Robinhood is popular for its commission-free trades and user-friendly design. However, many traders seek alternatives with more advanced tools, broader investment options, or different fee structures. If you’re wondering which apps can you do options trading besides Robinhood, this guide explores the best Robinhood alternatives tailored to various trading needs.
Robinhood is regulated by the SEC and FINRA, making it a secure platform for beginners. Learn more about its features in our review of Robinhood’s safety or see how it compares to crypto-specific platforms in our guide: Robinhood vs. Coinbase.
Calculate your crypto gains with our free crypto profit calculator.
Apps for options trading besides Robinhood
Here are top Robinhood alternatives that offer options trading and other advanced features:
Webull
Best for advanced charting and zero commissions
Webull provides commission-free trading on stocks, options, ETFs, and crypto, with a focus on advanced tools and intuitive design.
– Why our experts picked it
Webull’s user-friendly features and advanced tools make it an excellent alternative to Robinhood for beginners and experienced traders.
E*TRADE
Best for educational resources and options trading
E*TRADE’s OptionsHouse platform offers powerful tools for options traders with extensive educational content for all experience levels.
– Why our experts picked it
For traders seeking alternatives to Robinhood with more comprehensive educational resources, E*TRADE is a top choice.
tastytrade
Best for options-focused trading
Formerly known as tastyworks, tastytrade is designed for serious options traders with low commissions and specialized tools.
– Why our experts picked it
tastytrade’s platform is a strong Robinhood alternative for investors focused on options trading and advanced strategies.
Charles Schwab
Best for professional-grade tools and education
Charles Schwab’s thinkorswim platform is widely regarded as one of the most advanced trading tools available. It offers unparalleled charting and paper trading features.
– Pros & Cons
Pros
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Comprehensive educational resources
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Access to bonds, mutual funds, and other investments
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Paper trading for strategy testing
Cons
– Why our experts picked it
For traders looking for the best Robinhood alternative with professional tools, Schwab is a reliable option.
Reasons for deciding against Robinhood
Many traders consider switching from Robinhood due to:
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Limited investment options: Robinhood doesn’t support bonds, mutual funds, or commodities.
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Customer service challenges: Live support can be difficult to reach.
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Payment for order flow: Some users have concerns about the potential for less favorable trade executions.
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Basic tools: Advanced traders often find Robinhood’s tools insufficient.
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How your Robinhood trades are taxed
Trading activity on Robinhood—or any alternative—is subject to taxes.
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Short-term capital gains: Assets held for less than one year are taxed at your ordinary income rate.
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Long-term capital gains: Assets held for more than one year are taxed at a lower rate.
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Reporting requirements: Robinhood provides a 1099-B form to report your trades, gains, and losses.
Our platform at TokenTax can help simplify the tax reporting process for your Robinhood or alternative trading activity.