuinely useful market insights to inform active traders
- Moomoo is a Member of FINRA and the Securities Investor Protection Corporation (SIPC), adding another level of security for prospective clients
Cons
- It's a shame that there is no 2 factor authentication (2FA), despite the other security features on offer
- There is no phone or live chat support - common options at most other brokers
- There is no negative balance protection, which is a common safety feature at top-tier-regulated brokers
WallStreetBets & GameStop
Buoyed by insider knowledge that Wall Street hedge funds had millions in short positions on the high street gaming retailer, Redditors jumped to purchase shares in the firm, causing a surge in the value of stocks.
In reaction, Robinhood suspended trade on GameStop shares to comply with ‘financial requirements’ the platform’s CEO Vlad Tenev confirmed.
Whilst heavily restricted, trade has now resumed after the firm raised $1 billion in emergency investment. But the damage to consumer confidence still remains.
Angry investors posted a barrage of 1-star reviews for the app on the Google Play Store. These have recently been deleted by Google, returning Robinhood’s average star rating to four.
Crypto Trading Suspended
In the wake of the volatility, other markets have also seen disruption.
Gold prices declined 0.2% and UK short positions in Cineworld and Pearson were also impacted. However, it was cryptos that saw volatility in particular.
The price of dogecoin, a relatively unknown crypto, soared by 800% after it gained traction on social media.
The spike in price and market activity led to Robinhood suspending instant cryptocurrency deposits on Friday, citing ‘extraordinary market conditions’.
For the second time in one week, the broker acted as a barrier between its customers and the financial markets. It was perhaps unsurprising then that loyal day traders were once again up in arms.
Alternatives To Robinhood
Retail day trader interest has quickly turned to alternatives to Robinhood. Competitor brokerages that offer stock trading and options are seeing a pique in new accounts.
eToro
Top alternatives to Robinhood include eToro, a social trading platform that offers trading in stocks, cryptocurrencies and CFDs. Clients can utilise social feeds to discuss strategies and copy positions. 50+ currencies, nearly 1,000 stocks and a portfolio of indices are also available.
In addition, the broker provides its own powerful trading platform with extensive customisation and a user-friendly dashboard.
Forex.com
Forex.com is one of the top rated online brokers offering access to over 180 global markets. Leveraged trading is available on forex, stocks, commodities and cryptos.
The broker also offers multiple live account options, competitive floating spreads and a choice of flexible deposit and withdrawal options.
Add in daily market updates and approval from a long list of respected regulators and it’s unsurprising Forex.com is a popular alternative to Robinhood.
Pepperstone
For those with an interest in forex trading, Pepperstone offers trading on six major currency pairs, as well as numerous minors, crosses and exotics.
CFDs are available on major instruments such as indices, commodities and shares. Australian-based Pepperstone also provides the leading MT4 and MT5 platforms, alongside a competitive £200 minimum deposit requirement to meet the needs of novice traders.
Final Word
The GameStop and crypto disruption has proven the volatility of financial markets and the risks involved. The reaction of Robinhood has also shown that not all brokers will respond how customers would expect. As a result, many traders will look for alternatives to Robinhood.
Fortunately, there are many top brokers available in today’s market.